PracticeConsultingEXCLUSIVE: PwC hired as sole auditor of telecoms giant after KPMG ditched

EXCLUSIVE: PwC hired as sole auditor of telecoms giant after KPMG ditched

PricewaterhouseCoopers has beaten KPMG to win the contract as sole auditor to telecommunications giant Nokia, Accountancy Age can reveal.

Finland-based Nokia is Europe’s largest company by market capitalisation and the world’s largest telephone maker. It was previously jointly-audited by both PwC and KPMG.

PwC’s contract is due to commence with the calendar year 2000. The appointment was approved at the Nokia agm yesterday.

The appointment will be a consolation to PwC after it was forced to resign last week from auditing the Royal Bank of Scotland following the bank’s acquisition of NatWest, the firm’s own bank.

A 63% surge in mobile phone sales last year lifted Nokia’s annual revenues by 48% to 19.77bn euros, while its 1999 profit was 2.577 euros. Nokia is the largest listed company in Europe by market capitalization, at 223 billion euros. It plans to split its shares, which are also listed in New York, on a four-for-one basis in April.

PwC has worked for Nokia for more than 15 years and advised the company on its acquisitions and disposals. The firm also acted as consultant on Nokia’s London listing in 1987 and its US listing.

A PwC spokesman said: ‘We are very pleased to be associated with the company which is not only fast-growing but technologically innovative.’

www.nokia.co.uk

Banking arrangements ‘forced’ PwC resignation of Royal Bank of Scotland audit contract

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