Lawyers question PwC over Tyco

Lawyers question PwC over Tyco

PricewaterhouseCoopers is being questioned by New York prosecutors over secret bonuses paid to the former executives of American conglomerate Tyco.

Link: Tyco CFO may go in boardroom clearout

Manhattan district attorney Robert Morgenthau wants to determine whether the accounting firm knew about the payments during the course of its audit work with the company.

Former chief executive of Tyco Dennis Kozlowski, who has been charged with embezzling $600m from the firm, is said to have authorised unofficial bonuses to 51 employees totalling £96m as a reward for helping Tyco gain $1.7bn from an IPO in optical fibre company Tycom.

PwC confirmed to the Wall Street Journal that it was being questioned but said, ‘we have no reason to believe we will be anything but a provider of information for them’

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