Pricewaterhousecoopers LLP Annual Report 2005 Annual Report 2005 Annual Report
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4569_AR05_1CoverOuter.qxd 22/8/05 9:41 am Page 1 www.pwc.com/uk PricewaterhouseCoopers LLP Annual Report 2005 Annual Report 2005 Chairman 02 Clients 08 People 16 Firm 22 Financial 34 05 Global 70 4569_AR05_1CoverOuter.qxd 22/8/05 9:41 am Page 1 www.pwc.com/uk PricewaterhouseCoopers LLP Annual Report 2005 Annual Report 2005 Chairman 02 Clients 08 People 16 Firm 22 Financial 34 05 Global 70 4569_AR05_1CoverInner.qxd 24/8/05 12:01 pm Page 1 What we do How we measure ourselves We provide assurance, tax and advisory services. Our ambition is to continue to be the UK’s leading Our clients include public and private companies, central professional services firm and a key contributor and local government, banks and private equity houses, to and beneficiary of the PwC global network. private individuals and not-for-profit organisations. We are committed to helping our clients, our people and our communities develop and grow. Assurance and Regulatory Reporting Corporate Finance Statutory audit, financial accounting, non-financial Mergers and acquisitions advisory, private equity advisory, Leading in each of our chosen markets performance and reporting, regulatory compliance, internal initial public offerings, project finance and public private Clients Our aim is to be the acknowledged leader in all our chosen markets, both in terms audit, International Financial Reporting Standards (IFRS) partnerships, public to private, valuations. of our work for clients and the values by which we live. Quality and integrity lie at the readiness and conversions, Sarbanes-Oxley readiness, heart of everything we do, be it in creating, delivering and adding value for our clients independent controls and process assurance, assurance Human Resource Services or fulfilling our public interest responsibilities through rigorous and independent auditing. on capital market transactions, sustainability. Reward and compensation, employment services, retirement, benefits and actuarial, international assignment solutions, Tax HR transaction services, human capital benchmarking, Corporate tax advisory, tax on transactions, transfer pricing, HR strategy and business effectiveness. corporate and international tax structuring, finance and treasury, indirect taxes, tax investigations, corporate tax Actuarial Being a great place to work compliance and outsourcing, company administration Mergers and acquisitions, capital structuring, financial To achieve our goals we need to have the right people. So we seek to attract, recruit services, personal tax advisory and compliance, tax valuations. modelling, insolvencies and run-off solutions, regulatory, People and invest in the most capable and innovative people, create an environment in which risk and capital management, underwriting, claims and they can develop their full potential, and nurture their knowledge and experience. Performance Improvement Consulting reinsurance, insurance reserving and reporting, retirement We then strive to connect all these attributes and share our collective expertise for © 2005 PricewaterhouseCoopers LLP. All rights reserved. ‘PricewaterhouseCoopers’ Finance and IT effectiveness, revenue enhancement, and benefits, process improvement. the benefit of our clients. and ‘PwC’ refer to PricewaterhouseCoopers LLP (a limited liability partnership operational improvement, cost reduction, supply chain, registered in England) or, as the context requires, other member firms of shared services, treasury, project and change management, Forensic Services PricewaterhouseCoopers International Limited, each of which is a separate strategic support, risk management, outsourcing advisory. Anti-money laundering, capital projects, commercial and independent legal entity. *connectedthinking is a trademark of disputes, forensic technology solutions, investigations, PricewaterhouseCoopers LLP (US). Business Recovery insurance claims, intellectual property, international Corporate insolvency, solutions for discontinued insurance arbitration, licensing management, securities litigation Creating a sustainable business Unless otherwise indicated, either expressly or by the context, we use the word business, personal insolvency, financial restructuring, crisis transaction and shareholder disputes and investigations. We are committed to enhancing and protecting our brand and reputation. This not Firm ‘partner’ to describe a member of PricewaterhouseCoopers LLP. and stakeholder management, corporate simplification, only means communicating openly and transparently both within and beyond our independent business reviews, interim leadership, optimised organisation, but also investing in our infrastructure and technology to ensure they Registered office: 1 Embankment Place, London, WC2N 6RH. exit services, receivables management. continue to support the changing needs of our clients and our people. We recognise our responsibilities to the wider communities in which we operate and to the global Registered number: OC 303525. Transaction Services PricewaterhouseCoopers network, of which we are an important member. Bid support and defence, buy and sell side financial Designed by studio ec4. due diligence, commercial and market due diligence, post-deal services, structuring. Maintaining quality earnings Production by Tor Pettersen & Partners. Financial Our aim is to maintain quality earnings which are proportionate to the risks we Printed in the UK by St Ives Westerham Press. encounter in our business while also being sufficient to provide adequate resources We connect our people, network, experience, industry for investment and reward for all our people. Main section photography by Bill Robinson. knowledge and business understanding to build trust This report is printed on Revive Special Silk. At least 30% of the total fibre content and create value for our clients.* comes from well-managed forests independently certified according to the rules of the Forest Stewardship Council, and 30% is from post-consumer recycled waste paper. 4569_AR05_1CoverInner.qxd 24/8/05 12:01 pm Page 1 What we do How we measure ourselves We provide assurance, tax and advisory services. Our ambition is to continue to be the UK’s leading Our clients include public and private companies, central professional services firm and a key contributor and local government, banks and private equity houses, to and beneficiary of the PwC global network. private individuals and not-for-profit organisations. We are committed to helping our clients, our people and our communities develop and grow. Assurance and Regulatory Reporting Corporate Finance Statutory audit, financial accounting, non-financial Mergers and acquisitions advisory, private equity advisory, Leading in each of our chosen markets performance and reporting, regulatory compliance, internal initial public offerings, project finance and public private Clients Our aim is to be the acknowledged leader in all our chosen markets, both in terms audit, International Financial Reporting Standards (IFRS) partnerships, public to private, valuations. of our work for clients and the values by which we live. Quality and integrity lie at the readiness and conversions, Sarbanes-Oxley readiness, heart of everything we do, be it in creating, delivering and adding value for our clients independent controls and process assurance, assurance Human Resource Services or fulfilling our public interest responsibilities through rigorous and independent auditing. on capital market transactions, sustainability. Reward and compensation, employment services, retirement, benefits and actuarial, international assignment solutions, Tax HR transaction services, human capital benchmarking, Corporate tax advisory, tax on transactions, transfer pricing, HR strategy and business effectiveness. corporate and international tax structuring, finance and treasury, indirect taxes, tax investigations, corporate tax Actuarial Being a great place to work compliance and outsourcing, company administration Mergers and acquisitions, capital structuring, financial To achieve our goals we need to have the right people. So we seek to attract, recruit services, personal tax advisory and compliance, tax valuations. modelling, insolvencies and run-off solutions, regulatory, People and invest in the most capable and innovative people, create an environment in which risk and capital management, underwriting, claims and they can develop their full potential, and nurture their knowledge and experience. Performance Improvement Consulting reinsurance, insurance reserving and reporting, retirement We then strive to connect all these attributes and share our collective expertise for © 2005 PricewaterhouseCoopers LLP. All rights reserved. ‘PricewaterhouseCoopers’ Finance and IT effectiveness, revenue enhancement, and benefits, process improvement. the benefit of our clients. and ‘PwC’ refer to PricewaterhouseCoopers LLP (a limited liability partnership operational improvement, cost reduction, supply chain, registered in England) or, as the context requires, other member firms of shared services, treasury, project and change management, Forensic Services PricewaterhouseCoopers International Limited, each of which is a separate strategic support, risk management, outsourcing advisory. Anti-money laundering, capital projects, commercial and independent legal entity. *connectedthinking is a trademark of disputes, forensic technology solutions, investigations, PricewaterhouseCoopers LLP (US). Business Recovery insurance claims, intellectual property, international Corporate