PwC hints at July 1 deadline for split
PricewaterhouseCoopers hopes to have achieved much of the separation itsaudit and consultancy practices by July 1, according to reports from the US today.
The world’s largest accountancy firm had originally announced that it wouldseparate its audit and consulting businesses into two or more separate businesses by the end of the year.
But, the Financial Times reports from the US, a memo from Washington DC area managing partner Jim Lafond calls for ‘achieving substantial operational separation of the businesses’ by the end by the end of the firm’s fiscal year – July 1.
He is quoted as saying: ‘The leadership intends to move as quickly as possible so that thisrestructuring does not distract us from serving our clients and helping ourpeople develop and grow.’
PwC has indicated it might not separate its businesses in emergingmarkets including Eastern Europe, Latin America and Africa.
A July 1 deadline would give the firm just three months to achieve separation, a timescale which is likely to viewed by many as unrealistic.
PwC’s decision to split followed a crackdown by the US Securities and Exchange Commission on shares in audit clients held by staff and partners at the firm.
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