The Japanese unit of PricewaterhouseCoopers – Chuo Aoyama PwC – has been
ordered to suspend auditing services for its bigger corporate clients for two
months following its work as auditor at cosmetics company, Kanebo.
In the first such decision of its kind, Chuo Aoyama PwC was suspended by the
Financial Services Agency for having allegedly lax internal controls that
contributed to an accounting fraud at Kanebo, which was bailed out by the
government-backed Industrial Revitalisation Corporation.
This follows three PwC auditors having been arrested for allegedly
‘willfully’ certifying Kanebo’s false accounts for a period of five years.
The decision has thrown the accounting profession in Japan into turmoil as
PwC audits over 2,000 companies including such major clients as Toyota, Sony and
These companies have now been forced to find a new auditor
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
Six new partners have been revealed by top ten firm Mazars