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.
