PwC HAS BEEN appointed auditors to Dutch food giant Ahold, after 25 years with Deloitte in the role.
Ahold, dubbed ‘Europe’s Enron’ by the Economist after accounting irregularities were discovered in its US Foodservice division in 2003, picked PwC following a tender. It will take the role from April 2013.
Deloitte has faced lawsuits and disciplinary action relating to its role as auditor during Ahold’s €1bn (£800m) overstatements from its US division. The firm has vigorously defended its role as auditor, and previously stated that it had been misled by individuals within the unit.
KPMG, which had audited US Foodservice before it was acquired by Ahold, also faced scrutiny.
Former US Foodservice CFO Michael Resnick avoided jail after he was sentenced to six months’ home detention and three years’ probation for conspiracy and securities fraud. Mark Kaiser, a former marketing executive at US Foodservice, was jailed for his role in the fraud.
EY has been BG auditor since 2013, while it was recently appointed Royal Dutch Shell auditor
FRC to raise levies as government funding withdrawn
Latest FRC UK Corporate Governance Code update further restricts auditors in bid to minimise conflict of interest
Two PwC whistleblowers and journalist to stand trial over alleged leaking of corporate tax documents