BusinessCompany NewsToyota stands by PwC

Toyota stands by PwC

Toyota will stick with PricewaterhouseCoopers as its international accounting firm but has yet to make a decision about its current national auditor Chuo Aoyama PwC

The company said it did not intend to submit any resolutions regarding its
auditor at its general shareholders meeting on 23 June. Toyota has about 520
consolidated subsidiaries abroad, many of which have service contracts with PwC.

The Japanese carmaker will hire a temporary substitute accounting firm until
next year’s shareholders meeting to avoid being left without an auditor after
July, when Chuo Aoyama’s disciplinary action begins.

Chuo Aoyama was given a two-month auditing ban for alleged lax internal
controls that contributed to an accounting fraud at cosmetics company Kanebo.
Three of the firm’s auditors in Japan were arrested for ‘wilfully’ certifying
Kanebo false accounts.

PwC plans to bring a new firm on board in Japan to deal with multinational
clients, although it will continue to work with Chuo Aoyama for local clients.

Japan’s financial services watchdog warned PwC that it should not simply
‘repackage’ the old firm.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor