Taking Stock: Not amoosed – well, perhaps a little

Taking Stock: Not amoosed - well, perhaps a little

The Big Four firm is embroiled in a Nordic corruption scandal over extravagant corporate perks

IT’S NOT been the best of weeks for PwC. Not only has it been lambasted by Margaret Hodge and the Public Accounts Committee for promoting corporate tax avoidance on an “industrial scale”, but also for taking part in Swedish elk hunts.

The Big Four firm has become embroiled in a Nordic corruption scandal over extravagant corporate perks and the use of private jets at SCA, a global hygiene and forest products outfit.

The company’s chief executive, Jan Johansson, resigned on Tuesday following reports that wives, children and even pets of board members had travelled on corporate jets.

As SCA’s auditors, PwC, has come under the spotlight for taking part in hunting trips. In a statement, Sweden’s accountancy association said it “is very inappropriate that the auditor participates in an elk hunt that the client company organises and hosts.”

PwC confirmed to the FT that a former lead auditor for SCA twice flew on the company jet to an annual meeting and a board meeting, at no additional cost to SCA and that a number of its auditors went hunting, having secured internal approval to do so.

With the Swedish elk hunting season lasting from August to February, these majestic beasts will no doubt be hoping the auditors will in future focus their gaze on the numbers rather than on them, through a rifle’s ‘scope.

 

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource