PwC moves to quell Japan crisis
Firm's global head rushes to control damage from Japanese audit suspension
Firm's global head rushes to control damage from Japanese audit suspension
Samuel DiPiazza, the global chief executive of PwC, has called on partners
around the world to ‘reach out’ to clients affected by the ban on the firm’s
Japanese business.
The firm’s Japanese arm, Chuo Aoyama PwC, was suspended for two months this
week for it involvement in an accounting fraud at cosmetics company Kanebo.
PwC, the world’s largest accounting firm, said it would support its
beleaguered Japanese arm, but has already suggested that it may build up a new
firm in Japan.
According to the FT, DiPiazza has emailed clients with Japanese
operations, including Axa, Unilever, Xerox, Reuters and Ford, assuring them that
the Japan ban does not apply to audit work done to meet overseas reporting
requirements of clients.
In Japan, meanwhile, the country’s accounting institute called on members to
help Chuo Aoyama PwC, and warned that it would take strict measures against
rival firms attempting to poach clients and staff from the embattled firm.
‘We remind firms that they should not poach accountants and, if they breach
the rules, we will take firm steps,’ said Tsuguoki Fujinuma, chairman of the
Japanese Institute of Certified Public Accountants.
Chuo Aoyama PwC has 2,300 clients who will now have to rethink their audit
contracts.
The numbers you crunch tell a story. Your expertis...
18yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View article