PwC to shut down Japanese affiliate
Big Four firm will have smallest presence in country out of majors
Misuzu, one of Japan’s big four
accounting firms, and part of
PricewaterhouseCoopers, will wound down
because of its involvement with scandal-hit stockbroking firm
Nikko Cordial.
The firm audited the accounts of Nikko Cordial, which has been hit with a
record fine for accounting fraud and faces potential de-listing by the Tokyo
Stock Exchange as a result.
The FT reported that the firm would end its operation over possible
penalties stemming from its work for Nikko Cordial.
Misuzu was previously known as Chuo Aoyama, which was ordered to halt its
operations for two months last year after four auditors were arrested for their
involvement in alleged fraud at Kanebo, a cosmetics maker.
Chuo Aoyama was replaced by Aarata, the new PwC affiliate firm.
Further reading:
New PwC Japan firm ‘to grow to 1,700’
Ex-PwC Japan accountants guilty of lying
New PwC Japanese firm ready for business