PwC dumped Misuzu because of poor quality

PwC dumped Misuzu because of poor quality

PwC pulled plug on Japanese audit firm because of ongoing concerns about the poor quality of its work

Misuzu, the embattled Japanese audit firm, has been forced to wind down its
operations after
PricewaterhouseCoopers
withdrew its support for the Japanese firm because of ongoing concerns over
the quality of Misuzu’s audit work.

The FT
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
Nippon Steel
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.

Further reading:

PwC to shut down Japanese affiliate

Ex-PwC Japan accountants guilty of lying

New PwC Japanese firm ready for business

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource