Decade’s worth of Yukos audits withdrawn
PwC audits covering period 1994 to 2004 withdrawn
PwC audits covering period 1994 to 2004 withdrawn
PricewaterhouseCoopers, auditor of
Yukos, has withdrawn ten year’s
worth of audit opinions at the collapsed Russian oil group, after it became
aware of new information which it said had not been known at the time of the
audits.
The firm withdrew ten years of audit reports for the period 1994 to 2004
saying representations which was provided to it by Yukos’ former management ‘may
not have been accurate.”
Mikhail
Khodorkovsky, once the largest shareholder of Yukos is serving an eight-year
prison sentence after being convicted of fraud and tax evasion.
Yukos was Russia’s largest oil producer, but was broken up and sold off to
state-controlled energy groups after being served with a claim for about £13.5bn
in back taxes three years ago.
Further reading:
PwC retains Russian auditing license
PwC denies loss of Russian client is due to Yukos battle
PwC to stay put in Russia despite Yukos problems
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn 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 resourceIn 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 resourceThe 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 resourceThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View articleThe proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...
View article