Misuzu, the embattled Japanese audit firm, has been forced to wind down its
withdrew its support for the Japanese firm because of ongoing concerns over
the quality of Misuzu’s audit work.
reports that Sam DiPiazza, PwC’s global chairman, had expressed his
ongoing disappointment with the standard of Misuzu’s audit work.
Misuzu, previously known as Chuo Aoyama, orginally had the support of the PwC
global network when it was suspended for two months by Japanese regulators for
its involvement in accounting fraud at cosmetics giant Kanebo.
PwC, however, appears to have had enough of the firm’s failure to improve the
quality of its audits and decided to cut its links with Misuzu.
Misuzu relied on access to the PwC network to audit the many multinational
clients on its books, including
and Seven & I Holdings. It has decided to wind down operations as a
result. It has agreed with its rivals to start official negotiations to transfer
partners and other staff from July.
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