PricewaterhouseCoopers (PwC) Audit, a member firm of the PwC global network, has selected SuperDerivatives to assist in providing derivatives revaluation audits for clients across Central and Eastern Europe (CEE). The firm indicates that the new service is a reaction to the demand from customers in the region for real-time revaluation of derivatives structures associated with clients’ portfolios.
The introduction of regulatory framework has reduced risk and allowed the derivatives marketplace in the region to mature, says PwC.
The firm will be using SuperDerivatives’ revaluation service to support auditing activities across the CEE region. PwC hopes that the vendor’s SD-Revaluation service will provide accurate revaluations, enabling it to check clients’ compliance with accounting regulations such as FAS 133 and IAS 39.
Paul Facer, director of Assurance PwC Audit, explains: “In the current volatile marketplace, accurate revaluation of OTC derivatives is one of the top concerns of our clients. Loss of funds as a result of inaccurate pricing can have a massively adverse effect on the value of a company’s portfolio.”
Facer says that PwC chose SuperDerivatives because of its wide coverage of a broad range of vanilla and advanced financial instruments. “This allows us to respond to the challenges brought about by the increasingly complex portfolios of our clients in the CEE region, thereby enhancing the quality of our auditing,” he adds.