PwC sells governance software
As pressure grows for the big firms to restrict the services offered to clients, PricewaterhouseCoopers in the US, has sold the rights to software that helps companies comply with US corporate governance laws.
PwC is selling Internal Controls Workbench compliance software to OpenPages, a consultancy, for an undisclosed sum. OpenPages will assume support services for 375 PwC clients, the Financial Times reported.
Lynn Edelson, PwC partner in charge of the firm’s Sarbanes-Oxley taskforce, said: ‘The sale of ICW is consistent with PwC’s focus on our core assurance, tax and advisory business.’
The sale, to be announced today, comes in the face of new regulations passed under the Sarbanes-Oxley Act aimed at preserving the integrity and independence of the audit by curtailing many consultancy services.