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.
Given the events of the past week as we enter new territory our SMEs now more than ever need the support of their accountants, writes Bobby Lane
The Financial Reporting Council has launched an investigation into the conduct of the Big Four firm in relation to its audit of BHS
The FRC says it best when it says nothing at all
The EU referendum campaign seems to be the very definition of partnerships you just don't want to be in