In 1849, Edwin Waterhouse and Samuel Price established separate accounting firms that would go on to become part of one of the world's largest professional services organisations, PricewaterhouseCoopers (PwC). Their work helped professionalise auditing and accounting during the Industrial Revolution, when businesses were expanding rapidly and financial accountability became increasingly important.
Waterhouse and Price championed independent auditing, accurate bookkeeping and consistent financial reporting at a time when investors, lenders and business owners required greater confidence in company accounts. Their firms developed rigorous audit methodologies that improved the reliability of financial statements and strengthened corporate governance.
As industry and commerce grew throughout the nineteenth century, the principles they promoted became fundamental to the accounting profession. Standardised audit procedures, ethical practice and independent assurance helped establish public trust in financial reporting and laid the foundations for the modern audit profession.
Today, many of the practices pioneered during this period continue to underpin accounting, auditing and financial governance across businesses worldwide.
