PwC gets boost over Yukos audit work

PwC gets boost over Yukos audit work

Prosecutors in Russia clear firm of wrongdoing over audits at bankrupt oil company

Russian prosecutors have cleared PwC in Russia of any wrongdoing in auditing
Yukos, the bankrupt Russian oil group, PwC said yesterday.

The firm has revealed it had received a letter from the prosecutors office
saying they had found no wrongdoing in PwC’s audits, the
Financial
Times
reports.

The news will be a boost to the audit firm nearly four weeks after it said it
was withdrawing a decade of Yukos audits.

‘We are pleased … the general prosecutor … has decided not to take any
action against PwC Russia, its partners or employees,’ the firm said.

The letter, which was produced as evidence during court hearings in a law
suit filed by the Russian tax service against PwC, is likely to help the audit
firm in its defence against claims it colluded with Yukos in producing false
accounts between 2002 and 2004 – a potential threat to its audit licence in
Russia.

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