116 companies abandon PwC’s Japanese firm

116 companies abandon PwC’s Japanese firm

Survey reveals more bad news for disgraced firm

ChuoAoyama PricewaterhouseCoopers, the disgraced and suspended Japanese
auditing firm, has suffered further embarrassment after it was revealed that at
least 116 listed companies have decided to break ties with it.

A further 400 companies had yet to decide what action they would take, a poll
taken by Japanese newspaper Asahi Shimbun revealed.

The decision by the companies to leave the firm follows an order by the
Japanese Financial Services Authority for ChuoAoyama to suspend part of its
operations following its work as auditor at cosmetics company Kanebo.

The order, which took effect Saturday, prevents the company from auditing
listed and other large companies that are legally required to have their books
audited.

It affects some 2,300 ChuoAoyama clients.

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