PwC to set up new firm in Japan

PwC to set up new firm in Japan

Details being finalised with Japanese regulator

Following the decision taken by Japan’s Financial Services Agency to suspend
Chuo Aoyama PwC from carrying out auditing services, PricewaterhouseCoopers is
close to finalising details of a new auditing firm in the country.

The Big Four firm has sent a senior official to Tokyo and is negotiating with
Japan’s FSA about the details of its new Japanese partner, the FT
reported.

One of the key aspects of the new firm is that it will adopt tighter internal
controls.

Chuo Aoyama PwC was ordered to suspend business for two months after three
partners were arrested last year for their alleged role in accounting fraud at
Kanebo, the cosmetics group.

The FSA said Chuo Aoyama PwC had not taken necessary measures to prevent
partners from becoming involved in accounting fraud.

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