Transparency Report 2017 EN - PwC · 4 | Transparency Report 2017 Contents Introduction Chairman...

Transparency Reportfor the financial year ended 30 June 2017published in accordance with article 13 of Regulation (EU) No. 537/2014.

www.pwc.com/it/transparencyreport

3 | Transparency Report 2017

Introduction from the Chief Executive OfficerMessage from the Assurance Leader

Transparency Report

Legal Structure, Ownership and Governance of the FirmThe PwC NetworkInternal Quality Control SystemLatest External Quality InspectionPublic Interest Statutory Audit ClientsIndependenceContinuing Professional EducationFinancial InformationBasis of Calculation of Partners’ RemunerationCorporate ResponsibilityDiversity & Inclusion

Statements of the Board of Directors of PricewaterhouseCoopers SpA

Appendix I List of public interest entities which are statutory audit clients

Appendix II Short professional biographies

Appendix III List of statutory auditors audit firms belonging to PwC network (EU and EEA)

Appendix IV PwC Network Code of Conduct

Appendix V List of PricewaterhouseCoopers SpA offices

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Introduction Chairman and Managing Director

Ezio BassiChairman and

Chief Executive Officer

PricewaterhouseCoopers is an international organiza-tion with a 168-year long history. Throughout these years, promoting transparency, trust and confidence in the auditing profession has always been at the centre of our strategy. As the current leader of this firm, I am aware of the importance of this role and my objective remains, as in the past, to contribute to the development of a responsible and sustainable business, guided by a clear purpose: “to build trust in society and solve impor-tant problems”. We will pursue this ambition continuing to invest and innovate, while fostering the development and growth of our firm through actions inspired by our values.

Innovation and investments start with our partners and with our people who are engaged in serving our clients. Our priority is to maintain a suitable level of investment to ensure the quality and training of our professional staff, efficient and modern processes and audit metho-dologies, and an environment which supports and promotes a culture based on the integrity and accounta-bility of each individual.

As in many business sectors, the one in which we operate also must respond to important regulatory and legislative changes, which this year culminated in the entry into force of EU Regulation 537/2014 on the audit of public interest entities and the approval of Italian Legislative Decree no. 135 of 17 July 2016, which amen-ded Legislative Decree no. 39 of 27 January 2010. The impact of the new regulatory framework on our work and the way in which we will have to interact with our clients and their governance bodies has been broad and multi-faceted. Responding to the new regulations, for which we have prepared ourselves for some time now and that we take very seriously, has required us to fully revise our internal policies and procedures, implement a well-organized training programme for our professional staff and engage in strong discussions with our clients on the issues arising from such changes, while maintai-ning high the quality of our interactions and minimizing

inconveniences and difficulties. Adopting the new regu-lation represented an incentive for us to further improve the quality of our processes and activities, and thus maintain high quality standards in the audit work that we perform for the benefit of our clients and the market. This Transparency Report illustrates the way in which we work each day to achieve these goals, our commit-ment to the professional and technical training of our people, the ongoing effort to improve our audit metho-dology also through state-of-the-art technologies, as well as our rigorous commitment to acting in complian-ce with the ethical and independence rules governing our profession.

Conveying in a report the passion with which we carry out our work is a difficult task. But I am confident that our clients and those who, for various reasons, work with our organization and people, whom I personally thank for the strong commitment and responsibility with which they perform their duties, perceive and appreciate such passion.

I hope you enjoy the report!


Managing Director


Managing Director

http://www.pwc.com/it/it/about-us/transparency-report/en/Ezio_Bassi.pdf

http://www.pwc.com/it/it/about-us/transparency-report/Ezio_Bassi.pdf


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Giovanni Andrea ToselliAssurance Leader

Message fromthe Assurance Leader I am pleased to introduce the Transparency Report of

PricewaterhouseCoopers SpA for the financial year ended 30 June 2017.

Besides responding to rigorous regulatory requirements, our Report is an instrument with which we communicate to the market who we are and how we operate, within the context of the trusting relationship that binds us to our clients and their stakeholders.

Against this backdrop I appreciate the contribution that our people gave also this year in providing audit services, which have reached an increasingly high level of quality.

Quality & InnovationMore and more frequently, our clients tell us that the continuous attention to quality and excellence is essential to our reputation, our steady success and, above all, to contributing to produce excellent financial information.The growing quality level of our services and work is based on three milestones we cannot disregard:

• Nothing in our profession is left to chance: each activity and each action derive from an ongoing training of our people and a continuous search for improving our performances by steadily measuring results and monitoring the internal control over quality;

• Keeping an eye on what is around us: we do not operate in a mechanical and standardised way but we face the society we live in adapting our methodologies and procedures;

• We work sustainably: we seek to improve our quality standards in line with the environment around us doing our best in order that our actions positively impact such environment.

To be successful in this challenge every day, we provide our professionals with state-of-the-art instruments and continuously invest in advanced technology.In particular, we have implemented new technology instruments such as:

• Aura (6): our integrated ERP system used by all PwC member firms worldwide supporting audits;

• Halo: our management system of Big Data used to view and manage large amounts of data capable of identifying issues and errors;

• Connect: our virtual platform to share materials and reports with our clients in an utterly safe manner;

• Count: an innovative tool of inventory count superseding the old manual inventory count.

I am convinced that working through well-organized methodologies and state-of-the-art technologies is a strategic lever to achieve results more and more.

TransparencyWe intend to continue increasing the market confidence and to this end we transparently disseminate our commitment to constantly improving our level of quality. This is why I wish that this Transparency Report is read by a large number of people, who will appreciate the great effort in seeking excellence and the respect of values when we provide our professional services.

Transparency, accessibility, integrity and honesty are the core of our commitment towards everyone we dialogue and liaise with.

Our peoplePwC is composed of professionals who love their work and do it passionately. Each year we recruit hundreds of young people who are involved in targeted training programmes, whose success is also demonstrated by the successful outcome in the examinations for statutory auditors.


Managing Director

http://www.pwc.com/it/it/about-us/transparency-report/en/Giovanni_Andrea_Toselli.pdf


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That passion drives our people to follow ongoing updates and to develop not only technical skills to understand business models and risks, but also human skills in order to manage relationships with others in the best way.

The dedication that our professionals devote to their work with our clients translates into a commitment to the society around us through corporate social responsibility programmes promoted by PwC. Also this year PwC started a number of sustainability and environmental protection programmes, as well as programmes in support of voluntary associations, playing an active role in fund raising and other more operating initiatives.

Moreover, thanks to outreach activities, PwC can now assert that it is a company where equal opportunities for professional growth for men and women are met and where the needs of each single employee are taken into consideration and fostered in the best way, while pursuing the right balance between private and professional life.

Our marketDespite the changes occurred on the market and the growing competitive tensions, PwC has always been able to preserve its position especially in the Public Interest Entities segment and in the Middle Market. Safeguarding this position is crucial within a competitive scenario where the price of offered services is key to the acquisition of new clients. The challenge we take part in everyday consists in trying to compete in a balanced manner on the market, constantly defending our level of quality, which is the hallmark and unavoidable feature of our way to conduct audits. This attitude has allowed us to convey confidence and transparency to the market in such a way as to strengthen relationships and present us with solid professional credentials.

Our work has been impacted by the applicable regulatory changes. The new provisions of law reflect the changes which regarded, above all, independence and the system of sanctions applicable in the event of violations during the performance of the audit. The new regulations spur us on to improve constantly our work, while inspiring that sense of confidence, transparency and competence which characterise our work and, broadly speaking, our profession.

The future of the statutory auditingLooking at the future, the prospect we all imagine is that our job will be dominated by a strong technology content, which could appear to less adepts as the replacement of the human mind with artificial intelligence. The distinguishing feature of our work is, on the one hand, the capacity of adapting to each situation and to the requirements of the various clients and, on the other hand, the deep commitment and passion for what we do which constantly motivate each of us in any activity. All this is accompanied by the creativity and empathy with which we manage relationships with clients, colleagues and regulators, as well as by the leadership that our more experienced professionals have. These characteristics cannot be programmed in a “machine” and cannot be replaced by technology either. Future auditors will continue to be skilful professionals bearing human and ethical values who will maintain high the quality of the services provided through technology.

Andrea ToselliAssurance Leader


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1 | Form and Content of the Transparency Report: Art. 13 of Regulation (EU) No. 537/2014 introduced new rules regarding the transparency reporting. Given the uncertainty as to whether these rules had to be applied as from the period this Report relates to, PwC decided to apply them, as far as possible, to the current Report. Even if the interpretation of certain new rules is still uncertain, PwC considers that it has properly complied with all significant new requirements of additional disclosures.

TransparencyReport

for the financial year ended 30 June 2017published in accordance with article 13 of Regulation (EU) No. 537/20141.


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Legal Structure, Ownership and Governance of the Firm

a. Legal Structure and Ownership

b. Governance structure

a. Legal Structure, Ownership and Governance of the Firm

PricewaterhouseCoopers SpA (hereinafter also “PwC”) is a private company limited by shares, whose business purpose is to provide audit and accounting advisory services; the firm carries out those activities in compliance with the existing laws and as part of the international PricewaterhouseCoopers network (hereinafter the “Network”), therefore in accordance with the rules of operation of the Network. The firm can carry out all the activities permitted by current legislation for auditing firms, including the performance of accounting controls throughout the year, the issuance of accounting opinions, appraisals, business valuations, and accounting or administrative investigations, including those commissioned by judicial authorities, and it can perform all actions necessary or useful for achieving its business purpose, within the applicable laws, including but not limited to, providing:

a. Assistance in the field of corporate social responsibility and corporate reporting on non-financial information;

b. Assistance with the analysis, implementation and monitoring of organisational models designed to comply with law provisions and/or company policy, both domestic and international.

The firm’s registered and administrative headquarters is in Milan, via Monte Rosa 91. The other 21 operating offices are listed in Appendix V to this report. As of 30 June 2017, PwC SpA had 1,711 employees, of which 79 are Partners (shareholders) and 1,436 professionals. Average headcount during the year was 1,710.

Share capital amounts to Euro 6,890,000 and is divided into 12,324,500 shares, without unit par value, whereof 6,297,000 class A shares, 5,880,000 class B shares and 147,500 class C shares.

Class A shares entitle holders to a vote at ordinary and extraordinary general meetings and carry the obligation to perform specific mandatory activities required by

the firms’ by- laws, whereas class B and class C shares entitle holders to a vote only at extraordinary general meetings. Class B and C shares are junior to class A shares in the event of reduction of share capital due to losses.Class C shares held by natural persons carry the obligation to perform specific mandatory activities.Class A shares are held entirely by natural persons, except for 874,000 shares (equal to 7.092% of total class A shares) that as of 30 June 2017 were held by the firm itself. A large majority of Partners are qualified as statutory auditors approved in one of the member states of the European Union, or anyway hold the qualifications necessary to carry out the activities relating to the firm’s business purpose. Partners have a commitment to perform their professional activity exclusively on behalf of PwC SpA throughout the time during which they hold shares in the firm.

All class B shares are held by PricewaterhouseCoopers Italia S.r.l., an entity 100% owned by natural persons that are Partners of the PricewaterhouseCoopers network in Italy. Class C shares are held by PricewaterhouseCoopers Italia S.r.l. and by natural persons.

The firm is registered at number 119644 of the Register of Statutory Auditors maintained by the Ministry of the Economy and Finance in application of Legislative Decree no. 39/2010, and its tax and VAT code is 12979880155.

There are other firms in Italy named PricewaterhouseCoopers, or anyway members of the PricewaterhouseCoopers network, each of which is a separate legal entity with a different purpose and activity and with a different and autonomous governance body.


Indice

b. Governance structure

The Board of DirectorsPricewaterhouseCoopers SpA is managed by a Board of Directors, comprising 3 to 9 members, who are elected by the shareholders in general meeting choosing from all shareholders. The Board of Directors has all authorities to manage the firm, including responsibility for developing and implementing the firm’s policies and strategy. The Board of Directors also takes overall responsibility for the system of internal controls (which includes controls relating to quality) and for reviewing periodically and assessing its effectiveness. At the shareholders’ meeting of 2 October 2015, the following Partners were appointed as board members: Ezio Bassi, Oliver Galea, Marco Sala, Piero De Lorenzi and Giovanni Andrea Toselli. The shareholders appointed Ezio Bassi as Chairman and Chief Executive Officer and Marco Sala as Vice Chairman of the Board. The term of office of the Board of Directors is three years. Ezio Bassi and Marco Sala have powers of attorney to represent the firm.

The Board of Statutory AuditorsThe members of the Board of Statutory Auditors, appointed at the general meeting of 6 October 2016, are the following: Carlo de Vilas, President, Luigi Manelli and Andrea Bignami effective members, Giorgio Ghizzoni and Marco Antonio Meulepas substitute members.

The Statutory AuditorAccording to the resolution passed at the general meeting of 6 October 2016, the Board of Statutory Auditors has the responsibility to carry out the statutory audit of the firm’saccounts, pursuant to article 2409 bis of the Civil Code.

The Supervisory BoardIn accordance with Legislative Decree no. 231 of 8 June 2001, the Board of Directors of PwC SpA has appointed a Supervisory Board.The Supervisory Board in office until the date of approval of the financial statements as of 30 June 2018 comprises Luigi Manelli (President), Marco Golda Perini and Andrea Mascetti.


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The PwC NetworkPwC is a global network of separate firms, operating locally in countries around the world. PwC firms are members of PricewaterhouseCoopers International Limited (PwCIL) and have the right to use the PricewaterhouseCoopers name. As members of the PwC network, PwC firms share knowledge, skills and resources. This membership facilitates PwC firms to work together to provide high-quality services on a global scale to international and local clients, share technology investments, while retaining the advantages of being local businesses – including being knowledgeable about local laws, regulations, standards and practice’s.

Being a member of the PwC network means firms also agree to abide by certain common policies and maintain the standards of the PwC network. Each firm engages in quality control and compliance monitoring activities, covering the provision of services, ethics and business conduct, and the compliance with specific, strict standards for independence monitoring and protection.

Size of the NetworkMember firms of PwC Network provide auditing, tax and advisory services with the purpose to build trust and create value for their clients. Over 236,000 people in 158 countries share their thinking, experience and solutions to develop fresh perspectives, methodologies and practical advice within our network.

Total turnover achieved for the year ended 30 June 2017 from statutory auditors and audit firms (i.e. from EU or EEA Member States) that are members of the PwC Network resulting, to the best extent calculable, from the statutory audit of annual and consolidated financial statements is approximately € 3 billion. This represents the turnover from each entity’s most recent financial year converted into Euros at the exchange rate prevailing at the financial year end date.

PricewaterhouseCoopers International Limited PricewaterhouseCoopers International Limited (PwCIL) is a UK private company limited by guarantee. PwCIL acts as a coordinating entity for PwC firms and does not practise accountancy or provide services to clients. PwCIL works to develop and implement policies and initiatives to create a common and coordinated approach for PwC firms in key areas such as strategy, brand, and risk and quality. PwC firms use the PwC name and draw on the resources and methodologies of the PwC network. In return, PwC firms are required to comply with common policies and the standards of the PwC network. A PwC firm of PwCIL cannot act as agent of PwCIL or any other PwC firm, and it is only liable for its own acts or omissions and not those of PwCIL or any other PwC firm. PwCIL has no right or ability to control any member firm’s exercise of professional judgement.

The PwC Network

Francesco FerraraAudit Leader

1 | In UK law a private company limited by guarantee is a type of corporation, used primarily for non-profit organisations, that in lieu of share capital and shareholders has members who act as guarantors, undertaking to contribute to the company’s assets if it is wound up.

http://www.pwc.com/it/it/about-us/transparency-report/en/Francesco_Ferrara.pdf


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The governance bodies of PwCIL are:

• Global Board, which is responsible for the governance of PwCIL, the oversight of the Network Leadership Team and the approval of Network Standards. The Board does not have an external role. Board members are elected by partners from all PwC firms around the world every four years.

• Network Leadership Team, which is responsible for setting the overall strategy for the PwC network and the standards to which the PwC firms agree to adhere.

• Strategy Council, which is made up of the leaders of the largest PwC firms of the network, agrees the strategic direction of the Network and facilitates alignment for the execution of strategy.

• Network Executive Team is appointed by and reports to the Network Leadership Team. Its members are responsible for leading teams drawn from Network firms to coordinate activities across all areas of our business.


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a. Leadership Responsibilities for Quality within the Firm and key structures

b. Ethical requirements

c. Acceptance and Continuance of Client Relationships and Specific Engagements

d. Human Resources e. Engagement Performance and Documentation f. Monitoring

Quality control standards

The system of quality control over audit work of PwC was set up following the provisions of Italian and international auditing standards, specifically International Standard on Quality Control Italia no. 1 (ISQC Italia no. 1) and International Standard on Auditing Italia no. 220 (ISA Italia no. 220) "Quality control for an audit”. Moreover, as a member firm of the international PwC network, PwC is bound to comply with common quality and risk management policies approved by PwCIL, and to verify that its staff complies with such policies. Auditing and quality control standards of PwC are thus based on these common policies, adapted and supplemented so as to address Italian local standards and professional regulations. The aforementioned integration of domestic and international policies enables the internal quality control system of PwC to be constantly up to date. The key features of PwC’s quality control system are described in the following paragraphs.

a. Leadership Responsibilities for Quality within the Firm and key structures

The Board of Directors of PwC is responsible for promoting the quality of statutory audit services and has established a corporate culture embracing high standards of independence and professional ethics. This culture is reflected in the system of guidelines and technical- professional procedures approved by the Board of Directors, including corporate ethics, human resources and engagement performance, illustrated below.

Professional and technical policies and procedures, which underpin the quality control system, and the Code of Conduct, are stored in a database which is accessible to all staff in a specific section of the firm’s portal. Professional and technical policies and procedures regulate the manner in which all the firm’s activities to ensure audit quality are performed, describing, for each area, the general objectives, the method of operation of processes, the method of documentation of activities performed, the responsibilities of the firm’s functions

involved at the various stages and the disciplinary consequences of any violations. Forms, letters and templates are provided to harmonize the manner in which activities and their documentation are performed.

PwC has established a specific corporate function (Chief Quality Office) that is responsible for co-ordinating the periodic revisions of technical and professional policies and procedures, in order to include the indications of and the procedures approved by PwCIL and the changes that become necessary from time to time to ensure compliance with local laws and professional regulations. Before changes to professional policies and procedures are released, they are submitted to the Board of Directors for approval and their adoption is communicated to all professional staff. The CQO is responsible for overseeing the operation of the entire quality control system, including the performance of monitoring activities over the proper design and application of the procedures performed by the Partners in charge of the firm’s internal functions. The Chief Quality Officer performs his activity in compliance with an annual plan that is submitted for approval to the Managing Director, to whom he reports.

The internal functions dedicated to promoting quality in audit activities comprise, each headed by a dedicated partner:

1. Technical Accounting (TA): a function in charge of providing advice, updates and guidance on technical-accounting matters.

2. Technical Auditing, Implementation & Methodology (TAI&M): a function in charge of providing advice, updates and guidance on technical-professional matters and on the spread of the auditing methodology adopted by the PwC network.

3. Risk Compliance & Legal (RCL): a function in charge of providing advice, updates and guidance on independence and risk management matters; this function is described more in detail below in the “Independence” section of this report. The “Chief Information Security Officer” operates within this function and directs and monitors the complex 3

Internal qualitycontrol system


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Sistema di controllo interno della qualità

activity designed to ensure the confidentiality, integrity and availability of information held by PwC, including information on clients, their financial statements and the auditing procedures performed. The Information Security Policy adopted by PwC complies with the provisions of one of the most widely applied international standards on information security (ISO/IEC 27002:2005, Information technology – Security techniques – Code of practice for information security management). The adequacy and effective application of the policy are periodically verified by the Network.

4. US Practice: a function dedicated to providing advice, updates and guidance on methodologies, auditing standards and US accounting standards. This function is led by a partner who is a Certified Public Accountant (CPA) in USA.

5. Internal Audit: this function carries out some controls on the compliance of the PwC professional staff with the policies and procedures. This structure is in charge of monitoring aspects relating to risk and quality, as well as other internal audit activities requested by other firm functions.

Each function described above is responsible for the updating of the policies and technical-professional procedures which govern the respective areas of competence.

b. Ethical requirements

Integrity, professionalism and objectivityPwC’s reputation and success depend on the professionalism, integrity and objectivity of each and every professional. All professional staff of PwC are expected to uphold and comply with the standards developed by the PwC Network and by PwC, and to periodically confirm the existence of the requirements needed. The Board of Directors of PwC leads the monitoring process of compliance with these obligations by all professional staff.

Moreover, PwC created a “whistle blowing” procedure that allows the employees and internal or external collaborators to make complaints and requests, received by the Human Capital function, about the possible non-compliance of conducts with the applicable professional standards, law provisions and regulations, the Code of Conduct and the Ethics Code and with the quality control system.

This procedure provides for an easy multi-channel access: utilising an appropriate telephone line called “Ethic line”, a mailbox and a specific form, available on the corporate portal and accessible to anyone. In case of reports, the PwC Human Capital function performs the necessary controls and forwards the issue to the Supervisory Board if relevant for the purposes of complying with Legislative Decree no. 231 of 2001.

All the information channels arranged to make reports and raise doubts guarantee the required secrecy of information and PwC makes every reasonable effort to maintain confidential the identity of the people who lodge a complaint. The PwC management regularly stresses the importance of adhering to such reporting procedure and complying with the Code of Conduct.

ConfidentialityThe staff of PwC must maintain the utmost confidentiality of information concerning clients, both during and after the performance of engagements and after the termination of the relation with PwC. The staff is appropriately trained in order to operate in compliance with the existing law and professional standards relating to the protection of personal data.PwC SpA has adopted a Code of Conduct and requires that all staff abide by this Code and that they perform their professional activities in accordance with the values of our firm since their hiring or admittance and throughout their service with PwC. This document contains questions and answers and practical examples for ease of reference and application.Moreover, within the organizational, management and control model which PwC has adopted in accordance with Legislative Decree no. 231 of 8 June 2001, an Ethics Code has been prepared, which establishes Alfredo Gallistru

Chief Quality Officer(CQO since 01/07/2017)

http://www.pwc.com/it/it/about-us/transparency-report/en/Alfredo_Gallistru.pdf


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rules of behaviour aligned with the firm’s mission and based on the same principles as the Code of Conduct. Both documents can be accessed by all staff through the firm’s portal. The organizational model above also orients the anti-corruption rules adopted by the PwC Network.

Anti-money launderingIn accordance with the legislation in force, PwC has implemented and keeps current an anti-money laundering procedure that involves an appropriate assessment of clients, under this profile, the maintenance of a single IT database (“Archivio Unico Informatico”) and reporting where necessary to the competent authorities.

IndependenceAs explained in the “Independence” section of this report, PwC SpA has adopted the policies and related rules regarding independence and compliance issued by PwCIL, supplemented when necessary by more restrictive local professional and statutory rules. The leadership of PwC provides policies to the persons in charge of the lines of business so that they monitor compliance with regulatory, professional, and PwC independence requirements related to financial interests in and business relationships with clients, independence restrictions and non-audit services rendered to them. The controls in place also provide for the adoption of measures designed to prevent the auditor’s independence to be jeopardised by instances of self-review, personal interest, legal representation, familiarity, excessive trust or intimidation.

c. Acceptance and Continuance of Client Relationships and Specific Engagements

PwC has implemented a structured process to identify acceptable clients and retain them which consists of two phases:1) A “pre-acceptance” activity, called “Client Acceptability” (CA), which is performed with the support of a central team, i.e. the CA Team;2) The audit client acceptance which is based on the PwC Network’s proprietary decision support system (called “Acceptance and Continuance” or “A&C”).

1. The aim of the CA is to precisely identify who the client is and which entities are related to them. To this end controls are carried out centrally and key results shared with the PwC Network. This process comes before and facilitates the traditional client Acceptance procedure.

2. A&C facilitates a determination by the engagement team and risk management specialists of whether the risks related to an existing or potential client are manageable, and whether or not PwC should be associated with the particular client and its management. Based on the level of risk, also the Audit Leader and the Assurance Leader intervene in this process to approve or reject acceptance of the engagement, relying on the work performed by the persons mentioned above.

Besides A&C, to assess preliminarily the acceptability of specific non-audit services for restricted audit clients, another tool, called “Authorization For Services” (“AFS”) is used; this is described in the “Independence” section of this report.

d. Human Resources

Recruiting PwC recruits high quality staff with excellent education and high professional potential, who can operate in auditing or as accounting and other experts in support of audits and who share PwC’s strong sense of responsibility for auditing. To this end we select carefully people we hire. The selection process is highly structured. It includes the preliminary screening of all CVs received, and at least two interviews of candidates, who are assessed from both a technical and an aptitude point of view, based on the best practices.

Professional DevelopmentAs explained in section 7 “Continuing Professional education” of this report, training and development is an ongoing process which is designed to promote the quality of our professional work. Training starts when a person is hired and continues throughout his or her career. Our people participate in a variety of local and

Luca RedaelliChief Quality Officer

(CQO upto 30/06/2017)

http://www.pwc.com/it/it/about-us/transparency-report/en/Luca_Redaelli.pdf


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international training courses, and a number of self-training tools is also available to them. Moreover, they are also trained through on-the-job coaching and supervision. Our in-house training ensures compliance with the rules regarding learning and education set out by the Ministry of Economy.

Career AdvancementPromotions in PwC are based on a careful process of assessment of our staff’s potential, performances and behaviours. Our procedures are designed to ensure that staff can only be promoted when they have the competences and capabilities necessary to assume the corresponding responsibilities and when they express behaviours consistent with the role. The guidelines and criteria considered in this process are defined and communicated to professional staff, as is the periodic evaluation of their performance. PwC has also prepared a coaching programme designed to support the development of a professional career path capable of matching the interests and ambitions of each professional to the requirements of the firm. During the period to which this report relates, the expectations and responsibilities of each professional role were defined and communicated in relation to the quality control system.

e. Engagement Performance and Documentation

Audit Methodology As a member of the PwC Network, PwC uses PwC Audit, a common audit methodology shared by all the entities of the PwC network. This methodology is based on the International Standards on Auditing (ISAs) supplemented, where appropriate, by the local standards on auditing (ISA Italia).

Comprehensive audit policies and procedures To complement PwC’s international policies and procedures, PwC has in place comprehensive policies and procedures governing our local auditing practice that are constantly revised to reflect developments in the profession and our operating environment, and to address emerging issues, as well as the needs and

concerns of the practice. These policies do not only cover professional and regulatory standards, but also reflect guidance to professionals about how best to implement them. These documents are available in electronic files and databases, are regularly revised or supplemented for all current developments and are accessible to our people at any time.

Assignment of EngagementsAudit engagements are assigned to professional staff having regard to the experience and competence required in the specific circumstances.

In detail, elements considered in assigning engagements to partners and managers include:

• The complexity and risk profile of the engagement;• Workloads also in relation to the type of

engagement and its timetable;• Any mandatory rotation rules;• The location where the client is based;• The independence profiles.

The planning of professional staff assigned to engagements is performed by the persons in charge of staff planning at each office or group, coordinated at national level. By means of a specific software called “Retain”, access can be gained to all information concerning planning of resources over the entire territory, identifying and managing any mismatch between staffing requirements and actually available resources. The assignment of staff to engagements is performed keeping into account the following elements:

• Size and complexity of the engagement;• Competences required;• Timeline and calendar of the work;• Workloads already assigned to each person;• Opportunity for professional development on an

assignment.

Direction, Supervision, Review and Documentation of the WorkPwC adopts procedures for the supervision and review of the audit work which are in compliance with the applicable professional standards and regulatory Maurizio Lonati

Technical Auditing and Methodo-logy and Learning & Development

Leader

http://www.pwc.com/it/it/about-us/transparency-report/en/Maurizio_Lonati.pdf


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framework. Documentation of audit engagements, in both electronic and paper form, is prepared and archived in a manner which allows inclusion of all evidence necessary to explain the work performed and support the conclusions reached during and on completion of an assignment.In detail, in compliance with auditing standard no. 230, PwC uses “Aura”, a structured system for the electronic documentation of audit work and a system called “Managing Paper Files” (“MPF”), which makes it possible to archive paper documents supporting the audit work within the terms prescribed by the applicable auditing standards and to follow and track any movements subsequent to archiving. These systems are designed in a way which ensures maximum confidentiality of information and maintenance of the information based on suitable security measures.

ConsultationConsultation is a cornerstone of the PwC system designed to maximise the quality of our professional services. PwC has set out the circumstances under which consultation is mandatory, and those where, due to the nature of the client or the type of issue at hand, consultation is only recommended. In order to address the consultation requirements, PwC has established some technical departments, which operate in different areas of specialization. These structures are responsible for tracking new developments in accounting and auditing and providing updates and guidance to professional staff. The maintenance of high levels of quality in technical support activities is obtained also through connections with other technical structures of the PwC network, by exchanging points of view, preparing technical documents, replying to drafts issued by auditing and accounting standard setters for discussion and preparing operating manuals, while respecting the independence of decision making in each country. There are also many cooperation activities with the profession, universities and European Union institutions, including participation in technical committees and the temporary assignment of staff to projects or educational activities.

f. Monitoring

Monitoring of Assurance Quality We recognize that quality in the auditing services we deliver to our clients is key to maintaining the confidence of investors and other stakeholders in the integrity of our work. Quality is a key element to our strategy.

Responsibility for guaranteeing an appropriate quality management lies with the leadership of PwC. This includes effective monitoring processes aimed at evaluating whether the policies and procedures which constitute our Quality Management System are adequately designed and operate effectively in compliance with laws, regulations and professional standards.

Our firm’s monitoring program is based on the PwC Network’s Global Assurance Quality Review (GAQR) Program. This program, which is based on professional standards relating to quality control including ISQC1 (International Standard on Quality Control 1), contains tools which are used by all the PwC Network firms. The GAQR program is coordinated, at Network level, by a central team which consists of a GAQR Leader with a group of International Team Leaders (ITL) who are partners seconded to the GAQR central team by PwC member firms. Provision of oversight by the ITLs and their continuous involvement and support enable a consistent and effective performance of reviews across the PwC network.

Our firm’s monitoring procedures include an assessment of our quality management system and of its effectiveness (Quality Management Review - QMR), as well as a review of completed engagements (Engagement Compliance Reviews - ECR). The annual monitoring process usually starts with an assessment of the firm’s system of audit quality control. During this process the system of internal controls is tested in its key elements, including those relating to independence, training, firm management, and leadership behaviour designed to foster and incentivise


Alessandro TurrisTechnical Accounting

Leader

http://www.pwc.com/it/it/about-us/transparency-report/en/Alessandro_Turris.pdf


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an appropriate and efficient internal quality control system. Keeping into account the results of the assessment of the quality control system, specific audit engagements are selected and monitored, based on a process, which comprises the following phases:

• Identification of selection criteria for engagements;• Selection of engagements;• Identification of reviewers (assessing their

independence);• Preparation of guidance material for monitoring

(checklists);• Training of reviewers;• Performance of reviews under constant supervision;• Sharing of the results with the engagement

Partners of the engagements reviewed;• Sharing of the results with the Assurance Leader.

Reviews of the sample of audit and assurance engagements selected, or ECRs, are co-ordinated by experienced Partners and conducted by senior managers or managers with appropriate industry experience who are not connected with the office or team that performs the audit, nor involved in the engagement itself.

ECRs allow assessing whether engagements were performed in compliance with the PwC Audit guidance, applicable professional standards and other engagement related policies and procedures. Each signing Partner is reviewed at least once every five years, unless a more frequent review is required based on the profile of that signer’s client engagements: for example, those partners who sign independent auditors’ reports on clients belonging to the category of Public Interest Entities are reviewed every three years.

All Partners and employees of our firm are informed about the review results and the actions taken to enable them to draw the necessary conclusions for the performance of engagements. In addition, the GAQR Leader informs engagement partners of our firm who are responsible for group audits involving cross-border work about relevant quality review findings in other PwC firms which enables our partners to consider these findings in planning and performing their audit work.

In addition to the monitoring performed by the PwC Network as described above, the Chief Quality Office (CQO) conducts a general monitoring programme which is articulated in the following three areas:

Monitoring Quality Control Policies and ProceduresAs required by the ISQC Italia no.1, PwC verifies the adequacy and effectiveness of its quality control policies and procedures through constant controls. These controls are documented in a specific database provided by the PwC Network called Quality Management System (QMS).

Monitoring Audit and Attest EngagementsThe quality control system of PwC and the audits performed by our firm are monitored based on guidelines issued by the Global Assurance Quality Review Group, which is part of the PwC network.

The sample of engagements monitored during the year ended 30 June 2017 covered a selection of clients, including clients quoted on the Stock Exchange, clients which we assisted in an IPO process, higher profile clients and non-audit assurance engagements (NAAE).The monitoring activity performed by the Chief Quality Office entails a significant commitment in terms of time spent and resources used, as it takes place during nearly all the financial year and uses expert and highly qualified professionals.

Finally, a Partner who is not a member of the audit team, named “Quality Review Partner”, is assigned to all audit engagements on clients which are listed or in the process of listing and on other higher-risk profile clients. This Partner has the task of reviewing carefully and objectively significant issues considered by the audit team and the conclusions reached in the audit report, before it is issued.

Monitoring Quality IndicatorsThe international PwC Network has identified a “corporate dashboard” consisting of 22 indicators each country is required to monitor on a regular basis. The objectives of monitoring are:

• Support a structured process of identification and assessment of potential risks for quality on the


Scott CunninghamUS Practices Leader

http://www.pwc.com/it/it/about-us/transparency-report/en/Scott_Cunningham.pdf


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basis of the analysis of periodically measurable indicators;

• Classify potential quality risks into categories on a priority scale;

• Facilitate discussion and insights regarding the assessment of risks for quality between those in charge of the corporate functions and the partnership;

• Facilitate business decisions linked to the management of quality risks.

This dashboard represents a company management instrument in addition to being a quality monitoring tool.

In addition to the initiative of the PwC Network mentioned above, PwC has set up a centralised control over certain parameters which are particularly significant for quality control purposes and are defined every year by the Managing Director on the basis of the legal and regulatory framework of the audit activity, and of any recommendations of regulatory authorities.In detail, with reference to the direction and supervision of audits PwC has strengthened, among others, the control systems designed to verify the appropriate participation of engagement Partners in the audit as well as the concentration of engagements assigned to them.

PwC constantly evaluates inputs from monitoring programmes and from a variety of other sources in an ongoing effort to improve the quality of work performed and professional policies and procedures.

Approval of the results of monitoring of internal quality controlEvery year the Managing Director of PwC submits to the Board of Directors for approval the action plans resulting from the monitoring of internal quality control and the results of the quality reviews, both national and international, of engagements, and decides, in agreement with the Chief Quality Officer, the guidelines of the general monitoring programme to be performed during the current season.



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Latest external qualityinspection

PwC is subject to three-yearly inspections of the internal quality control system by Consob, the Italian Stock Exchange Regulator.The latest three-yearly quality inspection carried out at PwC was started on 12 June 2017 by Consob pursuant to article 26 of Regulation (EU) No. 537/2014 and article 22 of Legislative Decree no. 39 of 27January 2010, and is currently underway.

At the same time as this inspection, Consob and the US Public Company Accounting Oversight Board (PCAOB) began another inspection of our internal quality control system. The on-site inspection was ended and we are awaiting the related results.


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5

Public Interest StatutoryAudit Clients

The public interest entities for which we carried out a statutory audit during the year ended 30 June 2017 are listed in Appendix I.


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a. Independence policies and practices and engagement rotation

b. Independence-related tools c. Monitoring of the rotation of audit engagement

personnel

d. Independence training and confirmations e. Independence monitoring and disciplinary policy

Independence PwC has a designated partner (known as the ‘Partner Responsible for Independence’ or ‘PRI’) with appropriate seniority and standing, who is responsible for implementation of the PwC Global Independence Policy including managing the related independence processes and providing support to the business. The partner is supported by a team of independence specialists. The PRI reports directly to the Managing Director of PwC.

a. Independence policies and practices and engagement rotation

The independence policies and practices set up by PwC supplement the PwC Global Independence Policy which covers, among others, the following areas:

• personal and firm independence, including policies and guidance on the holding of financial interests and other financial arrangements, e.g. bank accounts and loans by partners, staff, the firm and its pension schemes;

• non-audit services supported by Statements of Permitted Services (‘SOPS’), which provide practical guidance on the application of the policy in respect of non-audit services to assurance clients;

• business relationships, including policies and guidance on joint business relationships (such as joint ventures and joint marketing) and on purchasing of goods and services acquired in the normal course of business.

In addition, there is a Network Risk Management Policy governing the independence requirements related to rotation of key audit partners and other accountable leaders, which has been reflected in an internal policy regarding this matter. This procedure sets out the general terms and conditions governing the engagement rotation and provides a list of specific instances requiring different rotation terms, which also depend on the client and engagement type.

These policies and processes are designed to help PwC comply with relevant professional and regulatory standards of independence that apply to the provision of assurance services. Policies and supporting guidance

are reviewed and revised when changes arise such as updates to laws and regulations or in response to operational matters.

PwC supplements the PwC Global Independence Policy as required by Italian and European regulations where they are more restrictive than the Network’s policy.

b. Independence-related tools

PwC has adopted the PwC Global Independence Policy and as a member of the PwC Network, the firm has access to a number of tools which support PwC firms and their personnel in executing and complying with our independence policies and procedures. These include:

• The “Central Entity Service” (‘CES’), which contains information about restricted entities including public interest audit clients and SEC and other foreign regulators restricted clients and their related securities. CES assists in determining the independence requirements the Network has to meet in relation to audit clients or restricted entities belonging to audited groups, all this before entering into a new non-audit engagement or business relationship. This system drives the ‘Independence List’ (i.e. the list of client companies requiring the firm’s independence) and also feeds Independence Checkpoint that is the tool monitoring the holding of securities;

• “Independence Checkpoint” which facilitates the pre-clearance of publicly traded securities by all partners, directors and managers before acquisition and records their subsequent purchases and disposals. Where a PwC firm wins a new audit client, this system automatically informs those holding securities in that client of the nacessity to sell the security where required;

• “Authorisation for Services” (‘AFS’) which is a global system that facilitates approval of non-audit services by the audit engagement partner or by the group engagement leader, documenting the potential independence threats of the service and proposed safeguards, and acts as a record of the audit partner’s conclusion on the acceptability of 6


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the service;• “Global Breaches Reporting System” which

is designed to be used to report any breaches of external auditor independence regulations (e.g. those set by regulation or professional requirements) where the breach has cross-border implications (e.g. where a breach occurs in one territory which affects an audit relationship in another territory).

c. Monitoring of the rotation of audit engagement personnel

PwC adopts specific policies to monitor information regarding the rotation requirements for engagement leaders; for directors, senior managers and managers a gradual rotation mechanism is envisaged. For the statutory audits of financial statements of Public Interest Entities (PIE) and Entities subject to the Intermediate Regime (in Italian “ESRI”), as well as for US listed companies (SEC Registrants), rotation of audit engagement partners is monitored at central level.

For all the other engagements each audit partner is required to report engagements for which rotation is necessary to the relevant Reporting Unit leader. Notice of rotation is sent adequately in advance of the date when the engagement must be rotated.

d. Independence training and confirmations

PwC provides all partners and professional staff with annual or on-going training in independence matters. Training typically focuses on milestone training relevant to a change in position or role, changes in policy or external regulation and, as relevant, provision of non-audit services. Partners and staff receive computer-based and face-to-face training provided by our independence specialists.

All partners and staff are required to complete an annual compliance confirmation, whereby they confirm their compliance with all aspects of the firm’s independence policy, which supplements the Global Independence

Policy regarding non-audit services as well as their own personal independence. In addition, all partners confirm that all non-audit services and business relationships for which they are responsible comply with policy and that the required processes have been followed in accepting these engagements and relationships. These annual confirmations are supplemented by weekly confirmations.

Independence

Maurizio DonvitoRisk, Compliance & Legal Leader

http://www.pwc.com/it/it/about-us/transparency-report/en/Maurizio_Donvito.pdf


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e. Independence monitoring and disciplinary policy

PwC monitors all permitted business relationships started by the firm. The relationships underlying the provision of goods and services are periodically reviewed in order to ensure that their admissibility is still valid in accordance with applicable independence requirements.

PwC is responsible for monitoring the effectiveness of its quality control system in managing compliance with independence requirements. In addition to the confirmations described above, as part of this monitoring, we perform:

• Compliance testing of independence controls and processes;

• Personal independence compliance testing of a random selection of partners, as a means of monitoring compliance with independence policies;

• An annual assessment of the firm’s adherence with the PwC Network’s independence risk management standard.

The results of PwC’s monitoring and testing are reported to the firm’s management in order to assess the appropriate measures based on the provisions of the applicable regulation.

Independence

Monica GillaneChief Information Security Officer

(CISO)

http://www.pwc.com/it/it/about-us/transparency-report/en/Monica_Gillane.pdf


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PwC invests significant resources in training its professional staff to combine knowledge and professional competence and to pursue the excellence and quality objectives of the firm’s audits.Training also contributes to support a path of continuing education and development designed to enhance our resources.

A curriculum defined and shared at international level allows to achieve high and consistent standards throughout the Network. Programmes are developed focussing in particular on technical and professional accounting and auditing contents, audit methodology, independence requirements, risk management, developments in the applicable regulatory framework.

Educational paths are offered using mixed learning methods ranging from computer-based to face-to-face training. Training is supplemented by ongoing learning taken from the experience of colleagues (“coaching”) and from the day-by-day shadowing on the job (“on the job training”).

The quality of staff training is monitored through internal monitoring processes of the courses provided, of the instructors involved as well as of the knowledge gained by the personnel at the end of the course.The training programme designed for and delivered to the personnel of PwC is supplemented locally to meet the specific local requirements and revised annually to keep current with developments in regulations and to improve further competences and professional skills.

To supplement the technical and professional curriculum related to the mandatory training set at international level, the most important local initiatives of the financial year were:

• full-day training focused on independence and risk management matters;

• the development of programmes aimed at improving the foreign languages skills, with a special focus on English, to guarantee flexible professionals also in international contexts, and enable them to gain access to a set of foreign regulatory sources;

• the offer of the Talent Development programmes through the design, in co-operation with the Human Capital function, of individual growth paths for managerial roles, with the aim of supplementing the training programmes offered within the PwC Network;

• initiatives for the development of soft skills, with special attention to communication, teamwork management and leadership.

Continuing ProfessionalEducation

7 8Maurizio LonatiTechnical Auditing and Methodo-

logy and Learning & Development Leader

http://www.pwc.com/it/it/publications/assets/docs/transparency-report-2016/stefano-bravo.pdf


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Financial information

8

We provide below an analysis of PwC’s revenues for the year ended 30 June 2017, as shown in the financial statements approved by the Shareholders’ Meeting.The figures reported below are presented in accordance

with the format established by article 18 of Legislative Decree no. 135 of 17 July 2016. The classification of revenues established by article 13 of Regulation (EU) No. 537/2014 was also kept into account.

30 June 2017

€ mln

i Revenues from the statutory audit of annual and consolidated financial statements of public interest entities and entities belonging to a group of undertakings whose parent is a public interest entity

54

of which revenues deriving from the review of half-yearly financial statements and audit of the financial statements of investment funds

9

ii Revenues from the statutory audit of annual and consolidated financial statements of other entities

69

of which revenues deriving from the review of half-yearly financial statements and audit of the financial statements of investment funds

2

iii Revenues from permitted non-audit services to entities that are audited by the statutory auditor or the audit firm

44

iv Revenues from non-audit services to other entities 46

v Revenues from the audit of annual and consolidated financial statements following engagements assigned on a voluntary basis

8

Total 221

FINANCIAL INFORMATION ON THE OPERATING SIZE OF THE AUDIT COMPANY - Regulation (EU) No. 537/2014 art. 13, par. 2, lett. k)

The above figures relate to turnover and do not consider the change in inventories of work in progress between the beginning and the end of the period.


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Basis of Calculation of Partners’ Remuneration

9

The Partners of PwC also work as its employees, in the position of executives. In this role they perform only audit and assurance services for the benefit of the firm. Therefore, in addition to receiving dividend distributions in proportion to the shares held in the firm, Partners also receive remuneration for the services rendered.

Partners’ remuneration comprises a fixed and a variable component. The fixed component is related, in principle but not automatically, to each Partner’s seniority with the firm, while the variable component is determined annually as part of a process where targets are set and shared. These are qualitative and quantitative targets that can be individual or corporate (at group or area level still as part of the audit services). Targets are designed to incentivise and reward Partners’ contribution to the growth of the firm and the efficient management of resources and promote the staff’s motivation and professional growth. For those Partners who are involved in audit engagements or can affect the related performance, the mechanisms for their remuneration, incentives and appraisal do not consider the amount of turnover arising from non-audit services provided in relation to the audited entity.

To assess Partners’ performances in relation to the quality of their services, every year information is collected about:

• the quality of professional services provided to clients and the correct management of risks, in compliance with the applicable professional standards and the methodology rules prescribed by the international PwC network. For this purpose an internal monitoring programme has been set up by the CQO function, supplemented by periodical inspections by the corresponding functions at Network level;

• compliance with the firm’s internal guidelines and procedures concerning professional independence, ethics and integrity;

• compliance with the firm’s guidelines and procedures;

• depth of technical competence, continuous professional training and aptitude to consultation;

• contribution to the firm’s development and operation by partners managing internal functions, carrying out international roles, serving as reviewer and contributing to promoting the image of the firm and of the profession.

The degree of attainment of the targets is assessed annually by the firm’s leadership who are responsible for managing the remuneration profiles, after consulting with all corporate functions involved. In order to ensure overall fairness, the process is carried out under the supervision of a specific committee made up of Partners not holding management roles within the firm, who report their findings to the Partners in general meeting.

Appropriate internal policies have been set up to govern the manner of resolution of any significant quality issues as may be detected in the course of the annual monitoring process.

Potential areas for improvement that are identified from the annual assessment of Partners are taken into consideration to determine Partners’ overall remuneration for the year and in the monitoring and assessment process for the subsequent year.


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Corporate Responsibility

10

At PwC, Corporate Responsibility (CR) permeates the activities we offer to our clients and is a hallmark of the way we develop our business.

In our view this is the path which enables us to drive the change and contribute to the development of a more coherent society; by doing so we accomplish our purpose building trust in society and helping our clients to solve complex problems. Our purpose represents well the slogan of the PwC Corporate Responsibility, namely being "Part of it": take part in the global debate towards responsible business practices, which generate a positive impact on the communities we live in.

Two principles drive our strategy. Their essence is reflected in two phrases:

• Do the right thing: engage seriously in issues relevant to business, not only measuring and managing our carbon footprint, but involving our people into the communities and improving the quality of their lives and of our services;

• Be a catalyst for change: use our expertise, our voice and our relationships to carry out joint initiatives and influence activities that make the difference, create the change and bring a lasting impact.

To outline a local strategy for Corporate Responsibility we take into account our cultural and social peculiarities, as well as the characteristics of our market, involving our stakeholders in building a long-term path to cope with changes within the society and its continuous requirements. In this manner we motivate our people to be the protagonists of the change, we enhance our wealth of knowledge, distinguishing ourselves from our competitors, and we generate new opportunities for growth.

We have identified two main areas within which we develop our projects in Italy:

Community engagementThanks to our people’s skills and expertise we contribute to creating sustainable economies across the territories where we operate. To do this we promote corporate volunteering, invest in the training of the weaker classes of the society and we offer capacity building activities to entities of the non-for-profit sector, among which social enterprises no-profit organizations and social cooperatives.

Some of the projects that involve our people are:

• A Different Job, our volunteers devote a part of their working hours to the renovation of facilities assigned to non-for-profit entities and others. In 2017 more than 260 people participated in the renovation of four schools located in the cities of Bologna, Milan and Rome;

• Ristorante InGalera, we supported and continue to support the cooperative named “ABC – La Sapienza in Tavola” in the opening of a restaurant within a detention centre called “II Casa di Reclusione di Milano-Bollate”. Convicts from this correctional facility work within the restaurant. We are involved in a social responsibility project which aims to support the convicts to engage in a path of future reintegration in the society and retrieve the culture for work;

• Compagni di Viaggio [travel mates], a talent development project, a challenge for our more gifted senior managers to carry out initiatives with a social purpose.


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Environmental stewardshipWe respect the environment and we are committed to understanding better and reducing our consumption and environmental impact, measuring our carbon footprint and helping our clients design and implement strategies which create value for stakeholders.We have developed instruments and provided our people with resources to educate them to respect the environment and understand environmental issues.Moreover, we have determined a set of guidelines that we follow to orient our daily behaviours and develop projects that have a positive impact on the environment.

We undertake to limit our consumption taking appropriate actions to improve energy efficiency in the facilities and reduce the environmental impacts connected with our business trips, for instance, through:

• webex meetings;• agreements for the use of public transport;• choice, location and refurbishment of our offices.

We measure greenhouse gases (CO2) on an annual basis, setting improvement objectives and communicating performances to our stakeholders.

During FY 2017 we promoted various projects:

• Clothingdrive, an initiative to collect clothes and personal accessories with the aim of raising people’s awareness on the issue of recycling and demonstrating the potential of the circular economy.The final result of 1,100 kilos of clothes collected allowed it to avoid using 325 kilos of pesticides and 650 kilos of fertilizers and 650,000 litres of water saved;

• Greenlab, a team building initiative dedicated to managers and aimed to raise and enlarge people’s awareness on green and environmental-friendly issues.

PwC’s attention on environmental sustainability is growing and the objective of the Corporate Responsibility projects will continue to be the enhancement of the positive impacts deriving from our activities and reducing the negative ones.

Corporate Responsibility performances

corporate volunteering

290Kdonations

571people

7,971hours

Environmental performances

1t CO2/person

3.8t CO2

scope 34.1t CO2

scope 13.4t CO2

scope 2


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Diversity & Inclusion

11

The capacity of attracting and retaining experienced and multi-skilled persons is an essential element, which supports us in the pursuit of our strategic objectives. Diversity & Inclusion (D&I) is more and more aimed at increasing our organization’s capacity of inclusion towards people with different backgrounds and different aptitudes compared to the current ones.

PwC D&I strategy is based on a 2+1 approach in which the first two dimensions are the Value of differences (because we know that each of us is different) and the Gender (since our aim is that both genders are substantially equally represented in our workforce). The third dimension of our local strategy is the generation diversity since the ability to attract and retain the new generations is essential for our organization.

The actions put in place are oriented towards creating awareness of the value that diversity can bring to our organization while taking cognizance of the bias and towards implementing specific initiatives to enact the required cultural change. These actions were, inter alia:

• the Global Diversity week 2016, which was celebrated through local activities in coordination with the activities promoted by the PwC Network. The goal was to carry out supporting actions in line with the Network’s and the local firm’s strategy. The activities were aimed at enhancing cultural diversity in coordination with the Global Mobility function and becoming aware of the blindspots through the contest ‘’Sfatiamo il mito [Let’s debunk the myth]’’. During the diversity week, there was another event celebrating the International Day of Peace and the week continued with the Promotion of the UN campaign “HeforShe”, whose aim is to increase men’s awareness to

support the removal of the social and cultural obstacles that prevent women and girls from fully showing their potential, both within our firm and outside through our witnessing and active participation in events in support of the campaign;

• Sharing the Future, with the goal of increasing women’s pipeline, we confirmed all-woman internal mentoring paths for a selected group of senior managers with the involvement of an equal number of partners. The number of partners involved was increased given the positive feedback obtained in the previous year. We also extended participation to certain talented female managers and senior associates in Networking activities through participation in the events organized by the Young Women Network and the Professional Women Association;

• Enhancing the collaboration with Valore D, a leading association which promotes women’s leadership; our people took part in the events and training initiatives promoted by Valore D throughout Italy and joined ad-hoc development paths such as the Cross mentoring and the C- Level School. During the year certain PwC offices hosted the ‘’Diversity day’’ which consisted in educational workshops to think about the challenges stemming from the new leadership models.

Whilst remaining hinged upon the search for solutions that allow it to improve certain areas that we prioritize working synergically with the other functions, our D&I efforts are increasingly oriented towards transforming the culture of our organization in order that our firm becomes able to face the changes the future will impose on us.


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Statements of the Board of Directors of PricewaterhouseCoopers SpA pursuant to article 13 of Regulation (EU) No. 537/2014

The Board of Directors of PricewaterhouseCoopers SpA, pursuant to article 13, letters d), g) and h) of Regulation (EU) No. 537/2014, declares that:

• The system of internal quality control adopted by PricewaterhouseCoopers SpA and described in section 3 of this report has the objective of providing reasonable assurance that statutory audit engagements are performed in accordance with the applicable regulations and auditing standards. Having considered the design and operation of the internal quality control system and the results of the monitoring activity performed by our firm, also described in section 3 of this report, we believe that the internal quality control system operated effectively during the financial year ended 30 June 2017;

• PricewaterhouseCoopers SpA applied during the financial year ended 30 June 2017, and is currently applying, appropriate practices, described in section 6 of this report, considered suitable to ensure compliance with the independence requirements applicable to statutory auditors and audit firms, as provided for by Regulation (EU) No. 537/2014 and articles 10 and 17 of Legislative Decree no. 39 of 27 January 2010, as amended by Legislative Decree No. 135/2016; the firm has performed internal reviews of compliance with the applicable law provisions concerning the independence requirements of statutory auditors and audit firms;

• All Partners and professional staff of PricewaterhouseCoopers SpA participate in continuing education programmes, briefly described in section 7 of this report, and in other external educational activities. We consider that these programmes and activities are, on the whole, suitable to ensure, with reasonable certainty, auditors’ compliance with the provisions of article 5 of Legislative Decree no. 39 of 27 January 2010, as amended by Legislative Decree no. 135/2016, concerning continuing education and the maintenance of an adequate level of theoretical knowledge and professional capabilities.

On behalf of the Board of Directors


Managing Director


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Managing Director


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2011 POPOLARE BARI SPV SRL2012 POPOLARE BARI SME SRL2013 POPOLARE BARI RMBS SRL2014 POPOLARE BARI SME SRL2I RETE GAS SPAABRUZZO 2015 RMBS SRLABRUZZO 2015 SME SRLALBA 7 SPV SRLALBA 8 SPV SRLALPERIA SPAAMBIENTHESIS SPAAMPLIFON SPAANDROMEDA FINANCE SRL SOCIETA' UNIPERSONALEAPULIA FINANCE N. 2 SRLAPULIA FINANCE N. 4 SRLAPULIA MORTGAGES FINANCE N. 3 SRLAPULIA PREVIDENZA SPAARCOBALENO FINANCE SRLASCOPIAVE SPAATLANTE FINANCE SRLAVIPOP ASSICURAZIONI SPAAVIPOP VITA SPAAVIVA ASSICURAZIONI VITA SPAAVIVA ITALIA SPAAVIVA LIFE SPAAVIVA SPAAVIVA VITA SPAAXA ASSICURAZIONI SPAAXA INTERLIFE SPAAXA MPS ASSICURAZIONI DANNI SPAAXA MPS ASSICURAZIONI VITA SPAAZIMUT HOLDING SPAB. & C. SPEAKERS SPABANCA ADRIA CREDITO COOPERATIVO DEL DELTA SOCIETA' COOPERATIVABANCA AKROS SPABANCA ALBERTINI SYZ SPABANCA CAPASSO ANTONIO SPABANCA CARIM - CASSA DI RISPARMIO DI RIMINI SPABANCA CONSULIA SPABANCA DEL FUCINO SPABANCA DEL GRAN SASSO D'ITALIA BANCA DI CREDITO COOPERATIVO SCPABANCA DEL MEZZOGIORNO - MEDIOCREDITO CENTRALE SPABANCA DEL SUD SPABANCA DI BOLOGNA CREDITO COOPERATIVOBANCA DI CREDITO COOPERATIVO DEGLI ULIVI TERRA DI BARI SOCIETA' COOPERATIVABANCA DI CREDITO COOPERATIVO DELL'ADRIATICO TERAMANO SCBANCA DI CREDITO COOPERATIVO DI BASCIANOBANCA DI CREDITO COOPERATIVO DI CARATE BRIANZA SCARLBANCA DI CREDITO COOPERATIVO DI CONVERSANO SOCIETA' COOPERATIVABANCA DI CREDITO COOPERATIVO DI GAUDIANO DI LAVELLO - SOCIETA' COOPERATIVABANCA DI CREDITO COOPERATIVO SANGRO TEATINA DI ATESSA SOCIETA' COOPERATIVABANCA DI FORLI' CREDITO COOPERATIVO SCBANCA DI MONASTIER E DEL SILE - CREDITO COOPERATIVO -

SOCIETA' COOPERATIVABANCA DI PIACENZA - SOCIETA' COOPERATIVA PER AZIONIBANCA DI SASSARI SPABANCA EMILVENETA SPABANCA FARMAFACTORING SPABANCA FEDERICO DEL VECCHIO SPABANCA IFIGEST SPABANCA INTERMOBILIARE DI INVESTIMENTI E GESTIONI SPABANCA NUOVA SPABANCA PASSADORE & C. SPABANCA POPOLARE DEL MEDITERRANEO SCPABANCA POPOLARE DELL'EMILIA ROMAGNA SCBANCA POPOLARE DI BARI SOC COOP PER AZIONIBANCA POPOLARE DI MILANO SCARLBANCA POPOLARE DI MILANO SPABANCA POPOLARE DI VICENZA SPA IN LIQUIDAZIONE COATTA AMMINISTRATIVABANCA POPOLARE LECCHESE SPABANCA PROFILO SPABANCA PSA ITALIA SPABANCA REGIONALE DI SVILUPPO SPABANCA SAN FRANCESCO CREDITO COOPERATIVO SOCIETA' COOPERATIVABANCA SAN GIORGIO QUINTO VALLE AGNO CREDITO COOPERATIVOBANCAPULIA SPABANCO COOPERATIVO EMILIANO CREDITO COOPERATIVO SOCIETA' COOPERATIVABANCO DI SARDEGNA SPABARBERA SPV SRLBASICNET SPABASTOGI SPABCC DI CASTIGLIONE MESSER RAIMONDO E PIANELLA SOC COOP PER AZIONI A RLBCC DI MASSAFRA SCARLBCC DI PUTIGNANO SOCIETA' COOPERATIVA PER AZIONIBERICA 10 RESIDENTIAL MBS SRLBERICA 5 RESIDENTIAL MBS SRLBERICA 6 RESIDENTIAL MBS SRLBERICA 8 RESIDENTIAL MBS SRLBERICA 9 RESIDENTIAL MBS SRLBERICA ABS 2 SRLBERICA ABS 3 SRLBERICA ABS 4 SRLBERICA ABS SRLBERICA FUNDING 2016 SRLBERICA PMI 2 SRLBERICA PMI SRLBERICA RESIDENTIAL MBS 1 SRLBIPIEMME ASSICURAZIONI SPABIPIEMME VITA SPABPM SECURITISATION 2 SRLBPM SECURITISATION 3 SRLBRIOSCHI SVILUPPO IMMOBILIARE SPAC.L.N. COILS LAMIERE NASTRI SPACALTAGIRONE EDITORE SPACASSA CENTRALE RAIFFEISEN DELL'ALTO ADIGE SPACASSA DEL TRENTINO SPACASSA DEPOSITI E PRESTITI SPA

Appendix I: List of public interest entities which are statutory audit clients

Appendix II: Short professional biographies

Appendix III: List of statutory auditors and audit firms belonging to PwC Network (EU and EEA)

Appendix IV: PwC Code of Conduct

Appendix V: List of PricewaterhouseCoopers SpA offices

List of public interest entities which are statutory audit clients

I


Contents

CASSA DI RISPARMIO DI ASTI SPACASSA DI RISPARMIO DI BIELLA E VERCELLI SPACASSA DI RISPARMIO DI BRA SPACASSA DI RISPARMIO DI CESENA SPACASSA DI RISPARMIO DI ORVIETO SPACASSA DI RISPARMIO DI VOLTERRA SPACASSA RURALE ED ARTIGIANA DI CANTU' BANCA CREDITO COOPERATIVO SCRLCASTORO RMBS SRLCDP RETI SPACEMBRE SPACERVED INFORMATION SOLUTIONS SPACHEBANCA! SPACLARIS ABS 2011 SRLCLARIS FINANCE 2005 SRLCLARIS FINANCE 2007 SRL SOCIETA' UNIPERSONALECLARIS FINANCE 2008 SRL SOCIETA' UNIPERSONALECLARIS LEASE 2015 SRLCLARIS RMBS 2011 SRLCLARIS RMBS 2014 SRLCLARIS SME 2015 SRLCOMPAGNIA ASSICURATRICE LINEAR SPACOMPASS BANCA SPACR FIRENZE MUTUI SRLCR VOLTERRA 2 SPV SRLCRESO 2 SRLDAVIDE CAMPARI-MILANO SPADEA CAPITAL SPADECO 2014 - GONDOLA SRLDIASORIN SPAELBA ASSICURAZIONI SPAESTENSE FINANCE SRLETRURIA SECURITISATION SPV SRLEUROTECH SPAEXPRIVIA SPAEXTRABANCA SPAFINCANTIERI SPAGALLERIE 2013 SRLGEFRAN SPAGLOBAL ASSISTANCE SPAGOLDEN BAR (SECURITISATION) SRLGRECALE ABS SRLGRECALE RMBS 2011 SRLGRECALE RMBS 2015 SRLGROUPAMA ASSICURAZIONI SPAGRUPPO WASTE ITALIA SPAHELVETIA COMPAGNIA SVIZZERA D'ASSICURAZIONI SA- RAPPR. GEN. E DIREZ. ITALIAHELVETIA VITA SPA - COMPAGNIA ITALO SVIZZERO DI ASSICURAZIONI SULLA VITA SPAI GRANDI VIAGGI SPAIBL CQS 2013 SRLIBL CQS SRLIBL FINANCE SRLIBL ISTITUTO BANCARIO DEL LAVORO SPAIMMOBILIARE GRANDE DISTRIBUZIONE SOCIETA' DI INVESTIMENTO IMMOBILIARE QUOTATA SPAIMMSI SPAIMPREBANCA SPA

IMPRESA PIZZAROTTI & C. SPAINCONTRA ASSICURAZIONI SPAINFRASTRUTTURE WIRELESS ITALIANE SPAIRCE INDUSTRIA ROMAGNOLA CONDUTTORI ELETTRICI SPAIREN SPAITWAY SPALANDI RENZO SPALUXOTTICA GROUP SPAMAIRE TECNIMONT SPAMALATESTA FINANCE SRLMARR SPAMASSIMO ZANETTI BEVERAGE GROUP SPAMCC RMBS SRLMECENATE SRLMEDIOBANCA - BANCA DI CREDITO FINANZIARIO SPAMEDIOCREDITO TRENTINO-ALTO ADIGE SPAMERCURIO MORTGAGE FINANCE SRLMM SPAMODA 2014 SRL SOCIETA' UNIPERSONALEMOLESKINE SPAMULTI LEASE AS SRLNUOVA BANCA DELL'ETRURIA E DEL LAZIO SPANUOVA CASSA DI RISPARMIO DI CHIETI SPAOVS SPAPIAGGIO & C. SPAPIAZZA VENEZIA SRLPIERREL SPAPIQUADRO SPAPOPOLARE BARI MORTGAGES SRLPOSTE ASSICURA SPAPOSTE ITALIANE SPAPRAMERICA LIFE SPAPREMUDA SPAPROFAMILY SECURITISATION SRLQUADRA ASSICURAZIONI SPAQUARZO CL1 SRLQUARZO CQS SRLQUARZO LEASE SRLQUARZO SRLQUINTO SISTEMA SEC. 2016 SRLRAI RADIOTELEVISIONE ITALIANA SPARAI WAY SPARISANAMENTO SPAROVIGOBANCA CREDITO COOPERATIVO SOCIETA' COOPERATIVAS.S. LAZIO SPASACE SPASANTANDER CONSUMER BANK SPASANTANDER PRIVATE BANKING SPA IN LIQUIDAZIONESARA ASSICURAZIONI SPA ASSICURATRICE UFFICIALE DELL'AUTOMOBILE CLUB D'ITALIA SARA VITA SPASESA SPASESTANTE FINANCE SRLSIAT - SOCIETA' ITALIANA ASSICURAZIONI E RIASSICURAZIONI - PER AZIONISNAITECH SPASUNNY 1 SPV SRLTAMBURI INVESTMENT PARTNERS SPATECHNOGYM SPA

TELECOM ITALIA SPATERNA SPATERNIENERGIA SPATOD'S SPATOSCANA AEROPORTI SPAUNIPOL BANCA SPAUNIPOL GRUPPO FINANZIARIO SPAUNIPOLSAI ASSICURAZIONI SPAUNIQA ASSICURAZIONI SPAUNIQA LIFE SPAUNIQA PREVIDENZA SPAUNISALUTE SPAVENETO BANCA SPAVENUS-1 FINANCE SRL SOCIETA' UNIPERSONALEZURICH INSURANCE COMPANY LTD - RAPPRESENTANZA GENERALE PER L'ITALIAZURICH INVESTMENTS LIFE SPA


Contents

Short professional biographies

II

Members of the Board of Directors






Ezio BassiBorn in Como on 14 June 1960. After obtaining a diploma in accountancy, Ezio qualified as a chartered accountant and registered auditor.He joined PwC audit practice in 1980 and became a Partner in 1994. After acting as the National Technical Partner, he was in charge of the Risk & Quality function and became also Assurance Leader. He was then elected Managing Director of PricewaterhouseCoopers SpA on 25 September 2009 and Chairman of the Board of Directors on 10 January 2012.

Marco SalaBorn in Milan on 19 November 1961. Marco graduated in business and economics and qualified as a chartered accountant and registered auditor.He joined PwC audit practice in 1987 and became a Partner in 2000. He was Assurance Leader until 30 June 2015. He has been a member of the Board of Directors of PricewaterhouseCoopers SpA since 25 September 2009, and Deputy Chairman and legal representative of the Firm since 10 January 2012. He was appointed Chief Operating Officer on 1 July 2015.

Oliver GaleaBorn in Malta on 11 November 1957, Oliver is a member of the Association of Chartered Certified Accountants in the UK. He is a registered auditor in Italy and a statutory auditor in the UK. He joined PwC in 1986 and became a Partner in 1995. He has been a member of the Board of Directors of PricewaterhouseCoopers SpA since 25 September 2009.

Giovanni Andrea Toselli Born in Broni (Pavia) on 21 November 1964, Giovanni graduated in business and economics and qualified as a chartered accountant and registered auditor. He joined PwC in 1990 and became a Partner in 2004. He was the PwC National Technical Partner from 2006 to 30 June 2015. He has been member of the Technical Expert Group (TEG) of EFRAG since 2010 and he is a member of the PwC Corporate Reporting Task Force (CRTF). He became Assurance Leader on 1 July 2015 and he is a member of the PwC Board of Directors.

Piero De LorenziBorn in Albenga on 23 October 1963, Piero graduated in business and economics and qualified as a chartered accountant, registered auditor and Court-appointed expert. He joined PwC in 1990 and became a Partner in 1998. He is in charge of the Markets function in Italy and has been a member of the Board of Directors of PricewaterhouseCoopers SpA since 27 September 2012.


Contents

PwC partners and staff with specific quality-related roles and responsibilities

Scott CunninghamBorn in the USA on 23 August 1964. Scott qualified as statutory auditor in Italy and Certified Public Accountant in the United States of America. He started his career in the United States. He has worked in Italy for 18 years and became Partner in 2002. In Italy, he is the Partner in charge of all the technical aspects as regards accounting and auditing in compliance with US regulations (PCAOB and SEC), including SOX regulation. Scott is an external member of the Committee for National and International Accounting Standards of the Accounting Profession of Rome.

Maurizio DonvitoBorn in Milan on 1 March 1964. After obtaining a diploma in accountancy, Maurizio graduated in law and then qualified as a chartered accountant and registered auditor. He joined PwC in 1986 and became a Partner in 2000. He has been responsible for Independence practices for PwC Italy since 2000. He has been also the Risk Management Partner for the Assurance LoS since 2007 and the Regional Independence Leader since 2008. He has been in charge of the Information Security function since 1 July 2015.

Francesco FerraraBorn in Livorno on 1 February 1967.Francesco took a degree in business and economics and then qualified as a chartered accountant and registered auditor. He started to work as auditor in 1992 and became Partner in 2006. He is the Assurance Partner in the PwC office in Milan and he has been Audit Leader since 1 July 2015.

Alfredo GallistruBorn in Busto Arsizio on 2 December 1965.He graduated in Business Administration and is a certified chartered accountant and auditor. He joined PwC in 1991 and has held the role of Chief Quality Officer since July 2017.

Monica GillaneBorn in Dublin on 4 May 1968, Monica graduated in computer science in 1990 and qualified as a chartered accountant (ACA, Ireland) in 1998.She qualified as a certified information security manager (CISM) in 2008.She joined PwC in 1997 and became a senior manager in 2001. She was appointed Chief Information Security Officer in October 2009.

Maurizio Lonati Born in Milan on 14 July 1962, Maurizio graduated in business and economics and qualified as a chartered accountant and statutory auditor.He joined PwC in 1987 and became a Partner in 2000. He has been in charge of the Technical Auditing, Implementation and Methodology function since 2010. He has been the Quality Review Leader since 2007 and the Regional Implementation Partner since 2012. In February 2017 he became the Learning & Development Leader.

Luca RedaelliBorn in Milan on 7 July 1957, Luca graduated in business administration and qualified as a chartered accountant and registered auditor.He joined PwC audit practice in 1981 and became a Partner in 1995. He was the Chief Quality Officer from March 2010 to June 2017.

Alessandro TurrisBorn in Civitavecchia (Rome) on 4 December 1970. He graduated in business and economics and qualified as a chartered accountant. Alessandro started to work in PwC in 1996 as auditor.In 2011, he joined the Technical Accounting function of which he took up the role of leader on 1 July 2015. Alessandro is a member of the PwC Corporate Reporting Task Force (CRTF). He became Partner in 2016.


Contents

List of statutory auditors and audit firms belonging to PwC Network (EU and EEA)

III

PwC auditors in Europe






AustriaAustriaAustriaAustriaAustriaAustriaAustriaBelgiumBelgiumBulgariaCroatiaCyprusCzech RepublicDenmarkEstoniaFinlandFinlandFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceFranceGermany

PwC Wirtschaftsprüfung GmbH, WienPwC Oberösterreich Wirtschaftsprüfung und Steuerberatung GmbH, LinzPwC Kärnten Wirtschaftsprüfung und Steuerberatung GmbH, KlagenfurtPricewaterhouseCoopers Vorarlberg Wirtschaftsprüfungs GmbH, DornbirnPwC Steiermark Wirtschaftsprüfung und Steuerberatung GmbH , GrazPwC Salzburg Wirtschaftsprüfung und Steuerberatung GmbH, SalzburgPwC Österreich GmbH, WienPwC Bedrijfsrevisoren bcvba/Reviseurs d'enterprises sccrlPwC Audit Services SPRLPricewaterhouseCoopers Audit OODPricewaterhouseCoopers d.o.oPricewaterhouseCoopers LimitedPricewaterhouseCoopers Audit s.r.oPricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabAS PricewaterhouseCoopersPricewaterhouseCoopers OyPwC Julkistarkastus OyPricewaterhouseCoopers Audit SASPricewaterhouseCoopers Entreprises SARLDiagnostic Révision Conseil SASPricewaterhouseCoopers PME Commissariat aux comptes PricewaterhouseCoopers PME CACPricewaterhouseCoopers FranceAmpersand AuditAmpersand AssociésFNP Commissaires AssociésFiduciaire d’Expertises Comptables et d’Etudes Economiques – FidorexSociété Fiduciaire d’Expertise Comptable et de Révision – SofecorM. Philippe AertsM. Jean-François BourrinM. Jean-Laurent BracieuxM. Didier BrunM. Didier CavanieM. Hubert de Rocquigny M. François MianeM. Yves MoutouM. Claude PalméroM. Antoine PriollaudPricewaterhouseCoopers GmbH Wirtschaftsprufungsgesellschaft


Contents

GermanyGermanyGreeceHungaryIcelandIrelandItalyLatviaLiechtensteinLithuaniaLuxembourgMaltaNetherlandsNetherlandsNorwayPolandPolandPortugalRomaniaSlovak RepublicSloveniaSpainSwedenSwedenUKUKUKUK

Wibera WPG AGPwC FS Tax GmbH WirtschaftsprüfungsgesellschaftPricewaterhouseCoopers Auditing Company SAPricewaterhouseCoopers Könyvvizsgáló Kft.PricewaterhouseCoopers ehfPricewaterhouseCoopersPricewaterhouseCoopers SpaPricewaterhouseCoopers SIAPricewaterhouseCoopers GmbH, VaduzPricewaterhouseCoopers UABPricewaterhouseCoopers, Société coopérativePricewaterhouseCoopersPricewaterhouseCoopers Accountants N.V.Coöperatie PricewaterhouseCoopers Nederland U.APricewaterhouseCoopers ASPricewaterhouseCoopers Polska sp. z.o.o.PricewaterhouseCoopers sp. z.o.o.PricewaterhouseCoopers & Associados-Sociedade de Revisores Oficiais do Contas LdaPricewaterhouseCoopers Audit S.R.L.PricewaterhouseCoopers Slovensko s.r.o.PricewaterhouseCoopers d.o.o.PricewaterhouseCoopers Auditores, S.L.PricewaterhouseCoopers ABOhrlings PricewaterhouseCoopers ABPricewaterhouseCoopers LLPPricewaterhouseCoopers AS LLPJames ChalmersRichard Sexton


Contents

PwC Code of Conduct

IV V

PwC Network Code of Conduct

The PwC Network Code of Conduct is applied by all global professionals (above 208,000). On the basis of this Code, PricewaterhouseCoopers SpA has developed its own code of conduct which is more complex as it takes into account the Italian context and is accompanied by several hands-on examples.

Click here to accessthe full publication






http://www.pwc.com/it/it/assets/docs/pwc-codice-condotta-nov16.pdf

http://www.pwc.com/it/it/assets/docs/pwc-codice-condotta-nov16.pdf

http://www.pwc.com/it/it/about-us/ethics/assets/docs/global-code-conduct.pdf


Contents

AnconaVia Sandro Totti 1, 60131 AnconaTel. 071 2132311 BariVia Abate Gimma 72, 70122 BariTel. 080 5640211 BolognaVia Angelo Finelli 8, 40126 BolognaTel. 051 6186211 BresciaVia Borgo Pietro Wuhrer 23, 25123 BresciaTel. 030 3697501 CataniaCorso Italia 302, 95129 CataniaTel. 095 7532311 FirenzeViale Gramsci 15, 50121 FirenzeTel. 055 2482811 GenovaPiazza Piccapietra 9, 16121 GenovaTel. 010 29041

MilanoVia Monte Rosa 91, 20149 MilanoTel. 02 77851 NapoliVia dei Mille 16, 80121 Napoli Tel. 081 36181 PadovaVia Vicenza 4, 35138 PadovaTel. 049 873481 PalermoVia Marchese Ugo 60, 90141 PalermoTel. 091 349737

ParmaViale Tanara 20/A, 43100 ParmaTel. 0521 275911 PescaraPiazza Ettore Troilo 8, 65127 PescaraTel. 085 4545711

RomaLargo Fochetti 29, 00154 RomaTel. 06 570251

TorinoCorso Palestro 10, 10122 TorinoTel. 011 556771

TrentoViale della Costituzione 33, 38122 Trento Tel. 0461 237004 TrevisoViale Felissent 90, 31100Tel. 0422 696911 TriesteVia Cesare Battisti 18, 34125 TriesteTel. 040 3480781 UdineVia Poscolle 43, 33100 UdineTel. 0432 25789

VareseVia Albuzzi 43, 21100 VareseTel. 332 285 039 VeronaVia Francia 21/C, 37135 VeronaTel. 045 8263001

VicenzaPiazza Pontelandolfo 9, 36100 VicenzaTel. 0444 393311

List of PricewaterhouseCoopers SpA offices

V






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