PracticePeople In PracticeOECD accounts are accurate, says PwC

OECD accounts are accurate, says PwC

Big Five firm PricewaterhouseCoopers has completed an external audit of the Organisation for Economic Co-operation & Development and is satisfied that its accounts are true and fair.

PwC said the financial statements gave ‘a true and fair view of the financial position of the OECD as of the 31 December 2000’ adding that the organisation’s operations and cash flow were in accordance with international public sector accounting standards.

The approved accounts showed that the OECD made a loss of euro 14m (Pounds 8.49m) on revenues of euro 286m, an improved position compared with 1999, when losses totalled almost euro 93m.

The OECD subjected its accounts to external scrutiny following criticism that its accounting system was outdated and inadequate.

The PwC audit is likely to boost the organisation, during what has been a difficult time, following the decision by the US to withdraw support for its campaign to reform tax havens.

Last week the Bush administration claimed it had little to gain from backing the OECD initiative and considered it to be out of sync with government’s thinking.

Despite this blow, the OECD vowed to continue with its plans to impose economic sanctions on financial centres that are blacklisted for their tax policies, although it did say it may put back the July deadline.

Links

OECD pledges to continue with crackdown

UK tax havens act to avoid blacklist

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