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Wikipedia

PwC

April 16, 2023

"pwc" redirects here. For other uses, see PWC (disambiguation).

PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world[5] and is considered one of the Big Four accounting firms, along with Deloitte, EY and KPMG.[6]

PricewaterhouseCoopers
PwC
TypeMembers have different legal structures; both UK and US firms are actually limited liability partnerships
IndustryProfessional services
Founded1998
(PricewaterhouseCoopers)
1849
(Price Waterhouse)
1854
(Coopers & Lybrand)[1]
FoundersSamuel Lowell Price
Edwin Waterhouse
William Cooper
HeadquartersLondon, England, UK
Area served
Worldwide
Key people
Robert Moritz (Chairman)[2]
ServicesAssurance
Risk assurance
Risk advisory
Tax advisory
Legal services
Data & analytics
Management consulting
Digital Transformation
Financial advisory
Forensic accounting
Revenue US$50.3 billion (2022)[3]
Number of employees
328,000 (2022)[4]
Websitewww.pwc.com

PwC firms are in 157 countries, across 742 locations, with 328,000 people.[4] As of 2019, 26% of the workforce was based in the Americas, 26% in Asia, 32% in Western Europe and 5% in Middle East and Africa.[7] The company's global revenues were $50.3 billion in FY 2022, of which $18.4 billion was generated by its Assurance practice, $20.7 billion by its Tax and Legal practice and $11.6 billion by its Advisory practice.[8]

The firm in its recent actual form was created in 1998 by a merger between two accounting firms: Coopers & Lybrand, and Price Waterhouse.[1] Both firms had histories dating back to the 19th century. The trading name was shortened to PwC (stylized pwc) in September 2010 as part of a rebranding effort.[9]

PricewaterhouseCoopers International Limited, based in London, England,[10] is a co-ordinating entity for the global network of firms. It manages the global brand, and develops policies and initiatives, to create a common and coordinated approach in areas such as risk, quality, and strategy. It does not provide services to clients.[11]

History

The firm was created in September 1998 when Coopers & Lybrand merged with Price Waterhouse.[1]

Coopers & Lybrand

In 1854, William Cooper founded an accountancy practice in London, England. It became Cooper Brothers seven years later when his three brothers joined.[1]

In 1898, Robert H. Montgomery, William M. Lybrand, Adam A. Ross Jr. and his brother T. Edward Ross formed Lybrand, Ross Brothers and Montgomery in the United States.[1]

In 1957, Cooper Brothers, along with Lybrand, Ross Bros & Montgomery and a Canadian firm (McDonald, Currie and Co.), agreed to adopt the name Coopers & Lybrand in international practice.[1] In 1973, the three member firms in the UK, US and Canada changed their names to Coopers & Lybrand.[12] Then in 1980, Coopers & Lybrand expanded its expertise in insolvency substantially by acquiring Cork Gully, a leading firm in that field in the UK.[13] In 1990, in certain countries, including the UK, Coopers & Lybrand merged with Deloitte, Haskins & Sells to become Coopers & Lybrand Deloitte;[1] in 1992 they reverted to Coopers & Lybrand.[14]

Price Waterhouse

 
Edwin Waterhouse c. 1907

In 1849, Samuel Lowell Price, an accountant, founded an accountancy practice in London, England.[15] In 1865, Price went into partnership with William Hopkins Holyland and Edwin Waterhouse.[15] Holyland left shortly afterwards to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co.[15] The original partnership agreement, signed by Price, Holyland, and Waterhouse could be found in Southwark Towers.[16]

By the late 19th century, Price Waterhouse had gained recognition as an accounting firm. As a result of growing trade between the United Kingdom and the United States, they opened an office in New York in 1890, and the American firm expanded. The original British firm opened an office in Liverpool in 1904, and then elsewhere in the United Kingdom and worldwide, each time establishing a separate partnership in each country: the worldwide practice of Price Waterhouse was, therefore, a federation of collaborating firms that had grown organically, rather than the result of an international merger.[15]

In a further effort to take advantage of economies of scale, PW and Arthur Andersen discussed a merger in 1989[17] but the negotiations failed, mainly because of conflicts of interest such as Andersen's strong commercial links with IBM and PW's audit of IBM, as well as the two firms' radically different cultures. It was said by those involved with the failed merger that at the end of the discussion, the partners at the table realized they had different views of business, and the potential merger was scrapped.[18]

1998 to present

In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers (written with a lowercase "w" and a camel case "C").[19] At that time, MCS was the largest and fastest growing division.[20]

ERP projects required radically different staffing models, skill development, risk management, contracts, employee compensation, and fee structures. The increasingly technical projects were "one and done;" while post-project add-on work was common, the entire client-management approach was different than of maintaining an audit relationship. Instead of engagements requiring small teams a few weeks on-site, ERP projects spanned 18 months to 6 years at the client, frequently with teams of 200 or more clients, contractors, and consultants. MCS staff and leadership chafed under the strict rules governing accounting firms despite reorganizing personnel with new titles, promotions, and pay grades.[21]

Few consultants and partners were CPAs and thus were treated differently than their Tax and Audit counterparts. Independence rules required consulting managers, directors, and partners to completely divest personal investments of all audit clients. Employee incentive bonuses aligned to major project goals were not allowed, nor was MCS permitted to accept contingency fees from its clients. Traditionally, PwC one client-relationship partner as a liaison and coordinator, receiving a share of all work for that client despite the contracting and managing partner. Consulting engagements rarely involved a client gatekeeper, and MCS partners fought paying an Audit partner a share of tens of millions of dollars in revenue based on tradition. The largest personal services company in the world kept expanding while infighting between partners and practices only grew.[22]

PwC was not the only member of the Big 5 to experience cultural and financial rifts between accounting and consulting. In 1997, Arthur Andersen's Andersen Consulting filed for arbitration, reaching an agreement in 2000 to finalize the split of the two partnerships, with Andersen Consulting rebranding as Accenture.[23] Also that year, Ernst & Young became the first of the Big Four to sell its consulting services practice outright, which it did to Capgemini.[24][25]

The fallout from the Enron, Worldcom and other financial auditing scandals led to the demise of Arthur Andersen, reducing the count down to the Big Four and spurring passage of the 2002 Sarbanes–Oxley Act (SOX). Among other restrictions, SOX severely limited overlap between management consulting and auditing services. PwC Consulting continued to split itself off, conducting business under its own name and branding rather than as the MCS division of PwC. Around July 2000, PwC began to prepare for either an acquisition or IPO by developing separate financial records that would be required for due diligence. PwC leadership began to seek buyers, with an initial interest by Hewlett-Packard for a reported $17 billion but negotiations broke down in 2000.[26]

In 2000, PwC acquired Canada's largest SAP consulting partner, Omnilogic Systems, to add to its relatively nascent consulting presence in Canada .[27]

Almost a year after the collapse of Arthur Andersen in 2001, Arthur Andersen, LLP affiliates in Hong Kong and China completed talks to join PricewaterhouseCoopers, China.[28]

PwC announced in May 2002 that PwC Consulting would be spun off as an independent entity and filed with the SEC for an initial $1B IPO to trade in August.[29] Because PwC accounting partners owned 60% of PwC Consulting, an IPO or acquisition was seen as the only way to split the two firms without decimating the consulting arm's working capital. [30]

PwC Consulting leadership continued to fluff financials by expanding across-the-board pay cuts, terminating its variable compensation program, and furthering deep layoffs, all rare actions in the industry. In June 2002, PwC Consulting hired Continental Airline's Greg Brennerman as CEO to run the global division. [31] A week later, it was announced that an outside consultancy, Wolff Olins, had create new branding for the consulting group, called "Monday".[32] The firm's CEO, Greg Brenneman described the unusual name as "a real word, concise, recognizable, global and the right fit for a company that works hard to deliver results."[33] In July 2002, it was rumored that PwC was in talks with an unknown public company, as no PR space or announcement for the impending IPO had been set. Those rumors were confirmed August 2002, when PwC announced it was selling Monday to IBM for approximately $3.5 billion in cash and stock. Monday was consolidated into IBM Global Business Services while partners became employees for the first time. The acquisition had a modest increase in the size and capabilities of IBM's growing consulting practice, as IBM had 150,000 employees at the time, while Monday carried just 30,000 at the time.[34] However, it was seen as a win by IBM since PwC Consulting/Monday's valuation had suffered after the post-9/11 recession. [35]

PwC began rebuilding its consulting practice with acquisitions such as Paragon Consulting Group and the commercial services business of BearingPoint in 2009.[36] The firm continued this process by acquiring Diamond Management & Technology Consultants in November 2010,[37] and PRTM in August 2011.[38] In 2012, the firm acquired Logan Tod & Co, a digital analytics and optimisation consultancy,[39] and Ant's Eye View, a social media strategy development and consulting firm to build upon PwC's growing Management Consulting customer impact and customer engagement capabilities.[40]

On 30 October 2013, the firm announced that it would acquire Booz & Company, including the company's name and its 300 partners, after a December vote by Booz & Company partners authorized the deal. On 3 April 2014,[41] Booz & Company combined with PwC to form Strategy&.[42][43]

On 4 November 2013, the firm acquired BGT Partners, a 17-year-old digital consultancy.[44]

In October 2016, PwC and InvestCloud, LLC, the world's largest Digital App Platform announced that they entered into a non-exclusive joint business relationship, designed to accelerate adoption and implementation of the InvestCloud Digital App Platform. PwC will be a preferred implementation and strategic partner of InvestCloud focused on enterprise delivery and innovative development of new financial app capabilities.[45]

In November 2016, PwC acquired technology/consulting firm NSI DMCC, Salesforce's largest implementation partner in the Middle East.[46]

In January 2017, PwC announced a five-year agreement with GE to provide managed tax services to GE on a global basis, transferring more than 600 of GE's in-house global tax team to PwC. In addition, PwC would acquire GE's tax technologies and provide managed services not only to GE but also to other PwC clients as well.[47]

In November 2017, PwC accepted bitcoin as payment for advisory services, the first time the company, or any of the Big Four accounting firms, accepted virtual currency as payment.[48]

Veritas Capital acquired PwC's US public sector business in 2018, and branded the new company as Guidehouse.[49][50]

In February 2020, PwC announced a new collaboration with technology firm ThoughtRiver to launch AI-driven LawTech products aimed at standardizing PwC's service of UK law clients.[51]

The Academy of Motion Picture Arts and Sciences (AMPAS) has utilized the services of PwC to tally the votes for the Academy Awards since 1935.[52] In addition, the company oversees AMPAS elections, prepares its financial documents, and is responsible for the group's tax filings.[53]

Americanas (AMER3) Scandal

In January 2023, the firm was involved in a controversy when it approved Americanas' (AMER3) balance sheets with accounting inconsistencies of around US$4 billion. This caused volatility to company's price on the Brazilian stock exchange and losses to the company's shareholders. After verifying the impacts caused, the CVM (Brazilian body that regulates the stock exchanges) opened investigations against the company's auditors to determine responsibilities.[54][55][56]

Operations

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity due to local legislative requirements.[57] Much like other professional services firms, each member firm is financially and legally independent. PwC is co-ordinated by a private company limited by guarantee under English law, called PricewaterhouseCoopers International Limited.[58] In addition, PwC is registered as a multidisciplinary entity which also provides legal services.[59]

PwC's operations are global, with Europe accounting for 36% of the total, and the Americas 44%, as of 2016.[60][61] PwC's largest growth in FY18 was in Asia where revenues were up 15%, followed by 12% revenue growth from the Middle East and Africa.[62]

Service lines

PwC is organized into the following three service lines (the 2017 revenue shares are listed in parentheses):[63]

Data analysis

Due to its size, PwC is able to contribute data analysis to a wide range of areas.

  • Calculation of the drone market size: PwC published a 2016 report stating that the world drone market would reach close to $127 billion by 2020, with Poland at the forefront of legislation for the commercial use of unmanned aerial vehicles.[67][68]
  • PwC coined the term E7 to describe the seven emerging economies which the company is predicting will take over today's G7 nations by 2050. Those seven emerging nations are China, Russia, India, Mexico, Indonesia, Turkey and Brazil.[69]
  • PwC assesses a country's risk premium, an important factor in analyzing the valuation of an entity.[70][71]
  • The company analyzes pay parity, the comparative salaries for men versus women. In early 2017, PwC found in its Women in Work Index study that it could take the UK 24 years, until 2041, to close its gender pay gap.[72]
  • PwC publishes the Low Carbon Economy Index, which tracks the extent to which the G20 countries are reducing carbon emissions.[73][74][75][76]
  • The Economy of the Sea is a long-term analysis project of PwC Portugal. It is part of the HELM project, launched in 2006 to create an integrated approach to successful and sustainable maritime practices. It analyses best practices around the world and compiles data from industries that rely or work on the sea and the nations that use it.[77][78]
  • PwC developed the Total Impact Measurement and Management (TIMM) framework, designed to assist companies in carrying out impact studies which will help them put a value on all of a company's activities, products or services.[79][80]

Offices

PwC has partners in approximately 800 offices across 157 countries with 200,000 employees.[81][82]

Notable offices: Seaport office tower in Boston;[83] and Magwa Crescent Waterfall City tower in Midrand, South Africa.[84]

Notable PwC office buildings

The 2018 PwC Global Annual Review states the revenue of the firm by region, as follows:[85][86]

Region Revenue ($bn) (2018)
Americas 17.454
Asia 5.675
Australasia and Pacific 1.810
Central and Eastern Europe 0.918
Western Europe 13.864
Middle East and Africa 1.559

The following are the several logos the company has used through the years. The current PwC logo was introduced in September 2010, when the company changed its trading name from PricewaterhouseCoopers to PwC. It was designed by Wolff Olins.[87][88][89]

  •  

    The Coopers & Lybrand logo prior to the 1998 merger

  •  

    The Price Waterhouse logo prior to the 1998 merger

  •  

    The PricewaterhouseCoopers logo from 1998 to 2010

  •  

    The PwC logo from 2010 to present

Corporate affairs and culture

The company employs large numbers of young workers, with 80% of their workforce millennials as of 2017.[90] According to PwC, the company uses education to bridge the culture gap between generations.[90] The firm also implements a three-step "Connect-Embed-Improve" plan to promote employee engagement.[91] The company requires senior-level staff to continue to train and learn; PwC also created a social collaboration platform called Spark to enable employees to access course materials and assignments, complete prerequisites and access reinforcement materials.[92]

In 2016, Tim Ryan, PwC's chairman, helped launch the CEO Action for Diversity and Inclusion coalition, the largest CEO-driven business commitment to advance diversity and inclusion in the workplace.[93][94][95]

Employees at PwC generally have flexibility in choosing their own working hours provided that senior management deems the arrangement acceptable.[96][97] In 2002, PwC published the accounting profession's first global "Code of Conduct".[98][99] Strategy& and PwC publish Strategy+Business, a print and online business magazine focusing on management issues and corporate strategy.[100] In June 2021, PwC together with Edelman, the company's agency partner, launched a program, The Trust Leadership Institute.[101][102]

PwC developed a ColourBrave Charity Committee, made up of employees from across the organisation, as part of its commitment to continue to build an inclusive culture and address racial disparity. The Committee chose 25 Black-led organisations and civil society organisations to join the PwC Foundation and PwC Social Entrepreneurs Club's existing list of beneficiaries.[103][104]

As of 2021, PwC is the fourth-largest privately owned company in the United States.[105]

Partnerships

In 2014, Google announced its partnership with PwC to drive cloud adoption among businesses.[106] Partnering with Google is part of PwC's decision to begin to move its own business to the cloud.[107][108] PwC is one of three million business customers using paid services through Google Workspace, previously known as G Suite and Apps for Work.[109]

PwC partners with the United Nations to help keep the international organization's monitoring systems up to date.[110] PwC is also one of the founding partners with the UN Women HeForShe IMPACT 10x10x10 Initiative, launched in 2015, to advance gender equality.[111] The initiative created an online course which aims to increase awareness of unconscious gender bias in corporate life.[112]

In May 2016, at the United Nations Headquarters in New York, PwC was, along with Microsoft, one of the principal sponsors of the inaugural ID2020 Summit.[113] The summit brought together over 400 people to discuss how to provide digital identity to all, a defined Sustainable Development Goal including to 1.5bn people living without any form of recognized identification.[114] Experts in blockchain and other cryptographic technology joined with representatives of technical standards bodies to identify how technology and other private sector expertise could achieve the goal.[113][115]

In 2016, PwC joined with Microsoft in India to bring the services of both companies to the business community in India.[116]

In 2016, the company, in partnership with Coursera, launched an on-line five-course educational platform called "Data Analysis and Presentation Skills."[117]

In January 2017, Oracle and PwC announced their international collaboration to offer accounting software which complied with International Financial Reporting Standard 9 (IFRS 9).[118]

PwC is a partner of the World Economic Forum.[119] In January 2020, the WEF published a document titled "Unlocking Technology for the Global Goals" in collaboration with PwC, discussing the topics of the Fourth Industrial Revolution and the Sustainable Development Goals.[120]

Staff

As of 30 June 2021, PwC had 295,371 employees around the world.[121] The largest percentage of workers are employed in Western Europe, Asia and the Americas.[121]

The following shows the number of employees in each region of the world as of FY 2021.[121]

Region Number of Employees
Americas 73,601
Asia Pacific 98,876
Europe, Middle East, and Africa 122,894
Total 295,371

The following shows the number of employees by practice areas.[121]

Practice area Number of Employees
Assurance 116,890
Advisory 81,369
Tax 55,286
Internal firm services 41,826
Total 295,371

The following shows the number of employees by level.[121]

Staff type Number of Employees
Partners 11,897
Directors 19,447
Managers 69,195
Associates 180,114
Interns and trainees 14,718
Total 295,371

Alumni

Notable firm alumni include:

Recognition

In 2010, Gartner recognized PwC with a Top Rating for Financial Consulting.[134] In 2012, CartaCapital magazine ranked PwC Brazil No. 1 in the Audit segment in its list of Brazil's Most Admired Companies.[135] PwC's Public Sector practice was awarded the Malcolm Baldrige National Quality Award in 2014.[136] The company was recognized by the European Diversity Awards as the 'Most Inclusive Employer of the Year' in 2015.[137] PwC received the full five stars on the Business in the Community (BITC) Corporate Responsibility Index for several years, and achieved it again in 2016 with a score of 99%. They were one of only four professional services companies to do so.[138] Advertising Age named PwC Digital Services Experience Center one of the four best places to work in advertising and media in 2016.[139] International Accounting Bulletin awarded PwC the "Audit Innovation of the Year" award for 2016.[140] PwC Singapore won the Best Practice Award in 2016 from the Institute of Singapore Chartered Accountants.[141] In 2016, Brand Finance named PwC as the strongest business to business brand, and one of the world's 10 most powerful brands in their annual index.[142]

PwC ranked No. 3 in DiversityInc's Top 12 Companies for Global Diversity in 2016.[143] PwC India won the 2016 Association of Management Consulting Firms' Global Spotlight Award in the Growth Strategies category.[144] PwC was voted by a poll of recently employed graduates as number one on The Times list of Top 100 Graduate Employers for 2016, for the 13th consecutive year.[145][146] The Australian Financial Review Client Choice Awards recognized PwC with the Market Leader Australia award for 2016 and 2017.[147][148] Brand Finance ranked PwC among the world's 500 most valuable brands in 2017.[149] As of 2020, PwC is ranked #5 on Forbes' America's Largest Private Companies list, #68 on their World's Most Valuable Brands, and #85 on their Best Employers for Diversity; it is also on their list of America's Top Recommended Tax and Accounting Firms.[150] As of 2020, PwC US has been on Fortune's 100 Best Companies to Work For in the US for 16 years.[151]

Controversies

Gender employment discrimination

Main article: Price Waterhouse v. Hopkins

In 1989, the United States Supreme Court held that Price Waterhouse must prove by a preponderance of the evidence that the decision regarding Ann Hopkins's employment would have been the same if sex discrimination had not occurred. The accounting firm failed to prove that the same decision to postpone Hopkins's promotion to the partnership would have still been made in the absence of sex discrimination, and therefore, the employment decision constituted sex discrimination under Title VII of the Civil Rights Act of 1964. The significance of the Supreme Court's ruling was twofold. First, it established that gender stereotyping is actionable as sex discrimination. Second, it established the mixed-motive framework as an evidentiary framework for proving discrimination under a disparate treatment theory even when lawful reasons for the adverse employment action are also present.[152] Hopkins's candidacy for partnership had been put on indefinite hold. She eventually resigned and sued the company for occupational sexism, arguing that her lack of promotion came after pressure to walk, talk, dress, and act more "femininely."[153]

In 1990, a Federal district judge in Washington ordered the firm to make Hopkins a partner. It was the first time in which a court awarded partnership in a professional company as a remedy for sexual or race-based discrimination.[154]

Following the suit, the firm received media attention due to its discriminatory labor practices towards males as well.[155]

Tax issues

In 2014, it came to light that PwC had received $55m from Caterpillar Inc. to develop a tax avoidance scheme, according to an investigation of the US Senate, and had helped Caterpillar Inc. drastically reduce its taxes for more than a decade.[156][157] Profits valued at $8bn were shifted from the US to Switzerland, which allegedly made it possible to save more than $2.4bn in US taxes over a decade. In Switzerland profits were taxed at 4%.[156] A PricewaterhouseCoopers managing director who was involved in designing the tax savings plan had written at the time to a PwC partner: "We'll all be retired when this ... comes up on audit."[157]

American International Group Inc.

In 2005, BusinessWeek reported that PwC was American International Group Inc.'s auditor through AIG's years of "questionable dealings" and accounting improprieties. AIG on 30 March 2005, said that deals with a Barbados-based insurance company, for instance, may have been incorrectly accounted for over the past 14 years, because an AIG-affiliated company may have been secretly covering that insurer's losses.[158] BusinessWeek said that PwC also appeared to have "dropped the ball" on the deals between AIG and Berkshire Hathaway Inc.'s General Re Corp. General Re transferred $500 million in anticipated claims and premiums to AIG. BusinessWeek asked: "Did the auditor do its job by verifying that AIG was assuming risk on claims beyond the $500 million, thus allowing AIG to account for the deal as insurance? That's Accounting 101 in any reinsurance transaction."[158]

PwC was also criticised by several witnesses during the 2010 Financial Crisis Inquiry Commission investigation into AIG's collapse in the financial crisis of 2007–2008, after the insurer was unable to fulfil its collateral obligations to Goldman Sachs. The insurer was expected to cover the difference in value between the credit default swap contracts it had sold to Goldman Sachs, however, the head of the unit at AIG disagreed with the valuation that Goldman presented. According to a memo published by Business Insider, witnesses wondered how PwC was signing off on the accounts for both AIG and Goldman Sachs when they were using different valuation methods for the swaps contracts (and therefore booked different values for them in their accounts).[159]

ChuoAoyama suspension

ChuoAoyama Audit Corporation (中央青山監査法人, Chūō-Aoyama Kansa Hōjin) was the Japanese affiliate of assurance service of PwC from April 2000 to 2006.[160] In May 2006, the Financial Services Agency of Japan suspended ChuoAoyama from provision of some statutory auditing services for two months[161] following the collapse of cosmetics company Kanebo, of which three of the partners were found assisting with accounting fraud for hiding deficits of about $1.9 billion over the course of five years.[162] The accountants got suspended prison terms up to 18 months from the Tokyo District Court after the judge deemed them to have played a "passive role" in the crime.[162] The suspension was the first-ever imposed on a major accounting firm in the country. Many of the firm's largest clients were forced to find replacement auditors before the suspension began that July.[163]

Shortly after the suspension of ChuoAoyama, PwC acted quickly to stem any possible client attrition as a result of the scandal. It set up the PricewaterhouseCoopers Aarata, and some of ChuoAoyama's accountants and most of ChuoAoyama's clients moved to the new firm.[164][165] ChuoAoyama resumed operations on 1 September 2006, under the Misuzu name. However, by this point the two firms combined had 30% fewer clients than did ChuoAoyama prior to its suspension. Misuzu was dissolved in July 2007.[166][167]

Tyco settlement

In July 2007, PwC agreed to pay US$229 million to settle a class-action lawsuit brought by shareholders of Tyco International Ltd. over a multibillion-dollar accounting fraud. The chief executive and chief financial officer of Tyco were found guilty of looting $600 million from the company.[168]

Indian companies scandals

In 2007, India's accounting standards agency ICAI found partners of PwC guilty of professional negligence in under-providing for nonperforming assets of the now-defunct Global Trust Bank.[169] This led to the RBI banning PwC from auditing any financial company for over a year.[170][171][172] PwC was also associated with the accounting scandal at the India-based DSQ Software, which collapsed in 2003.[173]

In January 2009, PwC was criticised,[174][169][175][176][177] along with the promoters of Satyam, an Indian IT firm listed on the NASDAQ, in a $1.5 billion fraud.[178] PwC wrote a letter to the board of directors of Satyam that its audit may be rendered "inaccurate and unreliable" due to the disclosures made by Satyam's (ex) Chairman and subsequently withdrew its audit opinions.[179] PwC's US arm "was the reviewer for the U.S. filings for Satyam".[180] Consequently, lawsuits were filed in the US with PwC as a defendant. Two partners of PricewaterhouseCoopers, Srinivas Talluri and Subramani Gopalakrishnan, were charged by India's Central Bureau of Investigation in connection with the Satyam scandal. After the scandal broke out, Subramani Gopalakrishnan retired from the firm after reaching mandatory retirement age, while Talluri remained on suspension from the firm.[181][182]

Following the Satyam scandal, the Mumbai-based Small Investor Grievances Association (SIGA) requested the Indian stock market regulator SEBI to ban PwC permanently and seize its assets in India alleging more scandals like "Ketan Parekh stock manipulations."[183]

In 2015, PwC India said they were disappointed with court judgement of the case saying, "As we have said many times, there has never been any evidence presented that either of our former partners S Gopalakrishnan or Srinivas Talluri were involved in or were aware of the management-led fraud at Satyam. We understand that Gopal and Talluri are considering filing an appeal against this verdict."[184] In 2018, PwC was banned by India's securities regulator from providing auditing services to public-listed companies for 2 years, and PwC was fined $2 million in addition to the suspension.[185] In September 2019, this ban was overruled by the securities appellate tribunal stating that there was no evidence of collusion of PwC in the scam. The tribunal also stated that SEBI had no jurisdiction over audit firms and only ICAI could issue such an order.[186]

Association with the hiring of a person accused in gold smuggling case

PwC, which provides consulting service to the Kerala government's Department of Information Technology[187][188] and its Space Park project,[189] has been criticised for appointing Ms. Swapana Suresh, who is accused in a case of smuggling gold in a diplomatic bag.[189] Following an investigation, the Kerala government decided to terminate the consultancy services of PwC for the proposed Space Park project in Thiruvananthapuram.[189] PwC sub-contracted the resource from a vendor, Vision Technologies, but the government considers that the primary liability is on PwC for recruiting Swapna Suresh.[189] Even before these events, the opening of the PwC office in Kerala secretariat had attracted serious criticism from the opposition party.[190][188][191] Following this, PwC issued clarification on their hiring of Ms. Swapna Suresh by stating that she was hired based on a background verification report from past employers as well as a criminal record verification at the time.[192] In February 2022, the state government of Kerala wrote to PwC in order to seek the refund of INR 16 Lacs paid in salary to Swapna Suresh. In April 2022, the company responded that it can't repay the amount.[193]

Yukos prosecutions

Yukos was a Russian oil and gas company that was the target of politically motivated prosecutions by Russian authorities. The company's assets were sold for alleged unpaid taxes and it was declared bankrupt. PwC's audits were the foundation for the firm's defense in a series of continuing trials against former chief executive, Mikhail Khodorkovsky, and the former majority shareholder, Platon Lebedev. The Russian authorities then went after PwC. In March 2007, police raided PwC's Moscow offices, confiscating documents related to Yukos and charging and convicting PwC of failing to pay 243 million rubles, or $9.4 million, in taxes. PwC withdrew its Yukos audits and less than two weeks later authorities cleared PwC of any wrongdoing in regard to its audit.[194][195]

In 2010, Joe Nocera in the New York Times wrote, "In 2007, with the prospect of parole on the horizon, the same prosecutors—with what appears to be the complicity of PricewaterhouseCoopers, Yukos's longtime accounting firm—indicted the two men (Mikhail B. Khodorkovsky and Platon Lebedev), again, bringing a new round of Kafkaesque charges."[196]

In 2010, it was revealed that the Russian government placed pressure on PwC to withdraw audits.[197][198]

A cable from the U.S. embassy in Moscow stated that the trial was politically motivated and that a deposition in a U.S. court by PricewaterhouseCoopers may show that PwC was pressured by the Russian government to withdraw its prior Yukos audits. An embassy source noted that "If the audits were properly withdrawn, this will be a 'black mark' for the defense; if not, it could help the defense, but would greatly tarnish PWC's international reputation."[199][200][197]

Transneft Russia case

Upon the completion of the construction of the ESPO (East Siberia-Pacific Ocean) pipeline by Transneftin December 2010, an official report of the Audit Chamber of the Russian Federation suggested that $4 billion was stolen by Transneft insiders.[201] One Federation Council Speaker, Sergei Mironov, called for an investigation. Alexei Navalny, a minority Transneft shareholder and lawyer, accused the company of wrongdoing in his personal blog, and criticized PwC, Transneft's auditor, of ignoring his warnings. PwC denied wrongdoing, stating that, "We believe there are absolutely no grounds for such allegations, and we stand behind our work for OAO AK Transneft."[202]

Northern Rock

In 2007, PwC was criticised by the Treasury Select Committee of the Parliament of the United Kingdom for helping Northern Rock, a client of the firm, to sell its mortgage assets while also acting as its auditor.[203][204] In 2011, a House of Lords inquiry criticized PwC for not drawing attention to the risks in the business model followed by Northern Rock, which was rescued by the UK government during the financial crisis.[205][206]

JP Morgan Securities audit

In 2012, the Accountancy and Actuarial Discipline Board (AADB) of the UK fined PwC a record £1.4m for wrongly reporting to the Financial Services Authority that JP Morgan Securities had complied with client money rules which protects client funds. The accountants neglected to check whether JP Morgan had the correct systems in place and failed to gather sufficient evidence to form opinions on the issue, and as a result, failed to report that JP Morgan failed to hold client money separate from JP Morgan's money. The £1.4m fine was at the time the greatest penalty administered to a professional accountancy firm in the UK.[207]

Water privatisation in Delhi

PwC was found to be unethically favored by the World Bank in a bid to privatize the water distribution system of Delhi, India, an effort that was alleged as corrupt by investigators.[208] When bidding took place, PwC repeatedly failed in each round, and the World Bank in each case pressured PwC to be pushed to the next round and eventually win the bid. The effort at privatization fell through when an investigation was conducted by Arvind Kejriwal and the non-governmental organization (NGO) Parivartan in 2005.[208] After submitting a Right to Information (RTI) request, Parivartan received 9000 pages of correspondence and consultation with the World Bank, where it was revealed that the privatization of Delhi's water supply would provide salaries of $25,000 a month to four administrators of each of the 21 water zones, which amounted to over $25 million per year, increasing the budget by over 60% and water taxes 9 times.[209][210]

The Delhi Jal Board (DJB), which administers the water system of Delhi, was first approached by Parivartan in November 2004, following a report by the newspaper The Asian Age, where the scheme was revealed to the public for the first time.[209][210] The DJB denied the existence of the project, but after an appeal, the RTI request was granted. The documents revealed that the project began in 1998, in complete secrecy within the DJB administration.[209][210] The DJB approached the World Bank for a loan to improve the water system, which it approved, and the effort began with a $2.5 million consultation loan. The Delhi government could have easily provided the money, and the interest rate of 12% that was to be loaned by the World Bank could have been raised on capital markets for 6%.[209][210] Following the consultation, 35 multinational companies bid, of which six were to be shortlisted. When PwC was in 10th place, the World Bank said that at least one company should be from a developing country, and since PwC made the bid from its Kolkata office, it was dubbed an "Indian" company, and its rank was raised to 6th.[208] When PwC failed in the second round, the World Bank pressured the DJB to start over with a fresh round of bidding. Only one company succeeded in the new round that was not PwC, and the World Bank had the lowest marks from an evaluator thrown out. The contract was awarded to PwC in 2001.[211] Following the investigation by Parivartan, a campaign was waged by Kejriwal, Aruna Roy, and other activists across Delhi and the DJB withdrew the loan application to the World Bank.[208][209][210]

Cattles

In 2013, Cattles plc brought a legal action against PwC in the UK in respect of 2006 and 2007 audits, claiming that PwC had failed to carry out adequate investigations.[212] Cattles, a UK consumer finance company, later discovered control weaknesses which caused its loan book to be materially overstated in its balance sheet; having been listed as a FTSE250 company, it subsequently lost its listing. PwC disputed this legal claim.[213] The claim was settled out of court on undisclosed terms.[214]

The Financial Reporting Council (FRC) issued a fine of £2.3m on PwC and ordered the firm to pay £750,000 costs following their investigation of the 2007 audits of Cattles and its principal trading subsidiary. PwC admitted their "conduct fell significantly short of the standards reasonably to be expected of a member firm" in respect of the 2007 financial statements. The FRC said that PwC had insufficient audit evidence as to the adequacy of loan loss provisions.[215]

Quinn Insurance

In 2015, PwC Ireland was sued by the joint administrators of Quinn Insurance Limited (QIL) for €1bn. Having been audited by PwC for the years 2005 to 2008, QIL went into administration in 2010. The administrators alleged that PwC should have identified a material understatement of QIL's provisions for claims.[216][217]

Connaught plc

Connaught plc, a UK former FTSE 250 Index outsourcing company operating in property maintenance for the social housing and public sector, was put into administration in 2010 after reporting material losses. In 2017, the Financial Reporting Council (FRC) severely reprimanded PwC and its audit partner following an investigation of their conduct in respect of the 2009 audit of Connaught. PwC was fined a record £5 million plus costs.[218]

Tesco

In 2014, Tesco, a UK retailer, announced that it had overstated profits by £263m by misreporting discounts with suppliers. The Financial Reporting Council started an investigation into accounting practices at Tesco and into the conduct of PwC in carrying out its audits in 2012, 2013 and 2014.[219] Two members of Tesco's Audit Committee, responsible for monitoring Tesco's relationship with its auditors, had themselves previously worked for PwC, including its chairman, Ken Hanna; he later stood down.[220] In 2015 PwC were replaced as auditors of Tesco, ending a 32-year engagement, following a tender process to which they did not participate.[221] In June 2017, the Financial Reporting Council said there was no "realistic prospect" that a tribunal of the UK's accountancy watchdog would rule against the auditor PwC concerning its involvement in Tesco's 2014 case.[222]

Bank of Tokyo-Mitsubishi UFJ

In 2014, The Bank of Tokyo-Mitsubishi UFJ was investigated by New York banking regulators over its role in routing payments for Iranian customers through its New York branch in violation of U.S. sanctions. It was found that PwC had altered an investigation report on the issue; PwC itself was fined $25 million in relation to the matter.[223]

Luxembourg Leaks

Main article: Luxembourg Leaks
 
One of the tax rulings of Luxembourg Leaks negotiated by PwC

The firm helped multinational companies obtain 548 legal tax rulings in Luxembourg between 2002 and 2010. The rulings provided written assurance that the multinational companies' tax-saving plans would be seen favorably by the Luxembourg authorities. The companies saved billions of dollars in taxes with these arrangements. Some firms paid less than one percent tax on the profits they shifted to Luxembourg. Employees or former employees of PwC provided documentation of the rulings to journalists.[224][225] In 2013 and 2014, PwC UK's head of tax was called before the UK's public accounts committee and was questioned about lying regarding the marketing of these tax avoidance schemes. He told the committee the financing, investments, and tax structure is legal and well known to the British government. "If you want to change the Lux tax regime, the politicians could change the Lux tax regime."[226] The disclosures attracted international attention and comment about tax avoidance schemes in Luxembourg and other tax havens. The revelations later led to a series of EU-wide measures aimed at regulating tax avoidance schemes and tax probes into several EU companies. In 2016, PwC initiated charges against the two whistleblowers that revealed the LuxLeaks tax controversy, and they were convicted and sentenced with suspended prison sentences and fined. In March 2017, a Luxembourg appeals court upheld the convictions of the two whistleblowers, but with reduced sentences.[227]

Petrobras Brazil

In 2015, the Bill & Melinda Gates Foundation of Microsoft founder Bill Gates sued oil company Petrobras and accounting firm PwC's Brazil arm over investment losses due to corruption at the Brazilian oil company. The filings also alleged that PwC's Brazil affiliate, PricewaterhouseCoopers Auditores Independentes, played a significant role by attesting to Petrobras financial statements and ignoring warnings.[228]

Australia

In 2016, Luke Sayers, then CEO of PwC Australia,[229][230] had the firm prepare a report projecting the excessive cost of a plebiscite on gay marriage.[231] Mark Allaby, a senior executive at PwC, left the board of the religious lobbying organisation Australian Christian Lobby, a group campaigning against same-sex marriage, following public outrage and pressure from PwC Australia.[232]

In 2007, shopping center giant Centro understated its liabilities by more than $3 billion and almost collapsed when it was unable to refinance its debt during the global financial crisis.[233] PwC was Centro's auditor and admitted negligence. In 2012, Centro and PwC paid a $200 million settlement to resolve the shareholder class action, the largest ever in Australia.[234]

In 2023, it was revealed that a former PwC partner had been leaking confidential government tax plans to the firm. Among some of the data that the partner leaked included new taxation rules including rules on closing loopholes which allowed multinational companies to pay tax.[235]

BHS

In 2016, PwC in the UK was investigated by the Financial Reporting Council over its conduct in relation to the audit of BHS for the year to 30 August 2014. PwC completed their audit of financial statements in which BHS was described as a going concern days before its sale for £1 to a consortium with no retail experience. BHS collapsed the following year with a substantial deficit in its pension fund.[236]

MF Global malpractice lawsuit

In 2016, a United States federal judge rejected PwC's bid to dismiss a $3 billion lawsuit accusing the accounting firm of professional malpractice for helping cause the October 2011 bankruptcy of MF Global, a brokerage once run by former New Jersey Governor Jon Corzine.[237][238][239]

BT Italy

BT Group (British Telecom), a client of PwC, reported in 2017, that profits in its Italian subsidiary had been over-stated by £530 million. BT reportedly sought the immediate replacement of PwC as auditors following a breakdown of trust, but had existing commercial relationships with the other Big 4 firms which would have prevented their early appointment.[240] BT subsequently stated that its audit would be put out to tender to identify a replacement for PwC,[241] In June 2017, the Financial Reporting Council began an investigation of PwC's audits of BT covering the years 2015 through 2017.[242]

Best Picture announcement error

See also: 89th Academy Awards § Best Picture announcement error

At the 89th Academy Awards in 2017 La La Land was incorrectly announced as the winner of Best Picture after PwC partner Brian Cullinan gave presenters Warren Beatty and Faye Dunaway the wrong envelope. PwC was responsible for tabulating the results, preparing the envelopes, and handing them to presenters.[243] It was called "as bad a mess-up as you could imagine."[244] The firm took "full responsibility" for handing the presenters the wrong envelope and apologized for the error,[245] acknowledging that Cullinan and PwC partner Martha Ruiz did not follow protocols for correcting the error quickly. In March 2017, the board of governors for the Academy voted to retain the services of accounting firm PricewaterhouseCoopers, despite the mix-up, saying "new protocols have been established including greater oversight from PwC's U.S. chairman Tim Ryan."[246]

Lezo Case

In 2017, PwC Spain was investigated by the Spanish National Court as part of the Lezo Case for participating in and profiting from the embezzlement of public funds to illegally finance the People's Party (PP) political party in the Community of Madrid.[247]

PrivatBank

PwC Ukraine had its audit license removed by the National Bank of Ukraine in July 2017 for its alleged "verification of misrepresented financial information" leading to a $5.5 billion balance-sheet hole in PrivatBank.[248] The government of Ukraine had had to rescue PrivatBank by nationalisation in 2016 to protect its 20 million customers.[249]

Colonial Bank audit

In 2017, the U.S. District Court for the Middle District of Alabama held PwC liable for professional negligence in its audit of Colonial Bank, which failed in 2009, after filing materially false financial information with the SEC. In 2018, a federal judge later ordered PwC to pay the FDIC $625 million, the largest-ever judgement against a U.S. audit firm.[250] The FDIC reached a $335 million settlement with PwC in March 2019.[251]

Age discrimination lawsuit

In 2018, PwC was accused of disproportionately hiring younger workers and fostering "an age-conscious workplace in which youth is highly valued."[252] Plaintiffs estimated that younger applicants are over 500% more likely to be hired than candidates over age 40. In March 2019, a collective action related to the case was certified by a federal judge in San Francisco.[253]

Luke Sayers' AVP investment review

In 2018, PwC Australia CEO Luke Sayers was connected to perceived conflict of interest issues on a related to a personal investment in Australian Visa Processing (AVP),[254] a company part-owned by PwC that was submitting a tender to redesign and run Australia's visa processing system that is potentially worth billions of dollars, which would result in a significant financial advantage for its investors.[255] This investment led to a "storm inside the firm",[256] interjection by PwC Global and a review by PwC Australia of its personal investment policy for partners.[256] The option to invest had not been offered to all partners or even the entire firm.[254] A review was announced around the way partners make personal investments.[254][257]

Improper audit services in US

During 2019, PwC's US affiliate agreed to pay more than $7.9 million to the US regulator, SEC, to settle allegations that it improperly performed IT and other non-audit services for several audit clients.[258]

Angola corruption

In 2020, the International Consortium of Investigative Journalists (ICIJ) leaked over 700,000 internal documents revealing that PwC had facilitated multiple dealings in which Isabel dos Santos, the daughter of the former president of Angola, made a fortune while in charge of the state oil company, Sonangol. Dos Santos established a network of over 400 companies to facilitate tax evasion and the steering of millions of dollars of Angolan state contracts to companies under her control.[259] Her husband, Congolese businessman and art collector Sindika Dokolo, made millions from a suspiciously one-sided partnership with the state diamond company, Sodiam, to buy a stake in Swiss luxury jeweler De Grisogono.[260] After ICIJ's revelations, PwC indicated it would terminate its relationship with Dos Santos.[259]

Watchstone

In August 2020, a £63 million-worth suit was filed by Watchstone (formerly known as Quindell) against PwC. PwC is sued for conspiring against a former client; according to the suit, the company released information about the client to a competitor in the course of a takeover approach.[261]

MBC Group

During November 2017, PwC was engaged in due diligence and valuation of the media company, MBC Group, owned by Saudi businessman, Waleed bin Ibrahim Al Ibrahim, who was allegedly held against his wishes at the Ritz-Carlton in Riyadh as part of an attempt to coerce him into selling it to the Saudi Crown Prince.[262]

JD Classics

In July 2021, PwC was sued by administrators Alvarez and Marsal on behalf of JD Classics, a UK-based car dealership, for negligence related to audits in 2016 and 2017.[263] A failure to identify fraud at the company led to losses of £41m. PwC responded with a statement that "this claim [lacks] merit and [we] will be vigorously defending it."[264]

Lobbying revolving door

In 2021, an investigation by the New York Times found that PwC staff sought employment at the Treasury Department where they pursued policies that helped PwC clients. After completing their time at the Treasury Department, the staff were promoted to partner at PwC.[265]

Evergrande

In October 2021, the accounting regulator in Hong Kong announced an investigation into PwC's audit of Evergrande, a Chinese property company. PwC had signed off the 2020 accounts of Evergrande without reference to its uncertainties as a going concern. The company itself reported concerns as to its ability to continue operating in its half-year accounts for 2021.[266][267]

South African Airways

The Zondo Commission report on state capture in South Africa uncovered several instances of alleged corruption, fraud and mismanagement at South African Airways (SAA). The report found that PwC effectively enabled capture of SAA by failing to adequately audit its financial and accounting processes between 2012 and 2016.[268]

Kier and Galliford Try

In June 2022, the UK's Financial Reporting Council fined PwC and a former partner, Jonathan Hook, over audit failures relating to construction firms Galliford Try and Kier Group. PwC was fined just over £3m for failing to adequately challenge revenue and costs recognised by Galliford Try's management on large, complex long-term construction contracts during 2018 and 2019 audits, and fined £1.96m for similar failures during the 2017 audit of Kier. Both fines were reduced (from £5m and £3.35m respectively) to reflect PwC's cooperation with the investigation.[269]

See also

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Further reading

  • Allen, David Grayson; McDermott, Kathleen, (1992) Accounting for Success: A History of Price Waterhouse in America 1890–1990, 1992, Harvard Business School Press, ISBN 0-875-843-28X
  • Jones, E., (1995) True and Fair: A History of Price Waterhouse, Hamish Hamilton, ISBN 0-241-00172-2
  • A History of Cooper Brothers 1854-1954, B.T. Batsford, London, 1954
  • An Early History of Coopers & Lybrand, 1984, Garland Publishing Inc., ISBN 978-0-8240-6319-1

External links

 
Wikimedia Commons has media related to PricewaterhouseCoopers.
  • Official website  

April 16, 2023
redirects, here, other, uses, disambiguation, pricewaterhousecoopers, international, professional, services, brand, firms, operating, partnerships, under, brand, second, largest, professional, services, network, world, considered, four, accounting, firms, alon. pwc redirects here For other uses see PWC disambiguation PricewaterhouseCoopers is an international professional services brand of firms operating as partnerships under the PwC brand It is the second largest professional services network in the world 5 and is considered one of the Big Four accounting firms along with Deloitte EY and KPMG 6 PricewaterhouseCoopersTrade namePwCTypeMembers have different legal structures both UK and US firms are actually limited liability partnershipsIndustryProfessional servicesFounded1998 PricewaterhouseCoopers 1849 Price Waterhouse 1854 Coopers amp Lybrand 1 FoundersSamuel Lowell PriceEdwin WaterhouseWilliam CooperHeadquartersLondon England UKArea servedWorldwideKey peopleRobert Moritz Chairman 2 ServicesAssuranceRisk assuranceRisk advisoryTax advisory Legal services Data amp analyticsManagement consulting Digital TransformationFinancial advisoryForensic accountingRevenueUS 50 3 billion 2022 3 Number of employees328 000 2022 4 Websitewww wbr pwc wbr comPwC firms are in 157 countries across 742 locations with 328 000 people 4 As of 2019 26 of the workforce was based in the Americas 26 in Asia 32 in Western Europe and 5 in Middle East and Africa 7 The company s global revenues were 50 3 billion in FY 2022 of which 18 4 billion was generated by its Assurance practice 20 7 billion by its Tax and Legal practice and 11 6 billion by its Advisory practice 8 The firm in its recent actual form was created in 1998 by a merger between two accounting firms Coopers amp Lybrand and Price Waterhouse 1 Both firms had histories dating back to the 19th century The trading name was shortened to PwC stylized pwc in September 2010 as part of a rebranding effort 9 PricewaterhouseCoopers International Limited based in London England 10 is a co ordinating entity for the global network of firms It manages the global brand and develops policies and initiatives to create a common and coordinated approach in areas such as risk quality and strategy It does not provide services to clients 11 Contents 1 History 1 1 Coopers amp Lybrand 1 2 Price Waterhouse 1 3 1998 to present 1 4 Americanas AMER3 Scandal 2 Operations 2 1 Service lines 2 2 Data analysis 2 3 Offices 3 Logo 4 Corporate affairs and culture 5 Partnerships 6 Staff 7 Alumni 8 Recognition 9 Controversies 9 1 Gender employment discrimination 9 2 Tax issues 9 3 American International Group Inc 9 4 ChuoAoyama suspension 9 5 Tyco settlement 9 6 Indian companies scandals 9 6 1 Association with the hiring of a person accused in gold smuggling case 9 7 Yukos prosecutions 9 8 Transneft Russia case 9 9 Northern Rock 9 10 JP Morgan Securities audit 9 11 Water privatisation in Delhi 9 12 Cattles 9 13 Quinn Insurance 9 14 Connaught plc 9 15 Tesco 9 16 Bank of Tokyo Mitsubishi UFJ 9 17 Luxembourg Leaks 9 18 Petrobras Brazil 9 19 Australia 9 20 BHS 9 21 MF Global malpractice lawsuit 9 22 BT Italy 9 23 Best Picture announcement error 9 24 Lezo Case 9 25 PrivatBank 9 26 Colonial Bank audit 9 27 Age discrimination lawsuit 9 28 Luke Sayers AVP investment review 9 29 Improper audit services in US 9 30 Angola corruption 9 31 Watchstone 9 32 MBC Group 9 33 JD Classics 9 34 Lobbying revolving door 9 35 Evergrande 9 36 South African Airways 9 37 Kier and Galliford Try 10 See also 11 References 12 Further reading 13 External linksHistory EditThe firm was created in September 1998 when Coopers amp Lybrand merged with Price Waterhouse 1 Coopers amp Lybrand Edit In 1854 William Cooper founded an accountancy practice in London England It became Cooper Brothers seven years later when his three brothers joined 1 In 1898 Robert H Montgomery William M Lybrand Adam A Ross Jr and his brother T Edward Ross formed Lybrand Ross Brothers and Montgomery in the United States 1 In 1957 Cooper Brothers along with Lybrand Ross Bros amp Montgomery and a Canadian firm McDonald Currie and Co agreed to adopt the name Coopers amp Lybrand in international practice 1 In 1973 the three member firms in the UK US and Canada changed their names to Coopers amp Lybrand 12 Then in 1980 Coopers amp Lybrand expanded its expertise in insolvency substantially by acquiring Cork Gully a leading firm in that field in the UK 13 In 1990 in certain countries including the UK Coopers amp Lybrand merged with Deloitte Haskins amp Sells to become Coopers amp Lybrand Deloitte 1 in 1992 they reverted to Coopers amp Lybrand 14 Price Waterhouse Edit Edwin Waterhouse c 1907 In 1849 Samuel Lowell Price an accountant founded an accountancy practice in London England 15 In 1865 Price went into partnership with William Hopkins Holyland and Edwin Waterhouse 15 Holyland left shortly afterwards to work alone in accountancy and the firm was known from 1874 as Price Waterhouse amp Co 15 The original partnership agreement signed by Price Holyland and Waterhouse could be found in Southwark Towers 16 By the late 19th century Price Waterhouse had gained recognition as an accounting firm As a result of growing trade between the United Kingdom and the United States they opened an office in New York in 1890 and the American firm expanded The original British firm opened an office in Liverpool in 1904 and then elsewhere in the United Kingdom and worldwide each time establishing a separate partnership in each country the worldwide practice of Price Waterhouse was therefore a federation of collaborating firms that had grown organically rather than the result of an international merger 15 In a further effort to take advantage of economies of scale PW and Arthur Andersen discussed a merger in 1989 17 but the negotiations failed mainly because of conflicts of interest such as Andersen s strong commercial links with IBM and PW s audit of IBM as well as the two firms radically different cultures It was said by those involved with the failed merger that at the end of the discussion the partners at the table realized they had different views of business and the potential merger was scrapped 18 1998 to present Edit In 1998 Price Waterhouse and Coopers amp Lybrand merged to form PricewaterhouseCoopers written with a lowercase w and a camel case C 19 At that time MCS was the largest and fastest growing division 20 ERP projects required radically different staffing models skill development risk management contracts employee compensation and fee structures The increasingly technical projects were one and done while post project add on work was common the entire client management approach was different than of maintaining an audit relationship Instead of engagements requiring small teams a few weeks on site ERP projects spanned 18 months to 6 years at the client frequently with teams of 200 or more clients contractors and consultants MCS staff and leadership chafed under the strict rules governing accounting firms despite reorganizing personnel with new titles promotions and pay grades 21 Few consultants and partners were CPAs and thus were treated differently than their Tax and Audit counterparts Independence rules required consulting managers directors and partners to completely divest personal investments of all audit clients Employee incentive bonuses aligned to major project goals were not allowed nor was MCS permitted to accept contingency fees from its clients Traditionally PwC one client relationship partner as a liaison and coordinator receiving a share of all work for that client despite the contracting and managing partner Consulting engagements rarely involved a client gatekeeper and MCS partners fought paying an Audit partner a share of tens of millions of dollars in revenue based on tradition The largest personal services company in the world kept expanding while infighting between partners and practices only grew 22 PwC was not the only member of the Big 5 to experience cultural and financial rifts between accounting and consulting In 1997 Arthur Andersen s Andersen Consulting filed for arbitration reaching an agreement in 2000 to finalize the split of the two partnerships with Andersen Consulting rebranding as Accenture 23 Also that year Ernst amp Young became the first of the Big Four to sell its consulting services practice outright which it did to Capgemini 24 25 The fallout from the Enron Worldcom and other financial auditing scandals led to the demise of Arthur Andersen reducing the count down to the Big Four and spurring passage of the 2002 Sarbanes Oxley Act SOX Among other restrictions SOX severely limited overlap between management consulting and auditing services PwC Consulting continued to split itself off conducting business under its own name and branding rather than as the MCS division of PwC Around July 2000 PwC began to prepare for either an acquisition or IPO by developing separate financial records that would be required for due diligence PwC leadership began to seek buyers with an initial interest by Hewlett Packard for a reported 17 billion but negotiations broke down in 2000 26 In 2000 PwC acquired Canada s largest SAP consulting partner Omnilogic Systems to add to its relatively nascent consulting presence in Canada 27 Almost a year after the collapse of Arthur Andersen in 2001 Arthur Andersen LLP affiliates in Hong Kong and China completed talks to join PricewaterhouseCoopers China 28 PwC announced in May 2002 that PwC Consulting would be spun off as an independent entity and filed with the SEC for an initial 1B IPO to trade in August 29 Because PwC accounting partners owned 60 of PwC Consulting an IPO or acquisition was seen as the only way to split the two firms without decimating the consulting arm s working capital 30 PwC Consulting leadership continued to fluff financials by expanding across the board pay cuts terminating its variable compensation program and furthering deep layoffs all rare actions in the industry In June 2002 PwC Consulting hired Continental Airline s Greg Brennerman as CEO to run the global division 31 A week later it was announced that an outside consultancy Wolff Olins had create new branding for the consulting group called Monday 32 The firm s CEO Greg Brenneman described the unusual name as a real word concise recognizable global and the right fit for a company that works hard to deliver results 33 In July 2002 it was rumored that PwC was in talks with an unknown public company as no PR space or announcement for the impending IPO had been set Those rumors were confirmed August 2002 when PwC announced it was selling Monday to IBM for approximately 3 5 billion in cash and stock Monday was consolidated into IBM Global Business Services while partners became employees for the first time The acquisition had a modest increase in the size and capabilities of IBM s growing consulting practice as IBM had 150 000 employees at the time while Monday carried just 30 000 at the time 34 However it was seen as a win by IBM since PwC Consulting Monday s valuation had suffered after the post 9 11 recession 35 PwC began rebuilding its consulting practice with acquisitions such as Paragon Consulting Group and the commercial services business of BearingPoint in 2009 36 The firm continued this process by acquiring Diamond Management amp Technology Consultants in November 2010 37 and PRTM in August 2011 38 In 2012 the firm acquired Logan Tod amp Co a digital analytics and optimisation consultancy 39 and Ant s Eye View a social media strategy development and consulting firm to build upon PwC s growing Management Consulting customer impact and customer engagement capabilities 40 On 30 October 2013 the firm announced that it would acquire Booz amp Company including the company s name and its 300 partners after a December vote by Booz amp Company partners authorized the deal On 3 April 2014 41 Booz amp Company combined with PwC to form Strategy amp 42 43 On 4 November 2013 the firm acquired BGT Partners a 17 year old digital consultancy 44 In October 2016 PwC and InvestCloud LLC the world s largest Digital App Platform announced that they entered into a non exclusive joint business relationship designed to accelerate adoption and implementation of the InvestCloud Digital App Platform PwC will be a preferred implementation and strategic partner of InvestCloud focused on enterprise delivery and innovative development of new financial app capabilities 45 In November 2016 PwC acquired technology consulting firm NSI DMCC Salesforce s largest implementation partner in the Middle East 46 In January 2017 PwC announced a five year agreement with GE to provide managed tax services to GE on a global basis transferring more than 600 of GE s in house global tax team to PwC In addition PwC would acquire GE s tax technologies and provide managed services not only to GE but also to other PwC clients as well 47 In November 2017 PwC accepted bitcoin as payment for advisory services the first time the company or any of the Big Four accounting firms accepted virtual currency as payment 48 Veritas Capital acquired PwC s US public sector business in 2018 and branded the new company as Guidehouse 49 50 In February 2020 PwC announced a new collaboration with technology firm ThoughtRiver to launch AI driven LawTech products aimed at standardizing PwC s service of UK law clients 51 The Academy of Motion Picture Arts and Sciences AMPAS has utilized the services of PwC to tally the votes for the Academy Awards since 1935 52 In addition the company oversees AMPAS elections prepares its financial documents and is responsible for the group s tax filings 53 Americanas AMER3 Scandal Edit In January 2023 the firm was involved in a controversy when it approved Americanas AMER3 balance sheets with accounting inconsistencies of around US 4 billion This caused volatility to company s price on the Brazilian stock exchange and losses to the company s shareholders After verifying the impacts caused the CVM Brazilian body that regulates the stock exchanges opened investigations against the company s auditors to determine responsibilities 54 55 56 Operations EditPwC refers to the PwC network and or one or more of its member firms each of which is a separate legal entity due to local legislative requirements 57 Much like other professional services firms each member firm is financially and legally independent PwC is co ordinated by a private company limited by guarantee under English law called PricewaterhouseCoopers International Limited 58 In addition PwC is registered as a multidisciplinary entity which also provides legal services 59 PwC s operations are global with Europe accounting for 36 of the total and the Americas 44 as of 2016 60 61 PwC s largest growth in FY18 was in Asia where revenues were up 15 followed by 12 revenue growth from the Middle East and Africa 62 Service lines Edit PwC is organized into the following three service lines the 2017 revenue shares are listed in parentheses 63 Assurance 41 Assurance services are those typically associated with financial audits 64 Advisory 33 Advisory services offered by PwC include two actuarial consultancy departments Actuarial and Insurance Management Solutions AIMS and a sub branch of Human Resource Services HRS Actuarial covers mainly 5 areas pensions life insurance non life insurance health and investments AIMS deals with life and non life insurance and investments while HRS deals mainly with pensions and group health 65 PwC has also expanded into digital media and advertising 66 Tax 25 International tax planningData analysis Edit Due to its size PwC is able to contribute data analysis to a wide range of areas Calculation of the drone market size PwC published a 2016 report stating that the world drone market would reach close to 127 billion by 2020 with Poland at the forefront of legislation for the commercial use of unmanned aerial vehicles 67 68 PwC coined the term E7 to describe the seven emerging economies which the company is predicting will take over today s G7 nations by 2050 Those seven emerging nations are China Russia India Mexico Indonesia Turkey and Brazil 69 PwC assesses a country s risk premium an important factor in analyzing the valuation of an entity 70 71 The company analyzes pay parity the comparative salaries for men versus women In early 2017 PwC found in its Women in Work Index study that it could take the UK 24 years until 2041 to close its gender pay gap 72 PwC publishes the Low Carbon Economy Index which tracks the extent to which the G20 countries are reducing carbon emissions 73 74 75 76 The Economy of the Sea is a long term analysis project of PwC Portugal It is part of the HELM project launched in 2006 to create an integrated approach to successful and sustainable maritime practices It analyses best practices around the world and compiles data from industries that rely or work on the sea and the nations that use it 77 78 PwC developed the Total Impact Measurement and Management TIMM framework designed to assist companies in carrying out impact studies which will help them put a value on all of a company s activities products or services 79 80 Offices Edit PwC has partners in approximately 800 offices across 157 countries with 200 000 employees 81 82 Notable offices Seaport office tower in Boston 83 and Magwa Crescent Waterfall City tower in Midrand South Africa 84 Notable PwC office buildings Cairo Egypt Midrand Johannesburg South Africa Tower 185 Frankfurt Germany Figueroa at Wilshire Los Angeles California U S Lima Peru Freshwater Place Melbourne Australia Oslo Norway Kasumigaseki Building Tokyo Japan Warsaw Poland Torre PwC Madrid Spain Accra Ghana PwC Tower at Commercial Bay Auckland New Zealand Leeds England UK Sydney Australia The 2018 PwC Global Annual Review states the revenue of the firm by region as follows 85 86 Region Revenue bn 2018 Americas 17 454Asia 5 675Australasia and Pacific 1 810Central and Eastern Europe 0 918Western Europe 13 864Middle East and Africa 1 559Logo EditThe following are the several logos the company has used through the years The current PwC logo was introduced in September 2010 when the company changed its trading name from PricewaterhouseCoopers to PwC It was designed by Wolff Olins 87 88 89 The Coopers amp Lybrand logo prior to the 1998 merger The Price Waterhouse logo prior to the 1998 merger The PricewaterhouseCoopers logo from 1998 to 2010 The PwC logo from 2010 to presentCorporate affairs and culture EditThe company employs large numbers of young workers with 80 of their workforce millennials as of 2017 90 According to PwC the company uses education to bridge the culture gap between generations 90 The firm also implements a three step Connect Embed Improve plan to promote employee engagement 91 The company requires senior level staff to continue to train and learn PwC also created a social collaboration platform called Spark to enable employees to access course materials and assignments complete prerequisites and access reinforcement materials 92 In 2016 Tim Ryan PwC s chairman helped launch the CEO Action for Diversity and Inclusion coalition the largest CEO driven business commitment to advance diversity and inclusion in the workplace 93 94 95 Employees at PwC generally have flexibility in choosing their own working hours provided that senior management deems the arrangement acceptable 96 97 In 2002 PwC published the accounting profession s first global Code of Conduct 98 99 Strategy amp and PwC publish Strategy Business a print and online business magazine focusing on management issues and corporate strategy 100 In June 2021 PwC together with Edelman the company s agency partner launched a program The Trust Leadership Institute 101 102 PwC developed a ColourBrave Charity Committee made up of employees from across the organisation as part of its commitment to continue to build an inclusive culture and address racial disparity The Committee chose 25 Black led organisations and civil society organisations to join the PwC Foundation and PwC Social Entrepreneurs Club s existing list of beneficiaries 103 104 As of 2021 update PwC is the fourth largest privately owned company in the United States 105 Partnerships EditIn 2014 Google announced its partnership with PwC to drive cloud adoption among businesses 106 Partnering with Google is part of PwC s decision to begin to move its own business to the cloud 107 108 PwC is one of three million business customers using paid services through Google Workspace previously known as G Suite and Apps for Work 109 PwC partners with the United Nations to help keep the international organization s monitoring systems up to date 110 PwC is also one of the founding partners with the UN Women HeForShe IMPACT 10x10x10 Initiative launched in 2015 to advance gender equality 111 The initiative created an online course which aims to increase awareness of unconscious gender bias in corporate life 112 In May 2016 at the United Nations Headquarters in New York PwC was along with Microsoft one of the principal sponsors of the inaugural ID2020 Summit 113 The summit brought together over 400 people to discuss how to provide digital identity to all a defined Sustainable Development Goal including to 1 5bn people living without any form of recognized identification 114 Experts in blockchain and other cryptographic technology joined with representatives of technical standards bodies to identify how technology and other private sector expertise could achieve the goal 113 115 In 2016 PwC joined with Microsoft in India to bring the services of both companies to the business community in India 116 In 2016 the company in partnership with Coursera launched an on line five course educational platform called Data Analysis and Presentation Skills 117 In January 2017 Oracle and PwC announced their international collaboration to offer accounting software which complied with International Financial Reporting Standard 9 IFRS 9 118 PwC is a partner of the World Economic Forum 119 In January 2020 the WEF published a document titled Unlocking Technology for the Global Goals in collaboration with PwC discussing the topics of the Fourth Industrial Revolution and the Sustainable Development Goals 120 Staff EditAs of 30 June 2021 PwC had 295 371 employees around the world 121 The largest percentage of workers are employed in Western Europe Asia and the Americas 121 The following shows the number of employees in each region of the world as of FY 2021 121 Region Number of EmployeesAmericas 73 601Asia Pacific 98 876Europe Middle East and Africa 122 894Total 295 371The following shows the number of employees by practice areas 121 Practice area Number of EmployeesAssurance 116 890Advisory 81 369Tax 55 286Internal firm services 41 826Total 295 371The following shows the number of employees by level 121 Staff type Number of EmployeesPartners 11 897Directors 19 447Managers 69 195Associates 180 114Interns and trainees 14 718Total 295 371Alumni EditNotable firm alumni include Greg Abel Future CEO of Berkshire Hathaway 122 Ed Bastian CEO of Delta Air Lines 123 Mike Dooley author speaker and entrepreneur 124 Tony Harrington former CEO of MinterEllison 125 Phil Knight Founder of Nike Inc 126 Tanoh Kpassagnon American football defensive end for the Kansas City Chiefs of the National Football League 127 Richard J Kramer Chairman President and CEO of the Goodyear Tire and Rubber Company 128 Ian Powell Chairman of Capita an outsourcing company 129 Brian Roche New Zealand business executive 130 Dhivya Suryadevara CFO of General Motors 131 Brad Tilden CEO and Chairman of Alaska Airlines 132 Wendell Weeks President of Corning Inc 133 Recognition EditIn 2010 Gartner recognized PwC with a Top Rating for Financial Consulting 134 In 2012 CartaCapital magazine ranked PwC Brazil No 1 in the Audit segment in its list of Brazil s Most Admired Companies 135 PwC s Public Sector practice was awarded the Malcolm Baldrige National Quality Award in 2014 136 The company was recognized by the European Diversity Awards as the Most Inclusive Employer of the Year in 2015 137 PwC received the full five stars on the Business in the Community BITC Corporate Responsibility Index for several years and achieved it again in 2016 with a score of 99 They were one of only four professional services companies to do so 138 Advertising Age named PwC Digital Services Experience Center one of the four best places to work in advertising and media in 2016 139 International Accounting Bulletin awarded PwC the Audit Innovation of the Year award for 2016 140 PwC Singapore won the Best Practice Award in 2016 from the Institute of Singapore Chartered Accountants 141 In 2016 Brand Finance named PwC as the strongest business to business brand and one of the world s 10 most powerful brands in their annual index 142 PwC ranked No 3 in DiversityInc s Top 12 Companies for Global Diversity in 2016 143 PwC India won the 2016 Association of Management Consulting Firms Global Spotlight Award in the Growth Strategies category 144 PwC was voted by a poll of recently employed graduates as number one on The Times list of Top 100 Graduate Employers for 2016 for the 13th consecutive year 145 146 The Australian Financial Review Client Choice Awards recognized PwC with the Market Leader Australia award for 2016 and 2017 147 148 Brand Finance ranked PwC among the world s 500 most valuable brands in 2017 149 As of 2020 PwC is ranked 5 on Forbes America s Largest Private Companies list 68 on their World s Most Valuable Brands and 85 on their Best Employers for Diversity it is also on their list of America s Top Recommended Tax and Accounting Firms 150 As of 2020 PwC US has been on Fortune s 100 Best Companies to Work For in the US for 16 years 151 Controversies EditGender employment discrimination Edit Main article Price Waterhouse v Hopkins In 1989 the United States Supreme Court held that Price Waterhouse must prove by a preponderance of the evidence that the decision regarding Ann Hopkins s employment would have been the same if sex discrimination had not occurred The accounting firm failed to prove that the same decision to postpone Hopkins s promotion to the partnership would have still been made in the absence of sex discrimination and therefore the employment decision constituted sex discrimination under Title VII of the Civil Rights Act of 1964 The significance of the Supreme Court s ruling was twofold First it established that gender stereotyping is actionable as sex discrimination Second it established the mixed motive framework as an evidentiary framework for proving discrimination under a disparate treatment theory even when lawful reasons for the adverse employment action are also present 152 Hopkins s candidacy for partnership had been put on indefinite hold She eventually resigned and sued the company for occupational sexism arguing that her lack of promotion came after pressure to walk talk dress and act more femininely 153 In 1990 a Federal district judge in Washington ordered the firm to make Hopkins a partner It was the first time in which a court awarded partnership in a professional company as a remedy for sexual or race based discrimination 154 Following the suit the firm received media attention due to its discriminatory labor practices towards males as well 155 Tax issues Edit In 2014 it came to light that PwC had received 55m from Caterpillar Inc to develop a tax avoidance scheme according to an investigation of the US Senate and had helped Caterpillar Inc drastically reduce its taxes for more than a decade 156 157 Profits valued at 8bn were shifted from the US to Switzerland which allegedly made it possible to save more than 2 4bn in US taxes over a decade In Switzerland profits were taxed at 4 156 A PricewaterhouseCoopers managing director who was involved in designing the tax savings plan had written at the time to a PwC partner We ll all be retired when this comes up on audit 157 American International Group Inc Edit In 2005 BusinessWeek reported that PwC was American International Group Inc s auditor through AIG s years of questionable dealings and accounting improprieties AIG on 30 March 2005 said that deals with a Barbados based insurance company for instance may have been incorrectly accounted for over the past 14 years because an AIG affiliated company may have been secretly covering that insurer s losses 158 BusinessWeek said that PwC also appeared to have dropped the ball on the deals between AIG and Berkshire Hathaway Inc s General Re Corp General Re transferred 500 million in anticipated claims and premiums to AIG BusinessWeek asked Did the auditor do its job by verifying that AIG was assuming risk on claims beyond the 500 million thus allowing AIG to account for the deal as insurance That s Accounting 101 in any reinsurance transaction 158 PwC was also criticised by several witnesses during the 2010 Financial Crisis Inquiry Commission investigation into AIG s collapse in the financial crisis of 2007 2008 after the insurer was unable to fulfil its collateral obligations to Goldman Sachs The insurer was expected to cover the difference in value between the credit default swap contracts it had sold to Goldman Sachs however the head of the unit at AIG disagreed with the valuation that Goldman presented According to a memo published by Business Insider witnesses wondered how PwC was signing off on the accounts for both AIG and Goldman Sachs when they were using different valuation methods for the swaps contracts and therefore booked different values for them in their accounts 159 ChuoAoyama suspension Edit ChuoAoyama Audit Corporation 中央青山監査法人 Chuō Aoyama Kansa Hōjin was the Japanese affiliate of assurance service of PwC from April 2000 to 2006 160 In May 2006 the Financial Services Agency of Japan suspended ChuoAoyama from provision of some statutory auditing services for two months 161 following the collapse of cosmetics company Kanebo of which three of the partners were found assisting with accounting fraud for hiding deficits of about 1 9 billion over the course of five years 162 The accountants got suspended prison terms up to 18 months from the Tokyo District Court after the judge deemed them to have played a passive role in the crime 162 The suspension was the first ever imposed on a major accounting firm in the country Many of the firm s largest clients were forced to find replacement auditors before the suspension began that July 163 Shortly after the suspension of ChuoAoyama PwC acted quickly to stem any possible client attrition as a result of the scandal It set up the PricewaterhouseCoopers Aarata and some of ChuoAoyama s accountants and most of ChuoAoyama s clients moved to the new firm 164 165 ChuoAoyama resumed operations on 1 September 2006 under the Misuzu name However by this point the two firms combined had 30 fewer clients than did ChuoAoyama prior to its suspension Misuzu was dissolved in July 2007 166 167 Tyco settlement Edit In July 2007 PwC agreed to pay US 229 million to settle a class action lawsuit brought by shareholders of Tyco International Ltd over a multibillion dollar accounting fraud The chief executive and chief financial officer of Tyco were found guilty of looting 600 million from the company 168 Indian companies scandals Edit In 2007 India s accounting standards agency ICAI found partners of PwC guilty of professional negligence in under providing for nonperforming assets of the now defunct Global Trust Bank 169 This led to the RBI banning PwC from auditing any financial company for over a year 170 171 172 PwC was also associated with the accounting scandal at the India based DSQ Software which collapsed in 2003 173 In January 2009 PwC was criticised 174 169 175 176 177 along with the promoters of Satyam an Indian IT firm listed on the NASDAQ in a 1 5 billion fraud 178 PwC wrote a letter to the board of directors of Satyam that its audit may be rendered inaccurate and unreliable due to the disclosures made by Satyam s ex Chairman and subsequently withdrew its audit opinions 179 PwC s US arm was the reviewer for the U S filings for Satyam 180 Consequently lawsuits were filed in the US with PwC as a defendant Two partners of PricewaterhouseCoopers Srinivas Talluri and Subramani Gopalakrishnan were charged by India s Central Bureau of Investigation in connection with the Satyam scandal After the scandal broke out Subramani Gopalakrishnan retired from the firm after reaching mandatory retirement age while Talluri remained on suspension from the firm 181 182 Following the Satyam scandal the Mumbai based Small Investor Grievances Association SIGA requested the Indian stock market regulator SEBI to ban PwC permanently and seize its assets in India alleging more scandals like Ketan Parekh stock manipulations 183 In 2015 PwC India said they were disappointed with court judgement of the case saying As we have said many times there has never been any evidence presented that either of our former partners S Gopalakrishnan or Srinivas Talluri were involved in or were aware of the management led fraud at Satyam We understand that Gopal and Talluri are considering filing an appeal against this verdict 184 In 2018 PwC was banned by India s securities regulator from providing auditing services to public listed companies for 2 years and PwC was fined 2 million in addition to the suspension 185 In September 2019 this ban was overruled by the securities appellate tribunal stating that there was no evidence of collusion of PwC in the scam The tribunal also stated that SEBI had no jurisdiction over audit firms and only ICAI could issue such an order 186 Association with the hiring of a person accused in gold smuggling case Edit PwC which provides consulting service to the Kerala government s Department of Information Technology 187 188 and its Space Park project 189 has been criticised for appointing Ms Swapana Suresh who is accused in a case of smuggling gold in a diplomatic bag 189 Following an investigation the Kerala government decided to terminate the consultancy services of PwC for the proposed Space Park project in Thiruvananthapuram 189 PwC sub contracted the resource from a vendor Vision Technologies but the government considers that the primary liability is on PwC for recruiting Swapna Suresh 189 Even before these events the opening of the PwC office in Kerala secretariat had attracted serious criticism from the opposition party 190 188 191 Following this PwC issued clarification on their hiring of Ms Swapna Suresh by stating that she was hired based on a background verification report from past employers as well as a criminal record verification at the time 192 In February 2022 the state government of Kerala wrote to PwC in order to seek the refund of INR 16 Lacs paid in salary to Swapna Suresh In April 2022 the company responded that it can t repay the amount 193 Yukos prosecutions Edit Yukos was a Russian oil and gas company that was the target of politically motivated prosecutions by Russian authorities The company s assets were sold for alleged unpaid taxes and it was declared bankrupt PwC s audits were the foundation for the firm s defense in a series of continuing trials against former chief executive Mikhail Khodorkovsky and the former majority shareholder Platon Lebedev The Russian authorities then went after PwC In March 2007 police raided PwC s Moscow offices confiscating documents related to Yukos and charging and convicting PwC of failing to pay 243 million rubles or 9 4 million in taxes PwC withdrew its Yukos audits and less than two weeks later authorities cleared PwC of any wrongdoing in regard to its audit 194 195 In 2010 Joe Nocera in the New York Times wrote In 2007 with the prospect of parole on the horizon the same prosecutors with what appears to be the complicity of PricewaterhouseCoopers Yukos s longtime accounting firm indicted the two men Mikhail B Khodorkovsky and Platon Lebedev again bringing a new round of Kafkaesque charges 196 In 2010 it was revealed that the Russian government placed pressure on PwC to withdraw audits 197 198 A cable from the U S embassy in Moscow stated that the trial was politically motivated and that a deposition in a U S court by PricewaterhouseCoopers may show that PwC was pressured by the Russian government to withdraw its prior Yukos audits An embassy source noted that If the audits were properly withdrawn this will be a black mark for the defense if not it could help the defense but would greatly tarnish PWC s international reputation 199 200 197 Transneft Russia case Edit Upon the completion of the construction of the ESPO East Siberia Pacific Ocean pipeline by Transneftin December 2010 an official report of the Audit Chamber of the Russian Federation suggested that 4 billion was stolen by Transneft insiders 201 One Federation Council Speaker Sergei Mironov called for an investigation Alexei Navalny a minority Transneft shareholder and lawyer accused the company of wrongdoing in his personal blog and criticized PwC Transneft s auditor of ignoring his warnings PwC denied wrongdoing stating that We believe there are absolutely no grounds for such allegations and we stand behind our work for OAO AK Transneft 202 Northern Rock Edit In 2007 PwC was criticised by the Treasury Select Committee of the Parliament of the United Kingdom for helping Northern Rock a client of the firm to sell its mortgage assets while also acting as its auditor 203 204 In 2011 a House of Lords inquiry criticized PwC for not drawing attention to the risks in the business model followed by Northern Rock which was rescued by the UK government during the financial crisis 205 206 JP Morgan Securities audit Edit In 2012 the Accountancy and Actuarial Discipline Board AADB of the UK fined PwC a record 1 4m for wrongly reporting to the Financial Services Authority that JP Morgan Securities had complied with client money rules which protects client funds The accountants neglected to check whether JP Morgan had the correct systems in place and failed to gather sufficient evidence to form opinions on the issue and as a result failed to report that JP Morgan failed to hold client money separate from JP Morgan s money The 1 4m fine was at the time the greatest penalty administered to a professional accountancy firm in the UK 207 Water privatisation in Delhi Edit PwC was found to be unethically favored by the World Bank in a bid to privatize the water distribution system of Delhi India an effort that was alleged as corrupt by investigators 208 When bidding took place PwC repeatedly failed in each round and the World Bank in each case pressured PwC to be pushed to the next round and eventually win the bid The effort at privatization fell through when an investigation was conducted by Arvind Kejriwal and the non governmental organization NGO Parivartan in 2005 208 After submitting a Right to Information RTI request Parivartan received 9000 pages of correspondence and consultation with the World Bank where it was revealed that the privatization of Delhi s water supply would provide salaries of 25 000 a month to four administrators of each of the 21 water zones which amounted to over 25 million per year increasing the budget by over 60 and water taxes 9 times 209 210 The Delhi Jal Board DJB which administers the water system of Delhi was first approached by Parivartan in November 2004 following a report by the newspaper The Asian Age where the scheme was revealed to the public for the first time 209 210 The DJB denied the existence of the project but after an appeal the RTI request was granted The documents revealed that the project began in 1998 in complete secrecy within the DJB administration 209 210 The DJB approached the World Bank for a loan to improve the water system which it approved and the effort began with a 2 5 million consultation loan The Delhi government could have easily provided the money and the interest rate of 12 that was to be loaned by the World Bank could have been raised on capital markets for 6 209 210 Following the consultation 35 multinational companies bid of which six were to be shortlisted When PwC was in 10th place the World Bank said that at least one company should be from a developing country and since PwC made the bid from its Kolkata office it was dubbed an Indian company and its rank was raised to 6th 208 When PwC failed in the second round the World Bank pressured the DJB to start over with a fresh round of bidding Only one company succeeded in the new round that was not PwC and the World Bank had the lowest marks from an evaluator thrown out The contract was awarded to PwC in 2001 211 Following the investigation by Parivartan a campaign was waged by Kejriwal Aruna Roy and other activists across Delhi and the DJB withdrew the loan application to the World Bank 208 209 210 Cattles Edit In 2013 Cattles plc brought a legal action against PwC in the UK in respect of 2006 and 2007 audits claiming that PwC had failed to carry out adequate investigations 212 Cattles a UK consumer finance company later discovered control weaknesses which caused its loan book to be materially overstated in its balance sheet having been listed as a FTSE250 company it subsequently lost its listing PwC disputed this legal claim 213 The claim was settled out of court on undisclosed terms 214 The Financial Reporting Council FRC issued a fine of 2 3m on PwC and ordered the firm to pay 750 000 costs following their investigation of the 2007 audits of Cattles and its principal trading subsidiary PwC admitted their conduct fell significantly short of the standards reasonably to be expected of a member firm in respect of the 2007 financial statements The FRC said that PwC had insufficient audit evidence as to the adequacy of loan loss provisions 215 Quinn Insurance Edit In 2015 PwC Ireland was sued by the joint administrators of Quinn Insurance Limited QIL for 1bn Having been audited by PwC for the years 2005 to 2008 QIL went into administration in 2010 The administrators alleged that PwC should have identified a material understatement of QIL s provisions for claims 216 217 Connaught plc Edit Connaught plc a UK former FTSE 250 Index outsourcing company operating in property maintenance for the social housing and public sector was put into administration in 2010 after reporting material losses In 2017 the Financial Reporting Council FRC severely reprimanded PwC and its audit partner following an investigation of their conduct in respect of the 2009 audit of Connaught PwC was fined a record 5 million plus costs 218 Tesco Edit In 2014 Tesco a UK retailer announced that it had overstated profits by 263m by misreporting discounts with suppliers The Financial Reporting Council started an investigation into accounting practices at Tesco and into the conduct of PwC in carrying out its audits in 2012 2013 and 2014 219 Two members of Tesco s Audit Committee responsible for monitoring Tesco s relationship with its auditors had themselves previously worked for PwC including its chairman Ken Hanna he later stood down 220 In 2015 PwC were replaced as auditors of Tesco ending a 32 year engagement following a tender process to which they did not participate 221 In June 2017 the Financial Reporting Council said there was no realistic prospect that a tribunal of the UK s accountancy watchdog would rule against the auditor PwC concerning its involvement in Tesco s 2014 case 222 Bank of Tokyo Mitsubishi UFJ Edit In 2014 The Bank of Tokyo Mitsubishi UFJ was investigated by New York banking regulators over its role in routing payments for Iranian customers through its New York branch in violation of U S sanctions It was found that PwC had altered an investigation report on the issue PwC itself was fined 25 million in relation to the matter 223 Luxembourg Leaks Edit Main article Luxembourg Leaks One of the tax rulings of Luxembourg Leaks negotiated by PwC The firm helped multinational companies obtain 548 legal tax rulings in Luxembourg between 2002 and 2010 The rulings provided written assurance that the multinational companies tax saving plans would be seen favorably by the Luxembourg authorities The companies saved billions of dollars in taxes with these arrangements Some firms paid less than one percent tax on the profits they shifted to Luxembourg Employees or former employees of PwC provided documentation of the rulings to journalists 224 225 In 2013 and 2014 PwC UK s head of tax was called before the UK s public accounts committee and was questioned about lying regarding the marketing of these tax avoidance schemes He told the committee the financing investments and tax structure is legal and well known to the British government If you want to change the Lux tax regime the politicians could change the Lux tax regime 226 The disclosures attracted international attention and comment about tax avoidance schemes in Luxembourg and other tax havens The revelations later led to a series of EU wide measures aimed at regulating tax avoidance schemes and tax probes into several EU companies In 2016 PwC initiated charges against the two whistleblowers that revealed the LuxLeaks tax controversy and they were convicted and sentenced with suspended prison sentences and fined In March 2017 a Luxembourg appeals court upheld the convictions of the two whistleblowers but with reduced sentences 227 Petrobras Brazil Edit In 2015 the Bill amp Melinda Gates Foundation of Microsoft founder Bill Gates sued oil company Petrobras and accounting firm PwC s Brazil arm over investment losses due to corruption at the Brazilian oil company The filings also alleged that PwC s Brazil affiliate PricewaterhouseCoopers Auditores Independentes played a significant role by attesting to Petrobras financial statements and ignoring warnings 228 Australia Edit In 2016 Luke Sayers then CEO of PwC Australia 229 230 had the firm prepare a report projecting the excessive cost of a plebiscite on gay marriage 231 Mark Allaby a senior executive at PwC left the board of the religious lobbying organisation Australian Christian Lobby a group campaigning against same sex marriage following public outrage and pressure from PwC Australia 232 In 2007 shopping center giant Centro understated its liabilities by more than 3 billion and almost collapsed when it was unable to refinance its debt during the global financial crisis 233 PwC was Centro s auditor and admitted negligence In 2012 Centro and PwC paid a 200 million settlement to resolve the shareholder class action the largest ever in Australia 234 In 2023 it was revealed that a former PwC partner had been leaking confidential government tax plans to the firm Among some of the data that the partner leaked included new taxation rules including rules on closing loopholes which allowed multinational companies to pay tax 235 BHS Edit In 2016 PwC in the UK was investigated by the Financial Reporting Council over its conduct in relation to the audit of BHS for the year to 30 August 2014 PwC completed their audit of financial statements in which BHS was described as a going concern days before its sale for 1 to a consortium with no retail experience BHS collapsed the following year with a substantial deficit in its pension fund 236 MF Global malpractice lawsuit Edit In 2016 a United States federal judge rejected PwC s bid to dismiss a 3 billion lawsuit accusing the accounting firm of professional malpractice for helping cause the October 2011 bankruptcy of MF Global a brokerage once run by former New Jersey Governor Jon Corzine 237 238 239 BT Italy Edit BT Group British Telecom a client of PwC reported in 2017 that profits in its Italian subsidiary had been over stated by 530 million BT reportedly sought the immediate replacement of PwC as auditors following a breakdown of trust but had existing commercial relationships with the other Big 4 firms which would have prevented their early appointment 240 BT subsequently stated that its audit would be put out to tender to identify a replacement for PwC 241 In June 2017 the Financial Reporting Council began an investigation of PwC s audits of BT covering the years 2015 through 2017 242 Best Picture announcement error Edit See also 89th Academy Awards Best Picture announcement error At the 89th Academy Awards in 2017 La La Land was incorrectly announced as the winner of Best Picture after PwC partner Brian Cullinan gave presenters Warren Beatty and Faye Dunaway the wrong envelope PwC was responsible for tabulating the results preparing the envelopes and handing them to presenters 243 It was called as bad a mess up as you could imagine 244 The firm took full responsibility for handing the presenters the wrong envelope and apologized for the error 245 acknowledging that Cullinan and PwC partner Martha Ruiz did not follow protocols for correcting the error quickly In March 2017 the board of governors for the Academy voted to retain the services of accounting firm PricewaterhouseCoopers despite the mix up saying new protocols have been established including greater oversight from PwC s U S chairman Tim Ryan 246 Lezo Case Edit In 2017 PwC Spain was investigated by the Spanish National Court as part of the Lezo Case for participating in and profiting from the embezzlement of public funds to illegally finance the People s Party PP political party in the Community of Madrid 247 PrivatBank Edit PwC Ukraine had its audit license removed by the National Bank of Ukraine in July 2017 for its alleged verification of misrepresented financial information leading to a 5 5 billion balance sheet hole in PrivatBank 248 The government of Ukraine had had to rescue PrivatBank by nationalisation in 2016 to protect its 20 million customers 249 Colonial Bank audit Edit In 2017 the U S District Court for the Middle District of Alabama held PwC liable for professional negligence in its audit of Colonial Bank which failed in 2009 after filing materially false financial information with the SEC In 2018 a federal judge later ordered PwC to pay the FDIC 625 million the largest ever judgement against a U S audit firm 250 The FDIC reached a 335 million settlement with PwC in March 2019 251 Age discrimination lawsuit Edit In 2018 PwC was accused of disproportionately hiring younger workers and fostering an age conscious workplace in which youth is highly valued 252 Plaintiffs estimated that younger applicants are over 500 more likely to be hired than candidates over age 40 In March 2019 a collective action related to the case was certified by a federal judge in San Francisco 253 Luke Sayers AVP investment review Edit In 2018 PwC Australia CEO Luke Sayers was connected to perceived conflict of interest issues on a related to a personal investment in Australian Visa Processing AVP 254 a company part owned by PwC that was submitting a tender to redesign and run Australia s visa processing system that is potentially worth billions of dollars which would result in a significant financial advantage for its investors 255 This investment led to a storm inside the firm 256 interjection by PwC Global and a review by PwC Australia of its personal investment policy for partners 256 The option to invest had not been offered to all partners or even the entire firm 254 A review was announced around the way partners make personal investments 254 257 Improper audit services in US Edit During 2019 PwC s US affiliate agreed to pay more than 7 9 million to the US regulator SEC to settle allegations that it improperly performed IT and other non audit services for several audit clients 258 Angola corruption Edit In 2020 the International Consortium of Investigative Journalists ICIJ leaked over 700 000 internal documents revealing that PwC had facilitated multiple dealings in which Isabel dos Santos the daughter of the former president of Angola made a fortune while in charge of the state oil company Sonangol Dos Santos established a network of over 400 companies to facilitate tax evasion and the steering of millions of dollars of Angolan state contracts to companies under her control 259 Her husband Congolese businessman and art collector Sindika Dokolo made millions from a suspiciously one sided partnership with the state diamond company Sodiam to buy a stake in Swiss luxury jeweler De Grisogono 260 After ICIJ s revelations PwC indicated it would terminate its relationship with Dos Santos 259 Watchstone Edit In August 2020 a 63 million worth suit was filed by Watchstone formerly known as Quindell against PwC PwC is sued for conspiring against a former client according to the suit the company released information about the client to a competitor in the course of a takeover approach 261 MBC Group Edit During November 2017 PwC was engaged in due diligence and valuation of the media company MBC Group owned by Saudi businessman Waleed bin Ibrahim Al Ibrahim who was allegedly held against his wishes at the Ritz Carlton in Riyadh as part of an attempt to coerce him into selling it to the Saudi Crown Prince 262 JD Classics Edit In July 2021 PwC was sued by administrators Alvarez and Marsal on behalf of JD Classics a UK based car dealership for negligence related to audits in 2016 and 2017 263 A failure to identify fraud at the company led to losses of 41m PwC responded with a statement that this claim lacks merit and we will be vigorously defending it 264 Lobbying revolving door Edit In 2021 an investigation by the New York Times found that PwC staff sought employment at the Treasury Department where they pursued policies that helped PwC clients After completing their time at the Treasury Department the staff were promoted to partner at PwC 265 Evergrande Edit In October 2021 the accounting regulator in Hong Kong announced an investigation into PwC s audit of Evergrande a Chinese property company PwC had signed off the 2020 accounts of Evergrande without reference to its uncertainties as a going concern The company itself reported concerns as to its ability to continue operating in its half year accounts for 2021 266 267 South African Airways Edit The Zondo Commission report on state capture in South Africa uncovered several instances of alleged corruption fraud and mismanagement at South African Airways SAA The report found that PwC effectively enabled capture of SAA by failing to adequately audit its financial and accounting processes between 2012 and 2016 268 Kier and Galliford Try Edit In June 2022 the UK s Financial Reporting Council fined PwC and a former partner Jonathan Hook over audit failures relating to construction firms Galliford Try and Kier Group PwC was fined just over 3m for failing to adequately challenge revenue and costs recognised by Galliford Try s management on large complex long term construction contracts during 2018 and 2019 audits and fined 1 96m for similar failures during the 2017 audit of Kier Both fines were reduced from 5m and 3 35m respectively to reflect PwC s cooperation with the investigation 269 See also EditAccounting networks and associations Big Four accounting firms Companies portalList of companies based in London Price Waterhouse v Kwan Tax advisorReferences Edit a b c d e f g Chronology PricewaterhouseCoopers Archived from the original on 10 October 2010 Retrieved 27 September 2010 Our leadership team PricewaterhouseCoopers Retrieved 14 August 2016 PwC Global Annual Review 2022 pwc com Retrieved 4 October 2022 a b Our people 14 February 2023 Retrieved 14 February 2023 Dakers Marion 4 October 2016 Deloitte overtakes PwC as world s biggest accountant The Telegraph Retrieved 24 November 2016 Big 4 Accounting Firms Who They Are Facts and Information accountingverse com Retrieved 25 May 2017 Revenues PwC Retrieved 14 February 2023 Revenues PricewaterhouseCoopers Retrieved 14 February 2023 Sinclair Lara 20 September 2010 Logo puts case first and last The Australian Retrieved 27 September 2010 PricewaterhouseCoopers International Limited Companies House Retrieved 23 July 2020 Global Annual Review 2019 PwC Retrieved 24 January 2020 ICAEW Firms family trees Profile Michael Jordan of Cork Gully Management Today 1 January 1993 Archived from the original on 28 May 2012 Retrieved 3 August 2012 ICAEW family trees Icaew com Archived from the original on 9 December 2012 a b c d Accounting for Success a History of Price Waterhouse in America 1890 1990 Harvard Business School Press 1993 ISBN 978 0 87584 328 5 Price Waterhouse Biographical details The British Museum Retrieved 17 August 2013 University of Washington Accounting firms and organisations Faculty washington edu Accounting Giants Call Off Merger Plan Price Waterhouse Arthur Andersen Cite Differences Los Angeles Times 26 September 1989 Retrieved 17 August 2013 Price Waterhouse and Coopers amp Lybrand to merge Weekly Corporate Growth Report 29 September 1997 PricewaterhouseCoopers Tobacco Tactics University of Bath Retrieved 28 March 2023 Shore Cris amp Susan White 8 May 2014 How the Big 4 got big Audit culture and the metamorphosis of international accountancy firms Critique of Anthropology 8 13 Retrieved 28 March 2023 2016 25 Most Important Private Companies Fortune Retrieved 28 March 2023 Leonhardt David 8 August 2000 Andersen Split Into Two Firms By Arbitrator The New York Times Retrieved 28 March 2023 Tagliabue John 1 March 2000 International Business Capgemini to Acquire Ernst Young Consulting Business New York Times Retrieved 19 June 2020 Farmer Melanie Austria 29 February 2000 Ernst amp Young sells consulting unit to Cap Gemini CNET Archived from the original on 9 August 2011 Hewlett Packard drops PWC bid BBC News 13 November 2000 Simone Rose 10 December 2011 Passion for business takes entrepreneur from software to cars to music The Record Archived from the original on 11 January 2012 Andersen Affiliates in China to Join Rival Singapore News 21 March 2002 Perez Juan Carlos 3 May 2002 PwC Consulting IPO set for August Computerworld Retrieved 28 March 2023 PwC Consulting Set To Spin Forbes 2 May 2002 Retrieved 28 March 2023 Adams Richard 10 June 2002 Every day is Monday for PwC The Guardian Retrieved 28 March 2023 Monday name change for PwC BBC 10 June 2002 Retrieved 14 December 2014 Monday name change for PwC BBC News 10 June 2002 IBM buying PricewaterhouseCoopers consulting business Technology 31 July 2002 Shankland Steve 30 July 2002 IBM Grabs PWC for 3 5 Billion ZDNet com Retrieved 28 March 2023 In close race for No 1 Deloitte PwC grow apace Fox Business 30 October 2013 PricewaterhouseCoopers to Buy Consulting Firm Diamond Management Wall Street Journal 24 August 2010 PwC acquires global consulting firm PRTM International Accounting Bulletin 23 August 2011 PwC acquires digital analytics consultancy Top Consultant 15 March 2012 Retrieved 26 October 2014 PwC Buys Social Media Consulting Firm Accounting Today 24 September 2012 PricewaterhouseCoopers Advisory Services LLC PwC Advisory Services Company Profile Vault com Vault Retrieved 3 May 2017 PwC to bulk up with planned Booz amp Company ft com 30 October 2013 Archived from the original on 10 December 2022 Nisen Max Why PwC just changed the name of its 100 year old consulting acquisition Quartz Retrieved 3 May 2017 WC strikes deal to buy BGT Partners South Florida Business Journal 4 November 2013 InvestCloud InvestCloud 12 November 2008 Retrieved 15 June 2017 PwC buys Dubai based technology firm www tradearabia com Retrieved 6 June 2017 PwC hiring GE tax team Tax Pro Today Retrieved 3 May 2017 Russolillo Steven 30 November 2017 Bitcoin Goes to the Big Four PwC Accepts First Digital Currency Payment The Wall Street Journal ISSN 0099 9660 Retrieved 12 December 2017 Wilkers Ross 20 July 2018 PwC public sector arm rebrands to Guidehouse Washington Technology Retrieved 17 December 2019 Terry Robert J 23 July 2018 PwC s Veritas owned U S public sector business now has a name Washington Business Journal Retrieved 17 December 2019 PwC enters UK LawTech market with ThoughtRiver collaboration www consultancy uk 24 February 2020 Retrieved 25 February 2020 McKenna Francine PwC Ensures Oscar Ballot Integrity In Partnership With Everyone Counts Inc Forbes Retrieved 9 May 2017 Maddaus Brent Lang James Rainey Gene 2 March 2017 Oscars PwC Has Deeper Relationship With Academy Than Just Awards Show Variety Retrieved 9 May 2017 Auditora da Americanas PwC nao identificou problemas na ultima auditoria completa de 2021 Valor Economico in Brazilian Portuguese Retrieved 13 January 2023 Aguiar Victor Aguiar Victor 11 January 2023 Caos na Americanas AMER3 mercado fica perplexo com noticias de rombo contabil de R 20 bi e saida precoce de Rial Seu Dinheiro in Brazilian Portuguese Retrieved 13 January 2023 Tooge Rikardy 13 January 2023 Auditores da PwC serao investigados no caso da Americanas AMER3 por Conselho InfoMoney Retrieved 13 January 2023 PricewaterhouseCoopers How we are structured PwC How we are structured Retrieved 29 November 2016 All Your Profits Are Belong To Us Above the law 5 November 2014 Retrieved 6 November 2014 PwC Reports 35 9 bn in Global Revenues Accounting Today Retrieved 4 May 2017 PwC Revenue 2016 What are the 2016 global results of PwC big4accountingfirms com 4 October 2016 Retrieved 4 May 2017 Global Annual Review 2018 pwc com Retrieved 16 July 2019 PwC Global Annual Review 2014 PDF PwC Retrieved 8 October 2014 Assurance Services Corprate Finance Institute Retrieved 4 January 2022 Actuarial amp Insurance Management Solutions PwC Archived from the original on 27 March 2006 Vranica Suzanne O Reilly Lara 22 June 2018 Cannes Ad Festival Reflects Advertising s Changing Guard The Wall Street Journal ISSN 0099 9660 Retrieved 8 October 2018 World Drone Market Seen Nearing 127 Billion in 2020 PwC Says Bloomberg com 9 May 2016 Retrieved 8 May 2017 Here Comes the Latest Drone Army Fortune Retrieved 8 May 2017 Indian economy projected to overtake US by 2040 in purchasing power parity terms PwC report Times of India The Times of India Retrieved 8 May 2017 Country risk premia quarterly update PwC Retrieved 8 May 2017 Fernandez Pablo Aguirreamalloa Javier Corres Luis May 2011 Market Risk Premium Used in 56 Countries in 2011 A Survey with 6 014 Answers PDF IESE Business School Archived from the original PDF on 1 November 2011 Retrieved 8 May 2017 Gender pay gap won t close until 2041 ICAEW Economia economia icaew com 21 February 2017 PwC Low Carbon Economy Index Reaction amp Response Blue and Green Tomorrow blueandgreentomorrow com 2 November 2016 Retrieved 8 May 2017 Environment Analyst Business news and analysis Environment Analyst Retrieved 8 May 2017 Global carbon intensity falls on declining coal use Climate Home climate change news 1 November 2016 Retrieved 8 May 2017 China Leads Decarbonization Race As Global Carbon Intensity Falls 2 8 Says PwC CleanTechnica 2 November 2016 Retrieved 8 May 2017 Sustaining the blue economy ICAEW Economia economia icaew com 17 February 2016 Bioinsight Bioinsight Retrieved 8 May 2017 Balch Oliver 23 September 2013 Will new metrics system help companies measure overall impacts The Guardian ISSN 0261 3077 Retrieved 8 May 2017 Groundbreaking study measures impact of TUI s tourism operations www tuigroup com 13 July 2015 Archived from the original on 18 August 2016 PwC member firm locations PwC Retrieved 7 May 2017 Office locations PwC Retrieved 7 May 2017 New Seaport office tower fetches big price for developer The Boston Globe BostonGlobe com Retrieved 7 May 2017 PwC Tower Headquarters Atterbury www atterbury co za Retrieved 7 May 2017 Revenue by regions pwc com PwC Retrieved 16 July 2019 How we re doing PwC Retrieved 7 May 2017 Gyorkos Ana 16 September 2010 PricewaterhouseCoopers rebrands to pwc International Accounting Bulletin Retrieved 8 May 2017 Brand New PricewaterhouseCoopersWasALongName www underconsideration com Retrieved 8 May 2017 PWC s Mighty Morphin Logo Adapts to Web Print and Beyond Video Co Design 25 January 2012 Retrieved 8 May 2017 a b Wingard Jason 22 September 2016 Does Your Corporate Culture Support the Organizational Strategy You Need Huffington Post Retrieved 4 May 2017 Weinreb Ellen 9 April 2014 PwC 10 tips to bolster employee engagement GreenBiz Retrieved 4 May 2017 Learning Is Doing at PwC Chief Learning Officer CLO Media 16 May 2016 Retrieved 4 May 2017 Kurter Heidi Lynne 22 October 2019 How PwC Promotes Inclusivity Around Topics That Create The Largest Divide Forbes Retrieved 21 June 2020 Perna Gabriel 9 January 2019 Why PwC Chairman Tim Ryan s Top Priority Is Diversity And Race Chief Executive Retrieved 21 June 2020 CEO Action for Diversity and Inclusion CEOAction com Retrieved 21 June 2020 Bolza 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adoption TechRepublic TechRepublic Retrieved 1 June 2017 PwC and Google bring transformation to work gsuite google com Retrieved 1 June 2017 Google announces PwC as latest Apps for Work and Google Cloud Platform partner 9to5Google 28 October 2014 Retrieved 1 June 2017 Google Boosts Gmail Attachment Limit to 50 MB for Recipients DST Contributed Content on Data Storage Today www data storage today com Archived from the original on 22 April 2018 Retrieved 1 June 2017 business un org business un org Retrieved 1 June 2017 Emma Watson launches 10 by 10 by 10 UN Women Retrieved 30 May 2017 UN and PwC Launch Corporate Unconscious Gender Bias Training Fortune Retrieved 30 May 2017 a b Fighting for a Secure Digital Identity for All Redmondmag com Redmondmag Retrieved 30 May 2017 How Sixty Million Refugees Can Prove Who They Are Huffington Post 24 November 2016 Retrieved 30 May 2017 ID2020 holds Inaugural Summit at the United Nations ID2020 Archived from the original on 22 May 2017 Retrieved 30 May 2017 PwC Microsoft join to empower India s digital transformation ETCIO com Indo Asian News Service 7 October 2016 Archived from the original on 14 October 2016 Coursera partners with PwC in employee re skilling exercise The Hindu Retrieved 6 June 2017 Oracle and PwC to jointly offer IFRS 9 compliance solutions Accounting Today Retrieved 6 June 2017 PwC World Economic Forum Archived from the original on 29 November 2022 Retrieved 4 December 2022 Gawel Antonia Herweijer Celine January 2020 Unlocking Technology for the Global Goals PDF World Economic Forum Archived PDF from the original on 2 November 2022 Retrieved 4 December 2022 a b c d e People PDF pwc com PwC Retrieved 10 December 2021 Berkshire succession Greg Abel confirmed as Warren Buffett s heir apparent Financial Times 3 May 2021 Retrieved 29 January 2023 Rao K S PwC s 20th CEO Survey Edward Bastian of Delta Air Lines www bmindstoday com Retrieved 7 May 2017 Mike Dooley Retrieved 7 May 2017 Harrington AM Tony Meet MinterEllison www minterellison com Retrieved 7 May 2017 The Seattle Times Business amp Technology Nike s Phil Knight resigns as CEO old seattletimes com Archived from the original on 13 May 2017 Retrieved 10 May 2017 Villanova s Tanoh Kpassagnon making name for himself with NFL draft rise USA Today 18 April 2017 Retrieved 31 January 2020 Richard J Kramer Goodyear Corporate corporate goodyear com Retrieved 7 May 2017 Former PwC boss knighted in New Year s honours The Telegraph Retrieved 7 May 2017 Laing Doug 1 January 2017 New knight grew up in Hastings Hawke s Bay Today ISSN 1170 0777 Retrieved 13 June 2019 Churchill Lexi 15 June 2018 GM s new 39 year old CFO Dhivya Suryadevara is making history CNBC Retrieved 27 October 2019 Wilhelm Steve 18 December 2015 Brad Tilden The aw shucks leader of Alaska Airlines www bizjournals com Retrieved 7 May 2017 Wendell P Weeks MBA 1987 Alumni Harvard Business School 25 August 2014 Retrieved 7 May 2017 Gartner Gives Top Rating to PricewaterhouseCoopers for Financial Consulting Big4 com www big4 com Archived from the original on 7 July 2018 Retrieved 16 May 2017 Confira a lista das empresas mais admiradas do Brasil segundo ranking da Carta Capital Administradores com in Portuguese 2 October 2012 Retrieved 8 June 2017 Four U S Organizations Honored With 2014 Baldrige National Quality Award Nist 12 November 2014 Retrieved 1 December 2014 European Diversity Awards THE EDA WINNERS 2015 europeandiversityawards com Archived from the original on 21 May 2017 Retrieved 15 May 2017 CR Index 2016 Company listing Business in the Community 11 April 2016 Archived from the original on 11 February 2017 Retrieved 16 May 2017 Ad Age s Best Places to Work 2016 Retrieved 16 May 2017 2016 The Accountant amp International Accounting Bulletin awards winners The Accountant www theaccountant online com 7 October 2016 Retrieved 16 May 2017 Innovation Growth and Excellence Lauded at Singapore Accountancy Awards ISCA www isca org sg Retrieved 16 May 2017 PwC named strongest business to business brand BizNis Africa BizNis Africa 3 March 2016 Retrieved 30 May 2017 The DiversityInc Top Companies for Global Diversity DiversityInc Archived from the original on 29 January 2017 Retrieved 8 June 2017 PwC India wins Association of Management Consulting Firms Spotlight Awards 2016 India Info Online 29 June 2016 Retrieved 1 June 2017 The Times Top 100 Graduate Employers Milkround www milkround com Retrieved 11 June 2017 The Times Top 100 Graduate Employer PwC Retrieved 11 June 2017 Awards for Firms Client Choice Awards Client Choice Awards Retrieved 16 May 2017 Awards 2017 PwC Retrieved 16 May 2017 Global 500 2017 The annual report on the world s most valuable brands PDF February 2017 Retrieved 15 May 2017 PricewaterhouseCoopers on the Forbes America s Best Employers List Forbes Retrieved 23 June 2020 Pricewaterhouse Coopers Fortune Retrieved 23 June 2020 Goldstein Leslie Gender Stereotyping and the Workplace Price 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225 mln in Tyco settlement Reuters 6 July 2007 a b PwC s fate Hangs in Balance Economictimes indiatimes com 8 January 2009 RBI lifts ban on PwC Business Standard India Business standard com 15 March 2008 PwC has a chequered past with taxmen Business Standard India Business standard com 9 January 2009 Regulator may blacklist Price Waterhouse Business Standard India Business standard com 9 January 2009 Mukherjee Ritwik Third mess up by PwC after GTB DSQ Soft Mydigitalfc com Archived from the original on 8 February 2009 Chen George 8 January 2009 Satyam scandal rattles confidence in accounting Big Four In reuters com ICAI to seek explanation from Satyam s auditor PwC Livemint com 7 January 2009 Satyam auditor says examining chairman s statement Reuters 7 January 2009 Satyam Auditors body to pull up PwC ICAI to seek explanation from Satyam s auditor PwC Rediff com Satyam A Rs 7 000cr Lie The Times of India 8 January 2009 PWC says Satyam audit opinions may be unreliable Reuters 14 January 2009 McKenna Francine The Grand Illusion PwC Settles Satyam U S Class Action Claims Forbes Retrieved 9 May 2017 Raghavendra Verma Keith Nuthall 8 April 2009 PwC partners charged over Satyam Accountancy Age Archived from the original on 22 July 2012 Retrieved 1 March 2010 Timmons Heather 28 May 2009 Two Auditors Held in India Fault System New York Times Retrieved 9 May 2017 Investor group wants Sebi to supersede Satyam board Business Standard India Business standard com 5 September 2012 Kumar V Rishi 9 April 2015 Disappointed with verdict says PwC The Hindu Business Line Retrieved 9 May 2017 Abrams Corinne 11 January 2018 India Bans PricewaterhouseCoopers From Auditing Listed Firms for Two Years The Wall Street Journal ISSN 0099 9660 Retrieved 11 January 2018 Dave Sachin Vyas Maulik 10 September 2019 SAT quashes Sebi order of banning PwC for two years from auditing The Economic Times Retrieved 10 September 2019 Not blacklisted PwCPL clarifies after Kerala leaders remarks Ld outlookindia Retrieved 18 July 2020 a b M K Nidheesh 28 June 2020 Congress alleges corruption in Kerala govt roping in PwC for e mobility project Livemint Retrieved 18 July 2020 a b c d Government to terminate PwC s consultancy for Space Park The Times of India 15 July 2020 Retrieved 18 July 2020 PricewaterhouseCoopers to open office in Kerala secretariat Ramesh Chennithala Mathrubhumi Retrieved 18 July 2020 Congress objects to opening PricewaterhouseCoopers office in Kerala Secretariat www thenewsminute com 3 July 2020 Retrieved 18 July 2020 Swapna Suresh s alleged links with PwC company issues clarification Mathrubhumi Retrieved 18 July 2020 Can t repay Rs 16L salary paid to Swapna Suresh PwC tells Kerala government OnManorama Retrieved 2 May 2022 Zapata Ron 18 July 2007 Russian Officials Clear PwC Of Fraud In Yukos Audit Law 360 Retrieved 11 May 2017 Elder Miriam 10 July 2007 Russian court hands victory to PricewaterhouseCoopers in tax evasion case NYTimes Retrieved 11 May 2017 Nocera Joe 5 November 2010 Unyielding an Oligarch vs Putin New York Times Retrieved 26 June 2020 a b Wilson Tony 4 January 2010 Rule of law crucial for safe investment The Globe and Mail Toronto Archived from the original on 26 January 2011 White Gregory L 7 September 2010 Oil Tycoon Says PWC Caved to Pressure The Wall Street Journal Retrieved 11 May 2017 Christodoulou Mario 17 December 2010 Wikileaks reveals US concerns over PwC Yukos audits Accountancy Age Retrieved 26 June 2020 Khodorkovsky Case Discussed in Leaked Cable The Moscow Times 3 December 2010 Retrieved 26 June 2020 Transneft Accused Of Stealing 4 Billion The St Petersburg Times 19 November 2010 Retrieved 28 December 2010 Amos Howard 18 November 2010 Transneft Accused of 4Bln Theft The Moscow Times Retrieved 11 May 2017 Alex Hawkes 30 March 2011 MPs tackle PwC over Northern Rock The Guardian Retrieved 17 June 2015 Alistair Osborne 31 March 2011 Were Big Four auditors just guilty of failing to see wood for trees The Daily Telegraph Retrieved 17 June 2015 Graeme Wearden 4 December 2011 House of Lords criticises UK auditors over role in financial crisis The Guardian Retrieved 17 June 2015 David Jetuah 4 December 2011 PwC urged to return Northern Rock fees Accountancy Age Retrieved 17 June 2015 Anna White 5 January 2012 PwC fined record 1 4m over JP Morgan audit The Daily Telegraph a b c d RTI expose of how World Bank had arm twisted Delhi Jal Board for water privatisation Moneylife a b c d e Independent People s Tribunal on The World Bank in India Program Arvind Kejriwal worldbanktribunal org a b c d e How World Bank Dicatates Indian Policies on YouTube BharatKiAwaaz RTI Spurs Debate on World Bank Involvement in Delhi Water Deal PDF Commonwealth Human Rights Initiative Doherty Raymond 5 March 2013 PwC failed as competent auditor says Cattles Economia Archived from the original on 23 September 2013 Cattles failure was nothing to do with us says angry PwC The Times 17 July 2013 PwC settles Cattles lawsuit Economia October 2015 PwC fined 2 3m over auditing of subprime lender Cattles The Guardian 31 August 2016 PwC claims 1bn Quinn Insurance action poised on cliff Irish Times 7 May 2015 Retrieved 12 June 2015 More details sought in case against PWC over Quinn Insurance accounts RTE News 19 May 2015 Retrieved 12 June 2015 PwC fined 5m over Connaught audit BBC 11 May 2017 Retrieved 13 May 2017 FRC launches Tesco investigation Economia December 2014 Tesco an opportunity for audit Economia October 2014 Tesco Ends 32 Year PwC Relationship After Accounting Scandal Bloomberg com May 2015 Martin Kate 5 June 2017 Accounting watchdog closes PwC Tesco probe Financial Times Archived from the original on 10 December 2022 Retrieved 6 June 2017 Bank of Tokyo Fined for Misleading New York Regulator on Iran The New York Times DealBook 18 November 2014 Retrieved 10 April 2015 Is Your Head Spinning 5 Tips to Understand the Lux Leaks Files International Consortium of Investigative Journalists Retrieved 10 May 2017 ICIJ Explore the Documents Luxembourg Leaks Database The Guardian PriceWaterhouseCoopers chief Kevin Nicholson denies lying over tax deals Aries Quentin 15 March 2017 LuxLeaks whistleblowers get lighter sentences Politico Retrieved 10 May 2017 Bill Gates sues oil giant Petrobras and PwC over corruption scandal Telegraph co uk Retrieved 4 April 2016 Luke Sayers corporate politician Financial Review 8 September 2016 Retrieved 13 August 2017 PwC Australia Appoints New CEO Big4 com www big4 com Archived from the original on 13 August 2017 Retrieved 13 August 2017 Same sex marriage vote has 525m price tag study finds ABC News 14 March 2016 Retrieved 13 August 2017 PwC exec leaves Australian Christian Lobby board Crikey 1 March 2016 Retrieved 13 August 2017 Centro PwC take record 200m legal hit Financial Review 9 May 2012 Archived from the original on 13 August 2017 Retrieved 13 August 2017 Battersby Lucy 20 November 2012 PwC auditor sidelined until 2015 for 2 1b Centro debt bungle The Sydney Morning Herald Retrieved 13 August 2017 Thompson Colin Kruger Angus 23 January 2023 Treasury threatens to stop briefing tax multinationals after leak The Age Retrieved 23 January 2023 PwC questioned over BHS going concern audit Accountancy Age May 2016 PwC must face 1 billion MF Global malpractice lawsuit U S judge Reuters 5 August 2016 Retrieved 6 August 2016 Fitzgerald Patrick 5 August 2016 Judge Says MF Global Lawsuit Against PwC Can Proceed Wall Street Journal Retrieved 6 August 2016 Largest lawsuit against an auditor goes to court for 5 5 billion Miami Herald Retrieved 6 August 2016 BT in urgent hunt for clean auditor after 530m Italy scandal Sky News 29 March 2017 Retrieved 30 May 2017 BT looking for new auditor after 33 years with PwC Economia 12 May 2017 Retrieved 30 May 2017 BT Italy scandal prompts auditing probe BBC 29 June 2017 Retrieved 14 July 2017 Oscars How the Wrong Envelope Triggered a Best Picture Fiasco The Hollywood Reporter Retrieved 9 May 2017 Pylas Pan 27 February 2017 PwC s hard won reputation under threat after Oscars mix up The Chicago Tribune Associated Press Retrieved 27 February 2017 Rapoport Michael 27 February 2017 Oscar Overseer PricewaterhouseCoopers Apologizes for Award Mixup The Wall Street Journal ISSN 0099 9660 Retrieved 9 May 2017 Sandra Gonzalez and Megan Thomas PwC We failed the Academy in best picture mess up CNN Retrieved 9 May 2017 El juez acredita que PwC se lucro de un contrato fantasma a cambio de financiar al PP de Madrid ELMUNDO in Spanish Retrieved 2 June 2017 Olearchyk Roman 20 July 2017 Ukraine pulls PwC bank audit licence over 5 5bn hole at top lender Financial Times Archived from the original on 10 December 2022 Retrieved 25 July 2017 Ukraine s biggest lender PrivatBank nationalised BBC News 19 December 2016 Retrieved 25 July 2017 McKenna Francine 4 July 2018 Colonial Bank Award Against PWC Is Window Into Typically Secret Settlements The Wall Street Journal ISSN 0099 9660 Retrieved 30 March 2019 Barba Robert 15 March 2019 PricewaterhouseCoopers Settles With FDIC Over Failed Bank Audits The Wall Street Journal ISSN 0099 9660 Retrieved 30 March 2019 Gee Kelsey 28 February 2018 Campus Recruiting Hurts Older Workers Suit Against PricewaterhouseCoopers Claims The Wall Street Journal ISSN 0099 9660 Retrieved 1 April 2019 Todd Ross 28 March 2019 PricewaterhouseCoopers Faces Collective Action in Age Bias Case The Recorder Retrieved 1 April 2019 a b c PwC Australia to review partner investments after global intervention Australian Financial Review 16 July 2018 Retrieved 22 April 2020 Home Affairs 1bn visa platform outsourcing riddled with IT risks iTnews Retrieved 22 April 2020 a b Tension lingers at PwC over visa investments Australian Financial Review 19 September 2018 Retrieved 22 April 2020 Accountants can invest in consulting clients raising conflict fears Australian Financial Review 17 July 2018 Retrieved 22 April 2020 Heller Matthew 24 September 2019 PwC Fined 7M for Audit Independence Violations CFO com Retrieved 28 January 2022 a b Freedberg Sydney P Alecci Scilla Fitzgibbon Will Dalby Douglas Reuter Delphine 19 January 2020 The Luanda Leaks How Africa s Richest Woman Exploited Family Ties Shell Companies And Inside Deals to Build an Empire International Consortium of Investigative Journalism Retrieved 3 February 2020 Isabel dos Santos Africa s richest woman ripped off Angola BBC News British Broadcasting Corporation 20 January 2020 Retrieved 20 January 2020 Beioley Katie Kinder Tabby 7 August 2020 PwC sued for 63m over Quindell deal conspiracy Financial Times Archived from the original on 10 December 2022 Retrieved 7 August 2020 Hubbard Ben 2020 MBS New York Crown an imprint of Random House p 283 ISBN 9781984823830 Competency of PwC s JD Classics audits may be questioned in High Court www am online com Retrieved 11 September 2021 Become an FT subscriber to read Financial Times Financial Times 27 July 2021 Retrieved 11 September 2021 Drucker Jesse Hakim Danny 19 September 2021 How Accounting Giants Craft Favorable Tax Rules From Inside Government The New York Times ISSN 0362 4331 Retrieved 19 September 2021 John Alun 15 October 2021 Hong Kong audit watchdog investigating Evergrande and PwC Reuters Retrieved 25 October 2021 Foy Simon 15 October 2021 Hong Kong watchdog to investigate PwC audit of Evergrande accounts The Telegraph Retrieved 25 October 2021 Gumede Michelle Mhlanga Denise 6 January 2022 Raymond Zondo censures PwC for turning blind eye to state capture BusinessLIVE Retrieved 6 January 2022 Morby Aaron 7 June 2022 PwC handed 5m fine for Kier and Galliford Try audits Construction Enquirer Retrieved 7 June 2022 Further reading EditAllen David Grayson McDermott Kathleen 1992 Accounting for Success A History of Price Waterhouse in America 1890 1990 1992 Harvard Business School Press ISBN 0 875 843 28X Jones E 1995 True and Fair A History of Price Waterhouse Hamish Hamilton ISBN 0 241 00172 2 A History of Cooper Brothers 1854 1954 B T Batsford London 1954 An Early History of Coopers amp Lybrand 1984 Garland Publishing Inc ISBN 978 0 8240 6319 1External links Edit Wikimedia Commons has media related to PricewaterhouseCoopers Official website Retrieved from https en wikipedia org w index php title PwC amp oldid 1149327801, wikipedia, wiki, book, books, library,

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