PwC Japan loses first major client

PwC Japan loses first major client

Shiseido, the fourth largest cosmestics maker in the world, dumps Chuo Aoyama PwC as auditor

Chuo Aoyama PwC has lost its first major client after last week’s revelations
that the firm would be suspended for two-months because of its audit of Kanebo.

Shiseido, the world’s fourth biggest cosmetics company, has publically
revealed that it will no longer use Chuo Aoyama PwC as its auditors, the FT
reports.

The cosemtics giant will now use KPMG Azsa & Co as it auditors. The group
said it’s auditor needed to maintain ‘independence and impartiality’.

The spotlight will now fall on other Japanese corporate giants such as
Toyota, Nippon Steel and Sony, who all use Chuo Aoyama PwC as auditors.

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