PwC to face first-ever public tribunal

PwC to face first-ever public tribunal

Regulator to hear complaints against firm

Big Four firm PricewaterhouseCoopers will be the first accountancy firm
subject to a public tribunal when it hears complaints made against it by the
Accountancy Investigation and Discipline Board on 25 September.

The open tribunal is the first to be convened since the AIDB was set up after
the Enron scandal.

The complaints relate to PwC’s work at Mayflower the failed busmaker, which
collapsed in 2004 after the disclosure of accounting irregularities at its
TransBus division.

The first complaint complaints concerns PwC’s 2002 audit of TransBus accounts
and the second relates to its 2002 audit of Mayflower and disclosures ‘relating
to the company’s ability to continue as a going concern’ beyond the end of 2003,
the FT reported.

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