PracticeAuditDecade’s worth of Yukos audits withdrawn

Decade’s worth of Yukos audits withdrawn

PwC audits covering period 1994 to 2004 withdrawn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Yukos, has withdrawn ten year’s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

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