PracticeAccounting FirmsPwC 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.

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