IRS auditing PwC

IRS auditing PwC

Sale of consulting arm under spotlight

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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