PracticeConsultingHewlett-Packard drops PwC as auditor

Hewlett-Packard drops PwC as auditor

Hewlett-Packard's acquisition of PricewaterhouseCoopers' consultancy business has moved a step closer with the decision by the computer giant to drop PwC as its auditor.

In a statement to the press on Friday, HP announced that Ernst & Young would act as independent public accountants for HP’s consolidated financial statements for the year ending 31 October 2000.

AccountancyAge.com last week revealed that PwC is set to make a formal announcement next month that it has agreed to sell its consultancy wing to HP.

In a move expected if a successful sale were to take place, PwC discontinued all audit work on 12 September 2000. According to HP, the decision was made because of concerns over the timing of the completion of the audit and the potential loss of PwC’s independence.

HP was keen to stress that there were no disagreements with PwC regarding accounting principles or its audited financial statements.

Links

PwC to announce sale next month

HP Press statement

HP agrees fee for PwC consulting arm

HP in talks for PwC consulting business

£14bn bid for PwC consulting business

Hewlett-Packard confirms PwC talks

July deadline for split unrealistic, says PwC

PwC hints at July 1 deadline for split

PricewaterhouseCoopers turns on rival firms

PwC website

HP website

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