Encourage Explore Consulting Activities Researching - Consulting

¶ … encourage explore consulting activities researching - consulting firms provide external consulting services (determine interest seeking employment a firm). Requirements this assignment asks: (a) select a consulting firm learns.

Consulting firm: Overview of PricewaterhouseCoopers (PwC)

PricewaterhouseCoopers is one of the world's leading accounting and consulting firms. It has branches in over 154 countries (Ronayne 2012). The firm provides auditing and assurance services; consulting services; tax services; facilitated business deals; human resource auditing services; and risk assurance services to private and public clients (Services, 2013, PwC). The company's stated mission is to "deliver value with you, every day" (About us, 2013, PwC). In an effort to circumvent the bad publicity accounting and consulting firms had garnered in the media, the firm had a major 'rebranding' in 2010, in which the stalwart firm was given the trendier name of PwC (Ronayne 2012). Despite this rebranding, PwC remains a fairly conservative firm in its outlook: it has tried to reform its image as 'part of the problem' of the negative culture of Wall Street but it still faces criticism in terms of its ethical practices and the treatment of its employees [THESIS].

Interesting facts about the firm

The first and most important fact to remember about PwC is that it is called one of the 'Big Four' accounting firms, along with equally famous institutions of Deloitte, Arthur Anderson, and Ernst & Young. And like other members of the 'Big Four' which audit 80% of all U.S. companies, PricewaterhouseCoopers has been the subject of a great deal of scrutiny by government agencies because of a series of accounting scandals in recent years, and concerns that the industry has become overly consolidated (Ronayne 2012). Secondly, much like other members of the Big Four, PwC has been very resistant to accepting the need for greater government regulation. "Following the Enron scandal in 2001, PricewaterhouseCoopers and the other [Big Four] firms lobbied heavily against reforms that would further regulate the industry" (Ronayne 2012).

A third factor to consider when evaluating the firm is its treatment of workers. The firm's economic performance has been shaky in recent decades: it has had to lay off workers and has begun to outsource jobs to cut overhead costs (Ronayne 2012). However, PwC has implemented some progressive reforms to improve the life of its employees. According to Forbes magazine, the firm ranks 48 on its list of the top places to work: "The global consulting firm recently launched a 'reverse-mentoring program' where junior staff help senior staff understand Millennials" to encourage new ideas to permeate the company (48. PricewaterhouseCoopers, 2012, Forbes). The new PwC may be leaner, but its management is also striving to capitalize upon the knowledge of a new generation and to reframe the business in a more 'friendly' fashion for younger investors.

Yet despite such attempts to create a new, 21st century image for the firm, PwC continues to find itself in regulatory 'hot water.' In the United Kingdom, the firm was fined 1 $2.2 million, "for failing to safeguard client assets at JPMorgan Chase's securities business in London. The fine is the largest ever imposed by Britain's Accountancy and Actuarial Discipline Board, the local regulator" (Scott 2012).

Four questions

Four questions remain about the firm: