IRS auditing PwC

The US Internal Revenue Service is auditing the accounts of Big Four Firm
PricewaterhouseCoopers, focusing on the sale of its non-auditing businesses in
recent years.

According to the Wall Street Journal, the IRS is examining the sale
of its management-consulting practice to International Business Machines Corp
(IBM) for about $3.5bn  (£1.85bn) as well as the disposal of its actuary and
corporate-valuation arms in 2002 and 2003.

‘We expect our current IRS exam to be satisfactorily concluded before the end
of the calendar year,’ a PwC spokesman told the WSJ.

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