The services we provide are bundled across three Lines of Service: Assurance, Tax and Advisory, which are supported by our Internal Firm Services (Infrastructure, IT, Compliance, Marketing & Communications, Client Relationships & Sales, Market Research, Knowledge Management, to name a few of these support services).
Assurance
This year, the global COVID-19 pandemic has had an unprecedented impact on our clients and our people, as well as global and local economies and broader society.
At PwC, in addition to safeguarding the health, safety and well-being of our people, we have remained focused on working with our clients and other stakeholders to continue to deliver audit quality.
From the early stages of the pandemic, the PwC network put a team in place to monitor developments globally and highlight areas of critical importance to ensure we did not compromise on audit quality. We have leveraged the guidance developed by our network, but also our regulator and professional body, to provide consistent leadership and guidance on audit quality and equip our teams to consider their clients’ unique circumstances and respond accordingly.
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In Luxembourg, with a high number of cross-border workers, the COVID-19 impact brings enormous resource management and tax complexity. Challenges arise around: remote working, virtual workspace, cross border personal and corporate tax considerations, social security, payroll and reporting obligations, time tracking, just to name a few focus areas.
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Amongst the many challenges our clients faced, the main one for our advisory clients has been to continue to operate their businesses in a fully remote mode while ensuring compliance, efficiency, and security. Our clients had to adapt for their own employees to the unprecedented COVID situation, which even pushed the regulator to accept new ways of working and flexibility in the use of technologies. For this reason our consultants could, with the vast majority of our clients, restart working fully after two weeks of adjustments, having considered that ensuring a proper working environment for their own employees was the first priority. Despite this delay, we ended the fiscal year with an impressive 7,8% growth in net revenues, demonstrating a very high level of trust that our clients have for us and in our ability to continue to advise them.
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The Internal Firm Services team at PwC Luxembourg is dedicated to supporting the firm as a whole and additionally has started delivering competencies and services externally. It encompasses a broad range of services from all things related to Human Capital, Operations, Market Functions and under the umbrella of Territory, the services of Data Protection Office (DPO), General Secretary and Office of General Counsel (OGC).
The challenge for this large team, traditionally at odds with the business, or revenue generating, teams, is to increasingly be a proactive solution driven and cost competitive business partner, that can deliver at market standard.
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