Job Application Answers
There are a plethora of services offered by PricewaterhouseCoopers to its varied clients. The services can be categorized under the following headings:
Audit and assurance – The company helps its clients in recruiting and retaining internal audit professionals. In other words it engages in strategic partnership and internal audit outsourcing of it clients. It also provides methods and means of cost reduction and efficiency improvement guidance to its clients. For this function PwC’s audit and assurance professionals engage in a thorough study of the efficiency level and cost of operations of the client organization. After this they prepare a thorough review of the study and present guidelines for improving the operations.
In addition to this the company also helps its client in adding sufficient value to its internal audit function. It also provides training to the client’s staff tailor-made in accordance to the quality assurance review prepared by its ream of experts. If a particular client is a member of an audit committee but does not have any supporting internal audit function then PwC helps in establishing it. If the client needs to know about the operational risk within its organization then PwC helps in risk assessment as well. The company also specializes in preparing policies and procedures manuals if the key processes and internal controls of the client is not documented. It has a team of well-established professionals who prepare controls due diligence reviews for companies that want assurance about the level of control in overseas subsidiaries of joint ventures. Therefore the audit an assurance division of PwC, in which I am interested to work in, ensures that the clients are able to experience good corporate governance, are able to manage their risks well and effectively enhance their management controls.
Business Recovery – PwC helps its clients during business downturns and tracks the problem affecting the business early so that there is as less monetary loss of the client as possible. In order to ensure this, it functions in single asset distressed situations, solves non-performing loans problems and looks into the matters of debt restructurings and turnarounds as well as insolvency and administration services.
Company, secretarial, accounting and payroll – In order to enable timely satisfaction of statutory compliance requirements, PwC provides tailor-made effective and practical assistance in payroll, accounting and secretarial functions of the client’s company.
Advisor in the area of corporate finance – It excels in providing mature guidance to the companies planning an entry in a precise market. It provides information about deal origination and deal flow networks both in local and global economy and also advises on acquisition deals.
Forensic and investigation services – Since the modern businesses are under constant threats of financial crimes, fraud allegations or other irregularities, PwC provides its clients services such as recovery of lost funds, prevention of economic losses and maintenance of normal business operations.
Human Resource Advisory – PwC offers multi disciplinary and practical approaches in order to ensure that the workforce of the client company works in a congenial environment. It helps in other HR services like training, immigration of employees etc.
Performance improvement – By helping the clients in managing their audit and assurance, their company, secretarial and accounting work, resurrecting their declining businesses, advising in their corporate finance and HR matters as well as indulging in forensic and investigations services for them, PwC ensures their overall improvement.
If I were to join PwC, keeping in mind the financial crisis that all the banks are facing these days, I would like ICICI Bank to be an ideal client. Since PwC specializes in resurrecting the businesses facing downturns, I think that it would be a wise decision to be associated with ICICI Bank. This is because the bank has not yet incurred losses like some of the esteemed and dependable banks of major countries. Because of the crisis situation the world is in, even the banks like ICICI that are until now working normally are facing immense threats. Both the employees as well as the customers are in a panic situation. Everyday they have to deal with rumors, which are baseless but have the potential of turning true in near future. Since the job of PwC is to bring the vulnerable businesses under its wings and nurture them in such a way that they start growing at an even more accelerated pace, I think PwC’s partnership with ICICI would not only be beneficial for the bank but also once again establish the efficiency of PwC in front of the entire world.
Keeping in mind the world financial scenario PwC would provide complete service in the area of audit and assurance to ICICI Bank. Just as a machine is oiled from time to time to ensure that it keeps working well, PwC would look into all the aspects that come under its audit and assurance division to ensure that the ICICI bank is in good shape. While doing so if it comes across any shortcomings then it would try to remove the problem before it becomes big. Similarly it will provide in-depth services in the key areas like business recovery if required, company, secretarial, accounting and payroll, corporate finance, forensic and investigation domain and human resources. It would also look into the overall performance improvement of the bank. PwC would ensure that no matter what is happening to other banks, ICICI Bank would remain rock solid always.