|
|
28 Jul 2008
Big four firm PricewaterhouseCoopers (PwC) is facing a probe by the Institute of Chartered accountants of Ireland (ICAI) after its failure to spot a €21m (₤16.5m) fraud at Greencore’ Scottish mineral water subsidiary during its two years as auditor of the company.
The chartered accountants' body has written to interested parties, asking for comments on the behaviour of PwC, the Irish Independent reports.
Greencore is reviewing its auditors' contract which probably will be put out to tender and PwC's chances of winning the contest are seen as slim.
In addition to changing auditors, Greencore is expected to seek legal redress as well as the return of some of PwC's huge audit fees. In the two-year period of the fraud, PwC charged Greencore fees of more than €1.6m.
Further reading:
Fraud costs to UK business soar above £705m
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment