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| Boilerpipe Text | PricewaterhouseCoopers International Limited
Trade name
PwC
Company type
Members have different legal structures; both UK and US firms are
limited liability partnerships
Industry
Professional services
Founded
1998
(PricewaterhouseCoopers)
1849
(Price Waterhouse)
1854
(Coopers & Lybrand)
[
1
]
Founders
Samuel Lowell Price
Edwin Waterhouse
William Cooper
Robert Hiester Montgomery
Headquarters
London
, England, UK
Area served
Worldwide
Key people
Mohamed Kande (chairman)
[
2
]
Services
Assurance
Data and
analytics
Digital Transformation
Financial advisory
Forensic accounting
Legal services
Management consulting
Risk advisory
Risk assurance
Tax advisory
Revenue
US$
55.4 billion (2024)
[
3
]
Number of employees
370,000 (2024)
[
3
]
Website
www
.pwc
.com
PricewaterhouseCoopers
, also known as
PwC
,
[
4
]
is a
multinational
professional services network
based in
London
, England.
It is the second-largest professional services network in the world
[
5
]
and is one of the
Big Four accounting firms
, along with
Deloitte
,
EY
, and
KPMG
.
[
6
]
The PwC network is overseen by
PricewaterhouseCoopers International Limited
, an English
private company limited by guarantee
.
[
7
]
[
8
]
PwC operates in 149 countries, with a global workforce of more than 370,000 people (as of FY 2024).
[
9
]
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.
[
10
]
The company's global revenues were US$55.4 billion in FY 2024, of which $19.5 billion was generated by its
Assurance
practice, $12.6 billion by its Tax and Legal practice and $23.3 billion by its Advisory practice.
[
9
]
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 in September 2010 as part of a
rebranding
effort.
[
11
]
In April 2025, PwC shut down its operations in nine African countries.
[
12
]
The firm has been embroiled in a number of corruption controversies and crime scandals. The firm has on multiple occasions been implicated in
tax evasion
and
tax avoidance
practices. It has frequently been fined by regulators for performing
audits
that fail to meet auditing standards. Amid
Russia's war in Ukraine
, PwC assisted Russian oligarchs to hide their wealth and contributed to bypassing global sanctions placed on Russia over its invasion of Ukraine.
[
13
]
[
14
]
In 1854,
William Cooper
founded an accountancy practice at No. 13 George Street in London. 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.
[
15
]
Then in 1980, Coopers & Lybrand expanded its expertise in
insolvency
substantially by acquiring
Cork Gully
, a leading firm in that field in the UK.
[
16
]
In 1990, in certain countries, including the UK, Coopers & Lybrand merged with
Deloitte, Haskins & Sells
to become Coopers & Lybrand Deloitte;
[
1
]
in 1992 it reverted to Coopers & Lybrand.
[
17
]
The firm relocated from George Street to modern offices designed by
Dennis Lennon & Partners
at Plumtree Court in 1985,
[
18
]
and then moved to new offices designed by
Terry Farrell
at Embankment Place in 1994.
[
19
]
Edwin Waterhouse
c.
1907
In 1849,
Samuel Lowell Price
, an accountant, founded an accountancy practice at No. 5
Gresham Street
in London.
[
20
]
In 1865, Price went into partnership with
William Hopkins Holyland
and
Edwin Waterhouse
at No. 13 Gresham Street.
[
20
]
Holyland left shortly afterwards to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co.
[
20
]
The firm was based at No. 3, Frederick's Place in
Old Jewry
in London from 1899.
[
21
]
By the late 19th century, Price Waterhouse had gained recognition as an accounting firm. It opened an office in New York City 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.
[
20
]
The firm relocated from Frederick's Place to modern offices at
Southwark Towers
in London Bridge Street in 1975.
[
22
]
The original partnership agreement, signed by Price, Holyland, and Waterhouse could be found in the new offices there.
[
23
]
In a further effort to take advantage of
economies of scale
, PW and
Arthur Andersen
discussed a merger in 1989
[
24
]
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.
[
25
]
In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers (written with a lowercase "w" and a
camel case
"C").
[
26
]
At that time, MCS was the largest and fastest growing division.
[
27
]
The fallout from the
Enron
,
Worldcom
and other
financial auditing scandals
led to the demise of
Arthur Andersen
, reducing the count of the Big Five accounting firms down to the
Big Four
and spurring passage of the 2002
Sarbanes–Oxley Act
(SOX). Among other restrictions, SOX severely limited the overlap between management consulting and auditing services.
[
28
]
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.
[
29
]
Almost a year after the collapse of Arthur Andersen in 2001, Arthur Andersen, LLP affiliates in Hong Kong and mainland China completed talks to join PricewaterhouseCoopers, China.
[
30
]
In 2000, PwC acquired Canada's largest
SAP
consulting partner, Omnilogic Systems, to expand its developing consulting presence in Canada.
[
31
]
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.
[
32
]
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.
[
33
]
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 Airlines
' Greg Brennerman as CEO to run the global division.
[
34
]
A week later, it was announced that an outside consultancy,
Wolff Olins
, had created new branding for the consulting group, called "Monday".
[
35
]
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."
[
36
]
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 in August 2002, when PwC announced it sold 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. At the same time, Monday carried just 30,000 at the time.
[
37
]
However, it was seen as a win by IBM since PwC Consulting/Monday's valuation had suffered after the post-9/11 recession.
[
38
]
PwC began rebuilding its consulting practice with acquisitions such as Paragon Consulting Group and the commercial services business of
BearingPoint
in 2009.
[
39
]
The firm continued this process by acquiring
Diamond Management & Technology Consultants
in November 2010,
[
40
]
and
PRTM
in August 2011.
[
41
]
In 2012, the firm acquired Logan Tod & Co, a digital analytics and optimisation consultancy,
[
42
]
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.
[
43
]
In April 2014,
[
44
]
Booz & Company
combined with PwC to form
Strategy&
.
[
45
]
[
46
]
In 2013, PwC acquired
BGT Partners
.
[
47
]
In 2016, PwC acquired technology/consulting firm NSI DMCC.
[
48
]
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.
[
49
]
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.
[
50
]
Veritas Capital
acquired PwC's US public sector business in 2018, and branded the new company as
Guidehouse
.
[
51
]
[
52
]
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.
[
53
]
In addition, the company oversees AMPAS elections, prepares its financial documents, and is responsible for the group's tax filings.
[
54
]
In 2023, PwC acquired Surfaceink, a hardware designer.
[
55
]
In May 2024, PwC became
ChatGPT
Enterprise's biggest customer and will also start reselling
OpenAI's
service for other large businesses.
[
56
]
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 is organized into three service lines:
[
60
]
Assurance
– Assurance services are those typically associated with
financial audits
.
[
61
]
Advisory
– 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
.
[
62
]
PwC has also expanded into digital media and advertising.
[
63
]
Tax
–
International tax planning
PwC firms are in 140 countries, with 370,000 people.
[
3
]
In September 2010, a new logo, designed by Wolff Olins, was introduced to reflect the new PwC trading name.
[
64
]
[
65
]
[
66
]
PwC's current logo was introduced in April 2025, featuring the new orange 'momentum mark'.
[
67
]
This smaller and simpler design is said to be more fit for digital and online uses.
[
68
]
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 2025
The PwC logo since 2025
The firm has been embroiled in a number of corruption controversies and crime scandals.
[
69
]
The firm has on multiple occasions been implicated in
tax evasion
and
tax avoidance
practices.
[
13
]
[
70
]
The company has aided war criminals in evading sanctions.
[
14
]
The company has frequently performed insufficient audits, whereby it performs auditing services that vouch for the finances of companies without following basic auditing standards.
[
71
]
[
72
]
[
73
]
[
74
]
[
75
]
Gender employment discrimination
[
edit
]
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.
[
76
]
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."
[
77
]
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.
[
78
]
Following the suit, the firm received media attention due to its discriminatory labor practices towards males as well.
[
79
]
In 2014, it came to light that PwC had received $55 million from
Caterpillar Inc.
to develop a tax avoidance scheme. According to a US Senate investigation, PwC had helped Caterpillar Inc. drastically reduce its taxes for more than a decade.
[
80
]
[
81
]
Profits worth $8 billion were shifted from the United States to Switzerland, allegedly enabling savings of more than $2.4 billion in US taxes over that period. In Switzerland, the profits were taxed at just 4%.
[
80
]
A PricewaterhouseCoopers managing director involved in designing the tax savings plan wrote at the time to a PwC partner: “
We’ll all be retired when this … comes up on audit.
”
[
81
]
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.
[
82
]
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."
[
82
]
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).
[
83
]
ChuoAoyama suspension
[
edit
]
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.
[
84
]
In May 2006, the Financial Services Agency of Japan suspended ChuoAoyama from provision of some statutory auditing services for two months
[
85
]
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.
[
86
]
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.
[
86
]
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.
[
87
]
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.
[
88
]
[
89
]
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.
[
90
]
[
91
]
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.
[
92
]
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
.
[
93
]
This led to the
RBI
banning PwC from auditing any financial company for more than a year.
[
94
]
[
95
]
[
96
]
PwC was also associated with the accounting scandal at the India-based
DSQ Software
, which collapsed in 2003.
[
97
]
In January 2009, PwC was criticised,
[
98
]
[
93
]
[
99
]
[
100
]
[
101
]
along with the promoters of
Satyam
, an Indian IT firm listed on the
NASDAQ
, in a $1.5 billion fraud.
[
102
]
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.
[
103
]
PwC's US arm "was the reviewer for the U.S. filings for Satyam".
[
104
]
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.
[
105
]
[
106
]
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."
[
107
]
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."
[
108
]
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.
[
109
]
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.
[
110
]
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
[
111
]
[
112
]
and its Space Park project,
[
113
]
has been criticised for appointing Ms. Swapna Suresh, who is accused in a case of smuggling gold in a
diplomatic bag
.
[
113
]
Following an investigation, the Kerala government decided to terminate the consultancy services of PwC for the proposed Space Park project in
Thiruvananthapuram
.
[
113
]
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.
[
113
]
Even before these events, the opening of the PwC office in
Kerala secretariat
had attracted serious criticism from the opposition party.
[
114
]
[
112
]
[
115
]
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.
[
116
]
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.
[
117
]
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.
[
118
]
[
119
]
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."
[
120
]
In 2010, it was revealed that the Russian government placed pressure on PwC to withdraw audits.
[
121
]
[
122
]
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."
[
123
]
[
124
]
[
121
]
Transneft Russia case
[
edit
]
Upon the completion of the construction of the ESPO (East Siberia-Pacific Ocean) pipeline by
Transneft
in December 2010, an official report of the Audit Chamber of the Russian Federation suggested that $4 billion was stolen by Transneft insiders.
[
125
]
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."
[
126
]
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.
[
127
]
[
128
]
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
2008 financial crisis
.
[
129
]
[
130
]
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.
[
131
]
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.
[
132
]
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.
[
132
]
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 more than $25 million per year, increasing the budget by more than 60% and water taxes 9 times.
[
133
]
[
134
]
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.
[
133
]
[
134
]
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.
[
133
]
[
134
]
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%.
[
133
]
[
134
]
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.
[
132
]
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.
[
135
]
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.
[
132
]
[
133
]
[
134
]
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.
[
136
]
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.
[
137
]
The claim was settled out of court on undisclosed terms.
[
138
]
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.
[
139
]
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.
[
140
]
[
141
]
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.
[
142
]
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.
[
143
]
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.
[
144
]
In 2015 PwC were replaced as auditors of Tesco, ending a 32-year engagement, following a tender process to which they did not participate.
[
145
]
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.
[
146
]
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.
[
147
]
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.
[
148
]
[
149
]
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."
[
150
]
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.
[
151
]
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.
[
152
]
Gay marriage in Australia
[
edit
]
In 2016,
Luke Sayers
, then CEO of PwC Australia,
[
153
]
[
154
]
had the firm prepare a report projecting the excessive cost of a plebiscite on
gay marriage
.
[
155
]
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.
[
156
]
Centro Properties Group
[
edit
]
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
2008 financial crisis
.
[
157
]
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.
[
158
]
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.
[
159
]
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
.
[
160
]
[
161
]
[
162
]
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.
[
163
]
BT subsequently stated that its audit would be put out to tender to identify a replacement for PwC,
[
164
]
In June 2017, the Financial Reporting Council began an investigation of PwC's audits of BT covering the years 2015 through 2017.
[
165
]
Oscars Best Picture announcement error
[
edit
]
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.
[
166
]
It was called "as bad a mess-up as you could imagine."
[
167
]
The firm took "full responsibility" for handing the presenters the wrong envelope and apologized for the error,
[
168
]
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."
[
169
]
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
.
[
170
]
The government of
Ukraine
had had to rescue PrivatBank by nationalisation in 2016 to protect its 20 million customers.
[
171
]
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.
[
172
]
The FDIC reached a $335 million settlement with PwC in March 2019.
[
173
]
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."
[
174
]
Plaintiffs estimated that younger applicants are more than 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.
[
175
]
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),
[
176
]
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.
[
177
]
This investment led to a "storm inside the firm",
[
178
]
interjection by PwC Global and a review by PwC Australia of its personal investment policy for partners.
[
178
]
The option to invest had not been offered to all partners or even the entire firm.
[
176
]
A review was announced around the way partners make personal investments.
[
176
]
[
179
]
Improper audit services in US
[
edit
]
During 2019, PwC's US affiliate agreed to pay more than $7.9 million to its US regulator, the
Securities and Exchange Commission
(SEC), to settle allegations that it improperly performed IT and other non-audit services for several audit clients.
[
180
]
Corruption in Angola
[
edit
]
In 2020, the
International Consortium of Investigative Journalists
(ICIJ) leaked more than 700,000 internal documents revealing that PwC had facilitated multiple dealings in which
Isabel dos Santos
, the daughter of former
President of Angola
José Eduardo dos Santos
, made a fortune while in charge of the state oil company,
Sonangol
. Dos Santos established a network of more than 400 companies to facilitate tax evasion and the steering of millions of dollars of Angolan state contracts to companies under her control.
[
181
]
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
.
[
182
]
After ICIJ's revelations, PwC indicated it would terminate its relationship with Dos Santos.
[
181
]
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
.
[
183
]
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.
[
184
]
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."
[
185
]
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.
[
186
]
PwC has audited
Evergrande
, a Chinese property company, since 2009 and received fees worth $42 million for doing so.
[
187
]
By 2021, Evergrande had collapsed financially and set off the Chinese
property sector crisis
, which sparked questions about PwC's role in inflating the company's revenue prior to the firm's eventual bankruptcy.
[
188
]
In October 2021, the accounting regulator in Hong Kong announced an investigation into PwC's audit of Evergrande. PwC had signed off the 2020 accounts of Evergrande without reference to its uncertainties as a going concern. After the announcement of the fraud investigation, PwC resigned as auditor of Evergrande's accounts.
[
189
]
One year later, in February 2024, Evergrande's liquidators prepared for a potential lawsuit against PwC.
[
190
]
In September 2024, PwC ZhongTian, PwC's auditing business in China, was suspended for six months. China's securities regulator also confiscated the revenue PwC earned from auditing Evergrande and imposed a fine of $62 million.
[
191
]
[
192
]
The four signing registered accountants (
CPAs
) on the audit reports for Evergrande Real Estate's financial statements from 2018 to 2020 were penalized with the revocation of their practicing certificates, and seven CPAs who participated in preparing Evergrande Real Estate's consolidated financial statements were given administrative penalties, such as warnings or fines.
[
193
]
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.
[
194
]
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.
[
195
]
Americanas (AMER3) controversy
[
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.
[
196
]
[
197
]
[
198
]
Australia tax leak scandal
[
edit
]
In 2023, it was revealed that a PwC partner, who was a member of consultation groups set up by the
Australian Treasury
to improve tax laws, had been leaking confidential government tax plans to PwC. The data leaked by the PwC partner included new taxation rules to close loopholes which allowed multinational companies to avoid paying tax.
[
199
]
After PwC completed an internal investigation in July 2023, eight partners, including former chief executive
Tom Seymour
, were removed from the partnership.
[
200
]
[
201
]
In July 2023 PwC sold its Australian government consulting business to
Allegro Funds
for $1 with the business rebranded
Scyne Advisory
.
[
202
]
[
203
]
Aiding Russian oligarchs
[
edit
]
PwC's
Cyprus
unit helped dozens of Russian oligarchs to shuffle their wealth and evade sanctions after
Russia's invasion of Ukraine
.
[
204
]
[
205
]
PwC helped
Alexey Mordashov
transfer a $1.4 billion investment out of his name in order to elude EU sanctions.
[
204
]
PwC also helped two oligarchs who were instrumental to the waging of Russia's war in Ukraine to hide $100 million.
[
204
]
After the start of the full-scale Russian invasion of Ukraine, on 7 March 2022, PwC stated that "under the circumstances, PwC should not have a member firm in Russia and consequently PwC Russia will leave the network."
[
206
]
On 29 April, PwC Russia announced the withdrawal of the brand from the PwC network, and on 30 June, a legal agreement was signed on the withdrawal of the firm in Russia from the network.
[
207
]
A week later, on 5 July 2022, PwC Ukraine announced the final exit of the company from Russia: "PwC no longer has a firm in Russia: on 4 July 2022 all aspects of the departure of the former PwC firm in Russia have been completed".
[
208
]
However, in 2023, it emerged that PwC helped Russian oligarchs to avoid sanctions.
[
209
]
PwC also stopped working in Belarus, where its staff consisted of 25 people.
[
210
]
PwC helped billionaire
Hushang Ansary
allegedly defraud a pension fund in
Curaçao
by setting up shell companies to drain it.
[
211
]
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Archived
from the original on 1 December 2020
. Retrieved
20 January
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
.
Archived
from the original on 11 September 2021
. Retrieved
11 September
2021
.
^
"Become an FT subscriber to read | Financial Times"
.
Financial Times
. 27 July 2021.
Archived
from the original on 11 September 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
.
Archived
from the original on 19 September 2021
. Retrieved
19 September
2021
.
^
Foy, Simon (15 October 2021).
"Hong Kong watchdog to investigate PwC audit of Evergrande accounts"
.
The Telegraph
.
Archived
from the original on 25 October 2021
. Retrieved
25 October
2021
.
^
"China is investigating the role of Big 4 accountant PwC in $78 billion Evergrande fraud case"
.
Fortune Asia
. 2024.
Archived
from the original on 22 March 2024
. Retrieved
22 March
2024
.
^
"China Evergrande's auditor PwC quits over 2021 audit-related matters"
.
Reuters
. 17 January 2023.
Archived
from the original on 2 July 2024
. Retrieved
20 March
2024
.
^
"China Evergrande's liquidators prepare to sue PwC over audits, FT reports"
.
Reuters
. 17 February 2024.
^
Hooker, Lucy (13 September 2024).
"UK accounting giant PwC faces six-month China ban"
.
BBC News Online
.
Archived
from the original on 14 September 2024
. Retrieved
14 September
2024
.
^
"中国证监会有关负责人就普华永道行政处罚案件答记者问"
. 13 September 2024.
^
"财政部对普华永道作出行政处罚决定"
. 13 September 2024.
^
Gumede, Michelle; Mhlanga, Denise (6 January 2022).
"Raymond Zondo censures PwC for turning blind eye to state capture"
.
BusinessLIVE
.
Archived
from the original on 6 January 2022
. Retrieved
6 January
2022
.
^
Morby, Aaron (7 June 2022).
"PwC handed £5m fine for Kier and Galliford Try audits"
.
Construction Enquirer
.
Archived
from the original on 7 June 2022
. Retrieved
7 June
2022
.
^
"Auditora da Americanas, PwC não identificou problemas na última auditoria completa, de 2021"
.
Valor Econômico
(in Brazilian Portuguese). 11 January 2023.
Archived
from the original on 8 October 2024
. Retrieved
13 January
2023
.
^
Aguiar, Victor; Aguiar, Victor (11 January 2023).
"Caos na Americanas (AMER3): mercado fica perplexo com notícias de rombo contábil de R$ 20 bi e saída precoce de Rial"
.
Seu Dinheiro
(in Brazilian Portuguese)
. Retrieved
13 January
2023
.
^
Tooge, Rikardy (13 January 2023).
"Auditores da PwC serão investigados no caso da Americanas (AMER3) por Conselho"
.
InfoMoney
.
Archived
from the original on 8 October 2024
. Retrieved
13 January
2023
.
^
Thompson, Colin Kruger, Angus (23 January 2023).
"Treasury threatens to stop briefing tax multinationals after leak"
.
The Age
.
Archived
from the original on 23 January 2023
. Retrieved
23 January
2023
.
{{
cite web
}}
: CS1 maint: multiple names: authors list (
link
)
^
"PwC Australia exits eight partners for professional or governance breaches"
. PwC Australia.
Archived
from the original on 3 July 2023
. Retrieved
3 July
2023
.
^
"PwC Australia removes multiple partners, including former chief executive Tom Seymour, over tax leak scandal"
.
ABC News
. 3 July 2023.
Archived
from the original on 8 October 2024
. Retrieved
3 July
2023
.
^
PwC appoints new CEO Kevin Burrowes and announces it will sell off government business
Archived
8 October 2024 at the
Wayback Machine
ABC News
23 June 2023
^
PwC completes $1 fire sale to Allegro Funds, renames to Scyne Advisory
Archived
3 July 2023 at the
Wayback Machine
News.com.au
4 July 2023
^
a
b
c
"Cyprus ignores Russian atrocities, Western sanctions to shield vast wealth of Putin allies"
.
ICIJ
. 14 November 2023.
Archived
from the original on 14 December 2023
. Retrieved
14 November
2023
.
^
"As sanctions loomed, accounting giant PwC scrambled to keep powerful Russians a step ahead - ICIJ"
.
ICIJ
. 14 November 2023.
Archived
from the original on 5 December 2023
. Retrieved
14 November
2023
.
^
"Accountancy giant PwC to exit Russia as multinational exodus grows"
.
Sky News
.
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from the original on 3 June 2024
. Retrieved
3 June
2024
.
^
"Statement on PwC Russia"
.
PwC
.
Archived
from the original on 23 April 2023
. Retrieved
23 April
2023
.
^
"PwC no longer has a firm in Russia: on 4 July 2022 all aspects of the departure of the former PwC firm in Russia have been completed"
.
PwC
.
Archived
from the original on 23 April 2023
. Retrieved
23 April
2023
.
^
"As sanctions loomed, accounting giant PwC scrambled to keep powerful Russians a step ahead"
.
ICIJ
. 14 November 2023.
Archived
from the original on 5 December 2023
. Retrieved
14 November
2023
.
^
O'Dwyer, Michael (6 March 2022).
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.
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.
Archived
from the original on 10 December 2022
. Retrieved
23 April
2023
.
^
"A US billionaire took over a tropical island pension fund — then hundreds of millions of dollars allegedly went missing"
.
ICIJ
. 20 November 2023.
Archived
from the original on 16 May 2024
. Retrieved
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2023
.
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, Edgar, (1995)
True and Fair: A History of Price Waterhouse
, Hamish Hamilton,
ISBN
978-0241001721
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
Official website |
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## Contents
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- [(Top)](https://en.wikipedia.org/wiki/PwC)
- [1 History](https://en.wikipedia.org/wiki/PwC#History)
Toggle History subsection
- [1\.1 Coopers & Lybrand](https://en.wikipedia.org/wiki/PwC#Coopers_&_Lybrand)
- [1\.2 Price Waterhouse](https://en.wikipedia.org/wiki/PwC#Price_Waterhouse)
- [1\.3 1998 to present](https://en.wikipedia.org/wiki/PwC#1998_to_present)
- [2 Operations](https://en.wikipedia.org/wiki/PwC#Operations)
Toggle Operations subsection
- [2\.1 Logo history](https://en.wikipedia.org/wiki/PwC#Logo_history)
- [3 Litigation](https://en.wikipedia.org/wiki/PwC#Litigation)
Toggle Litigation subsection
- [3\.1 Gender employment discrimination](https://en.wikipedia.org/wiki/PwC#Gender_employment_discrimination)
- [3\.2 Tax issues](https://en.wikipedia.org/wiki/PwC#Tax_issues)
- [3\.3 American International Group Inc.](https://en.wikipedia.org/wiki/PwC#American_International_Group_Inc.)
- [3\.4 ChuoAoyama suspension](https://en.wikipedia.org/wiki/PwC#ChuoAoyama_suspension)
- [3\.5 Tyco settlement](https://en.wikipedia.org/wiki/PwC#Tyco_settlement)
- [3\.6 Indian companies scandals](https://en.wikipedia.org/wiki/PwC#Indian_companies_scandals)
- [3\.6.1 Association with the hiring of a person accused in gold smuggling case](https://en.wikipedia.org/wiki/PwC#Association_with_the_hiring_of_a_person_accused_in_gold_smuggling_case)
- [3\.7 Yukos prosecutions](https://en.wikipedia.org/wiki/PwC#Yukos_prosecutions)
- [3\.8 Transneft Russia case](https://en.wikipedia.org/wiki/PwC#Transneft_Russia_case)
- [3\.9 Northern Rock](https://en.wikipedia.org/wiki/PwC#Northern_Rock)
- [3\.10 JP Morgan Securities audit](https://en.wikipedia.org/wiki/PwC#JP_Morgan_Securities_audit)
- [3\.11 Water privatisation in Delhi](https://en.wikipedia.org/wiki/PwC#Water_privatisation_in_Delhi)
- [3\.12 Cattles](https://en.wikipedia.org/wiki/PwC#Cattles)
- [3\.13 Quinn Insurance](https://en.wikipedia.org/wiki/PwC#Quinn_Insurance)
- [3\.14 Connaught plc](https://en.wikipedia.org/wiki/PwC#Connaught_plc)
- [3\.15 Tesco](https://en.wikipedia.org/wiki/PwC#Tesco)
- [3\.16 Bank of Tokyo-Mitsubishi UFJ](https://en.wikipedia.org/wiki/PwC#Bank_of_Tokyo-Mitsubishi_UFJ)
- [3\.17 Luxembourg Leaks](https://en.wikipedia.org/wiki/PwC#Luxembourg_Leaks)
- [3\.18 Petrobras Brazil](https://en.wikipedia.org/wiki/PwC#Petrobras_Brazil)
- [3\.19 Gay marriage in Australia](https://en.wikipedia.org/wiki/PwC#Gay_marriage_in_Australia)
- [3\.20 Centro Properties Group](https://en.wikipedia.org/wiki/PwC#Centro_Properties_Group)
- [3\.21 BHS](https://en.wikipedia.org/wiki/PwC#BHS)
- [3\.22 MF Global malpractice lawsuit](https://en.wikipedia.org/wiki/PwC#MF_Global_malpractice_lawsuit)
- [3\.23 BT Italy](https://en.wikipedia.org/wiki/PwC#BT_Italy)
- [3\.24 Oscars Best Picture announcement error](https://en.wikipedia.org/wiki/PwC#Oscars_Best_Picture_announcement_error)
- [3\.25 PrivatBank](https://en.wikipedia.org/wiki/PwC#PrivatBank)
- [3\.26 Colonial Bank audit](https://en.wikipedia.org/wiki/PwC#Colonial_Bank_audit)
- [3\.27 Age discrimination lawsuit](https://en.wikipedia.org/wiki/PwC#Age_discrimination_lawsuit)
- [3\.28 Luke Sayers' AVP investment review](https://en.wikipedia.org/wiki/PwC#Luke_Sayers'_AVP_investment_review)
- [3\.29 Improper audit services in US](https://en.wikipedia.org/wiki/PwC#Improper_audit_services_in_US)
- [3\.30 Corruption in Angola](https://en.wikipedia.org/wiki/PwC#Corruption_in_Angola)
- [3\.31 MBC Group](https://en.wikipedia.org/wiki/PwC#MBC_Group)
- [3\.32 JD Classics](https://en.wikipedia.org/wiki/PwC#JD_Classics)
- [3\.33 Lobbying revolving door](https://en.wikipedia.org/wiki/PwC#Lobbying_revolving_door)
- [3\.34 Evergrande](https://en.wikipedia.org/wiki/PwC#Evergrande)
- [3\.35 South African Airways](https://en.wikipedia.org/wiki/PwC#South_African_Airways)
- [3\.36 Kier and Galliford Try](https://en.wikipedia.org/wiki/PwC#Kier_and_Galliford_Try)
- [3\.37 Americanas (AMER3) controversy](https://en.wikipedia.org/wiki/PwC#Americanas_\(AMER3\)_controversy)
- [3\.38 Australia tax leak scandal](https://en.wikipedia.org/wiki/PwC#Australia_tax_leak_scandal)
- [3\.39 Aiding Russian oligarchs](https://en.wikipedia.org/wiki/PwC#Aiding_Russian_oligarchs)
- [3\.40 Curacao fraud](https://en.wikipedia.org/wiki/PwC#Curacao_fraud)
- [4 See also](https://en.wikipedia.org/wiki/PwC#See_also)
- [5 References](https://en.wikipedia.org/wiki/PwC#References)
- [6 Further reading](https://en.wikipedia.org/wiki/PwC#Further_reading)
- [7 External links](https://en.wikipedia.org/wiki/PwC#External_links)
Toggle the table of contents
# PwC
51 languages
- [Afrikaans](https://af.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Afrikaans")
- [العربية](https://ar.wikipedia.org/wiki/%D8%A8%D8%B1%D8%A7%D9%8A%D8%B3_%D9%88%D9%88%D8%AA%D8%B1_%D9%87%D8%A7%D9%88%D8%B3_%D9%83%D9%88%D8%A8%D8%B1%D8%B2 "برايس ووتر هاوس كوبرز – Arabic")
- [Azərbaycanca](https://az.wikipedia.org/wiki/PwC "PwC – Azerbaijani")
- [تۆرکجه](https://azb.wikipedia.org/wiki/%D9%BE%D8%B1%D8%A7%DB%8C%D8%B3_%D9%88%D8%A7%D8%AA%D8%B1_%D9%87%D8%A7%D9%88%D8%B3_%DA%A9%D9%88%D9%BE%D8%B1%D8%B2 "پرایس واتر هاوس کوپرز – South Azerbaijani")
- [Български](https://bg.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Bulgarian")
- [Català](https://ca.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Catalan")
- [Čeština](https://cs.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Czech")
- [Dansk](https://da.wikipedia.org/wiki/PwC "PwC – Danish")
- [Deutsch](https://de.wikipedia.org/wiki/PricewaterhouseCoopers_International "PricewaterhouseCoopers International – German")
- [Ελληνικά](https://el.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Greek")
- [Esperanto](https://eo.wikipedia.org/wiki/PriceWaterhouseCoopers "PriceWaterhouseCoopers – Esperanto")
- [Español](https://es.wikipedia.org/wiki/PwC "PwC – Spanish")
- [Eesti](https://et.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Estonian")
- [Euskara](https://eu.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Basque")
- [فارسی](https://fa.wikipedia.org/wiki/%D9%BE%D8%B1%D8%A7%DB%8C%D8%B3%E2%80%8C%D9%88%D8%A7%D8%AA%D8%B1%D9%87%D8%A7%D9%88%D8%B3%E2%80%8C%DA%A9%D9%88%D9%BE%D8%B1%D8%B2 "پرایسواترهاوسکوپرز – Persian")
- [Suomi](https://fi.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Finnish")
- [Français](https://fr.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – French")
- [עברית](https://he.wikipedia.org/wiki/%D7%A4%D7%A8%D7%99%D7%99%D7%A1_%D7%95%D7%95%D7%98%D7%A8%D7%94%D7%90%D7%95%D7%A1_%D7%A7%D7%95%D7%A4%D7%A8%D7%A1 "פרייס ווטרהאוס קופרס – Hebrew")
- [हिन्दी](https://hi.wikipedia.org/wiki/%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%BE%E0%A4%87%E0%A4%B8%E0%A4%B5%E0%A5%89%E0%A4%9F%E0%A4%B0%E0%A4%B9%E0%A4%BE%E0%A4%89%E0%A4%B8_%E0%A4%95%E0%A5%82%E0%A4%AA%E0%A4%B0%E0%A5%8D%E0%A4%B8 "प्राइसवॉटरहाउस कूपर्स – Hindi")
- [Հայերեն](https://hy.wikipedia.org/wiki/PwC "PwC – Armenian")
- [Bahasa Indonesia](https://id.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Indonesian")
- [Italiano](https://it.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Italian")
- [日本語](https://ja.wikipedia.org/wiki/%E3%83%97%E3%83%A9%E3%82%A4%E3%82%B9%E3%82%A6%E3%82%A9%E3%83%BC%E3%82%BF%E3%83%BC%E3%83%8F%E3%82%A6%E3%82%B9%E3%82%AF%E3%83%BC%E3%83%91%E3%83%BC%E3%82%B9 "プライスウォーターハウスクーパース – Japanese")
- [Қазақша](https://kk.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Kazakh")
- [ಕನ್ನಡ](https://kn.wikipedia.org/wiki/%E0%B2%AA%E0%B2%BF%E0%B2%A1%E0%B2%AC%E0%B3%8D%E0%B2%B2%E0%B3%8D%E0%B2%AF%E0%B3%82%E0%B2%B8%E0%B2%BF "ಪಿಡಬ್ಲ್ಯೂಸಿ – Kannada")
- [한국어](https://ko.wikipedia.org/wiki/%ED%94%84%EB%9D%BC%EC%9D%B4%EC%8A%A4%EC%9B%8C%ED%84%B0%ED%95%98%EC%9A%B0%EC%8A%A4%EC%BF%A0%ED%8D%BC%EC%8A%A4 "프라이스워터하우스쿠퍼스 – Korean")
- [Кыргызча](https://ky.wikipedia.org/wiki/%D0%9F%D1%80%D0%B0%D0%B9%D1%81%D1%83%D0%BE%D1%82%D0%B5%D1%80%D1%85%D0%B0%D1%83%D1%81%D0%BA%D1%83%D0%BF%D0%B5%D1%80%D1%81 "Прайсуотерхаускуперс – Kyrgyz")
- [Lëtzebuergesch](https://lb.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Luxembourgish")
- [Lietuvių](https://lt.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Lithuanian")
- [मराठी](https://mr.wikipedia.org/wiki/%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%BE%E0%A4%87%E0%A4%B8%E0%A4%B5%E0%A5%89%E0%A4%9F%E0%A4%B0%E0%A4%B9%E0%A4%BE%E0%A4%89%E0%A4%B8%E0%A4%95%E0%A5%82%E0%A4%AA%E0%A4%B0%E0%A5%8D%E0%A4%B8 "प्राइसवॉटरहाउसकूपर्स – Marathi")
- [Bahasa Melayu](https://ms.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Malay")
- [नेपाली](https://ne.wikipedia.org/wiki/%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%BE%E0%A4%87%E0%A4%B8_%E0%A4%B5%E0%A4%BE%E0%A4%9F%E0%A4%B0_%E0%A4%B9%E0%A4%BE%E0%A4%89%E0%A4%B8_%E0%A4%95%E0%A5%81%E0%A4%AA%E0%A4%B0%E0%A4%B8 "प्राइस वाटर हाउस कुपरस – Nepali")
- [Nederlands](https://nl.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Dutch")
- [Norsk nynorsk](https://nn.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Norwegian Nynorsk")
- [Norsk bokmål](https://no.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Norwegian Bokmål")
- [Polski](https://pl.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Polish")
- [Português](https://pt.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Portuguese")
- [Română](https://ro.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Romanian")
- [Русский](https://ru.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers – Russian")
- [Simple English](https://simple.wikipedia.org/wiki/PwC "PwC – Simple English")
- [Svenska](https://sv.wikipedia.org/wiki/Pwc "Pwc – Swedish")
- [தமிழ்](https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AE%BF%E0%AE%B0%E0%AF%88%E0%AE%9A%E0%AF%81%E0%AE%B5%E0%AE%BE%E0%AE%9F%E0%AF%8D%E0%AE%9F%E0%AE%B0%E0%AF%8D%E0%AE%B9%E0%AE%B5%E0%AF%81%E0%AE%9A%E0%AF%81%E0%AE%95%E0%AF%82%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AE%B0%E0%AF%8D%E0%AE%9A%E0%AF%81 "பிரைசுவாட்டர்ஹவுசுகூப்பர்சு – Tamil")
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From Wikipedia, the free encyclopedia
Multinational professional services brand
"pwc" redirects here. For other uses, see [PWC (disambiguation)](https://en.wikipedia.org/wiki/PWC_\(disambiguation\) "PWC (disambiguation)").
| | |
|---|---|
| [](https://en.wikipedia.org/wiki/File:PwC_Company_Logo.svg) | |
| [Trade name](https://en.wikipedia.org/wiki/Trade_name "Trade name") | PwC |
| Company type | Members have different legal structures; both UK and US firms are [limited liability partnerships](https://en.wikipedia.org/wiki/Limited_liability_partnership "Limited liability partnership") |
| Industry | [Professional services](https://en.wikipedia.org/wiki/Professional_services "Professional services") |
| Founded | 1998 (PricewaterhouseCoopers) 1849 (Price Waterhouse) 1854 (Coopers & Lybrand)[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-1) |
| Founders | [Samuel Lowell Price](https://en.wikipedia.org/wiki/Samuel_Lowell_Price "Samuel Lowell Price") [Edwin Waterhouse](https://en.wikipedia.org/wiki/Edwin_Waterhouse "Edwin Waterhouse") [William Cooper](https://en.wikipedia.org/wiki/William_Cooper_\(accountant\) "William Cooper (accountant)") [Robert Hiester Montgomery](https://en.wikipedia.org/wiki/Robert_Hiester_Montgomery "Robert Hiester Montgomery") |
| Headquarters | [London](https://en.wikipedia.org/wiki/London "London"), England, UK |
| Area served | Worldwide |
| Key people | Mohamed Kande (chairman)[\[2\]](https://en.wikipedia.org/wiki/PwC#cite_note-2) |
| Services | [Assurance](https://en.wikipedia.org/wiki/Assurance_services "Assurance services") Data and [analytics](https://en.wikipedia.org/wiki/Analytics "Analytics") [Digital Transformation](https://en.wikipedia.org/wiki/Digital_Transformation "Digital Transformation") [Financial advisory](https://en.wikipedia.org/wiki/Financial_adviser "Financial adviser") [Forensic accounting](https://en.wikipedia.org/wiki/Forensic_accounting "Forensic accounting") [Legal services](https://en.wikipedia.org/wiki/Law_firm "Law firm") [Management consulting](https://en.wikipedia.org/wiki/Management_consulting "Management consulting") [Risk advisory](https://en.wikipedia.org/wiki/Enterprise_Risk_Management "Enterprise Risk Management") [Risk assurance](https://en.wikipedia.org/wiki/Internal_audit "Internal audit") [Tax advisory](https://en.wikipedia.org/wiki/Tax_advisor "Tax advisor") |
| Revenue |  [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")55\.4 billion (2024)[\[3\]](https://en.wikipedia.org/wiki/PwC#cite_note-globalreview-3) |
| Number of employees | 370,000 (2024)[\[3\]](https://en.wikipedia.org/wiki/PwC#cite_note-globalreview-3) |
| Website | [www.pwc.com](https://www.pwc.com/) |
**PricewaterhouseCoopers**, also known as **PwC**,[\[4\]](https://en.wikipedia.org/wiki/PwC#cite_note-4) is a [multinational](https://en.wikipedia.org/wiki/Multinational_corporation "Multinational corporation") [professional services network](https://en.wikipedia.org/wiki/Professional_services_network "Professional services network") based in [London](https://en.wikipedia.org/wiki/London "London"), England.
It is the second-largest professional services network in the world[\[5\]](https://en.wikipedia.org/wiki/PwC#cite_note-5) and is one of the [Big Four accounting firms](https://en.wikipedia.org/wiki/Big_Four_accounting_firms "Big Four accounting firms"), along with [Deloitte](https://en.wikipedia.org/wiki/Deloitte "Deloitte"), [EY](https://en.wikipedia.org/wiki/Ernst_%26_Young "Ernst & Young"), and [KPMG](https://en.wikipedia.org/wiki/KPMG "KPMG").[\[6\]](https://en.wikipedia.org/wiki/PwC#cite_note-6) The PwC network is overseen by **PricewaterhouseCoopers International Limited**, an English [private company limited by guarantee](https://en.wikipedia.org/wiki/Company_limited_by_guarantee "Company limited by guarantee").[\[7\]](https://en.wikipedia.org/wiki/PwC#cite_note-7)[\[8\]](https://en.wikipedia.org/wiki/PwC#cite_note-8)
PwC operates in 149 countries, with a global workforce of more than 370,000 people (as of FY 2024).[\[9\]](https://en.wikipedia.org/wiki/PwC#cite_note-revenue2024-9) As of 2019,[\[update\]](https://en.wikipedia.org/w/index.php?title=PwC&action=edit) 26% of the workforce was based in the Americas, 26% in Asia, 32% in Western Europe, and 5% in Middle East and Africa.[\[10\]](https://en.wikipedia.org/wiki/PwC#cite_note-10) The company's global revenues were US\$55.4 billion in FY 2024, of which \$19.5 billion was generated by its [Assurance](https://en.wikipedia.org/wiki/Assurance_services "Assurance services") practice, \$12.6 billion by its Tax and Legal practice and \$23.3 billion by its Advisory practice.[\[9\]](https://en.wikipedia.org/wiki/PwC#cite_note-revenue2024-9)
The firm in its recent actual form was created in 1998 by a merger between two accounting firms: Coopers & Lybrand, and Price Waterhouse.[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-1) Both firms had histories dating back to the 19th century. The [trading name](https://en.wikipedia.org/wiki/Trade_name "Trade name") was shortened to PwC in September 2010 as part of a [rebranding](https://en.wikipedia.org/wiki/Brand_management "Brand management") effort.[\[11\]](https://en.wikipedia.org/wiki/PwC#cite_note-branding2010-11) In April 2025, PwC shut down its operations in nine African countries.[\[12\]](https://en.wikipedia.org/wiki/PwC#cite_note-12)
The firm has been embroiled in a number of corruption controversies and crime scandals. The firm has on multiple occasions been implicated in [tax evasion](https://en.wikipedia.org/wiki/Tax_evasion "Tax evasion") and [tax avoidance](https://en.wikipedia.org/wiki/Tax_avoidance "Tax avoidance") practices. It has frequently been fined by regulators for performing [audits](https://en.wikipedia.org/wiki/Audit "Audit") that fail to meet auditing standards. Amid [Russia's war in Ukraine](https://en.wikipedia.org/wiki/Russian_invasion_of_Ukraine "Russian invasion of Ukraine"), PwC assisted Russian oligarchs to hide their wealth and contributed to bypassing global sanctions placed on Russia over its invasion of Ukraine.[\[13\]](https://en.wikipedia.org/wiki/PwC#cite_note-:3-13)[\[14\]](https://en.wikipedia.org/wiki/PwC#cite_note-:4-14)
## History
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=1 "Edit section: History")\]
### Coopers & Lybrand
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=2 "Edit section: Coopers & Lybrand")\]
In 1854, [William Cooper](https://en.wikipedia.org/wiki/William_Cooper_\(accountant\) "William Cooper (accountant)") founded an accountancy practice at No. 13 George Street in London. It became Cooper Brothers seven years later when his three brothers joined.[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-1)
In 1898, [Robert H. Montgomery](https://en.wikipedia.org/wiki/Robert_Hiester_Montgomery "Robert Hiester Montgomery"), [William M. Lybrand](https://en.wikipedia.org/wiki/William_M._Lybrand "William M. Lybrand"), Adam A. Ross Jr. and his brother T. Edward Ross formed Lybrand, Ross Brothers and Montgomery in the United States.[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-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.[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-1)
In 1973, the three member firms in the UK, US and Canada changed their names to Coopers & Lybrand.[\[15\]](https://en.wikipedia.org/wiki/PwC#cite_note-15) Then in 1980, Coopers & Lybrand expanded its expertise in [insolvency](https://en.wikipedia.org/wiki/Insolvency "Insolvency") substantially by acquiring [Cork Gully](https://en.wikipedia.org/wiki/Cork_Gully "Cork Gully"), a leading firm in that field in the UK.[\[16\]](https://en.wikipedia.org/wiki/PwC#cite_note-16) In 1990, in certain countries, including the UK, Coopers & Lybrand merged with [Deloitte, Haskins & Sells](https://en.wikipedia.org/wiki/Deloitte "Deloitte") to become Coopers & Lybrand Deloitte;[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-1) in 1992 it reverted to Coopers & Lybrand.[\[17\]](https://en.wikipedia.org/wiki/PwC#cite_note-17)
The firm relocated from George Street to modern offices designed by [Dennis Lennon & Partners](https://en.wikipedia.org/wiki/Dennis_Lennon_%26_Partners "Dennis Lennon & Partners") at Plumtree Court in 1985,[\[18\]](https://en.wikipedia.org/wiki/PwC#cite_note-18) and then moved to new offices designed by [Terry Farrell](https://en.wikipedia.org/wiki/Terry_Farrell_\(architect\) "Terry Farrell (architect)") at Embankment Place in 1994.[\[19\]](https://en.wikipedia.org/wiki/PwC#cite_note-19)
### Price Waterhouse
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=3 "Edit section: Price Waterhouse")\]
[](https://en.wikipedia.org/wiki/File:Edwin_Waterhouse_c1907.jpg)
Edwin Waterhouse
c.
1907
In 1849, [Samuel Lowell Price](https://en.wikipedia.org/wiki/Samuel_Lowell_Price "Samuel Lowell Price"), an accountant, founded an accountancy practice at No. 5 [Gresham Street](https://en.wikipedia.org/wiki/Gresham_Street "Gresham Street") in London.[\[20\]](https://en.wikipedia.org/wiki/PwC#cite_note-pwhistory-20) In 1865, Price went into partnership with [William Hopkins Holyland](https://en.wikipedia.org/wiki/William_Hopkins_Holyland "William Hopkins Holyland") and [Edwin Waterhouse](https://en.wikipedia.org/wiki/Edwin_Waterhouse "Edwin Waterhouse") at No. 13 Gresham Street.[\[20\]](https://en.wikipedia.org/wiki/PwC#cite_note-pwhistory-20) Holyland left shortly afterwards to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co.[\[20\]](https://en.wikipedia.org/wiki/PwC#cite_note-pwhistory-20) The firm was based at No. 3, Frederick's Place in [Old Jewry](https://en.wikipedia.org/wiki/Old_Jewry "Old Jewry") in London from 1899.[\[21\]](https://en.wikipedia.org/wiki/PwC#cite_note-21)
By the late 19th century, Price Waterhouse had gained recognition as an accounting firm. It opened an office in New York City in 1890, and the American firm expanded. The original British firm opened an office in [Liverpool](https://en.wikipedia.org/wiki/Liverpool "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.[\[20\]](https://en.wikipedia.org/wiki/PwC#cite_note-pwhistory-20)
The firm relocated from Frederick's Place to modern offices at [Southwark Towers](https://en.wikipedia.org/wiki/Southwark_Towers "Southwark Towers") in London Bridge Street in 1975.[\[22\]](https://en.wikipedia.org/wiki/PwC#cite_note-22) The original partnership agreement, signed by Price, Holyland, and Waterhouse could be found in the new offices there.[\[23\]](https://en.wikipedia.org/wiki/PwC#cite_note-23)
In a further effort to take advantage of [economies of scale](https://en.wikipedia.org/wiki/Economies_of_scale "Economies of scale"), PW and [Arthur Andersen](https://en.wikipedia.org/wiki/Arthur_Andersen "Arthur Andersen") discussed a merger in 1989[\[24\]](https://en.wikipedia.org/wiki/PwC#cite_note-24) but the negotiations failed, mainly because of conflicts of interest such as Andersen's strong commercial links with [IBM](https://en.wikipedia.org/wiki/IBM "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.[\[25\]](https://en.wikipedia.org/wiki/PwC#cite_note-25)
### 1998 to present
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=4 "Edit section: 1998 to present")\]
In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers (written with a lowercase "w" and a [camel case](https://en.wikipedia.org/wiki/Camel_case "Camel case") "C").[\[26\]](https://en.wikipedia.org/wiki/PwC#cite_note-26) At that time, MCS was the largest and fastest growing division.[\[27\]](https://en.wikipedia.org/wiki/PwC#cite_note-27)
The fallout from the [Enron](https://en.wikipedia.org/wiki/Enron "Enron"), [Worldcom](https://en.wikipedia.org/wiki/Worldcom "Worldcom") and other [financial auditing scandals](https://en.wikipedia.org/wiki/Enron_scandal "Enron scandal") led to the demise of [Arthur Andersen](https://en.wikipedia.org/wiki/Andersen_Worldwide "Andersen Worldwide"), reducing the count of the Big Five accounting firms down to the [Big Four](https://en.wikipedia.org/wiki/Big_Four_accounting_firms "Big Four accounting firms") and spurring passage of the 2002 [Sarbanes–Oxley Act](https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act "Sarbanes–Oxley Act") (SOX). Among other restrictions, SOX severely limited the overlap between management consulting and auditing services.[\[28\]](https://en.wikipedia.org/wiki/PwC#cite_note-28)
Around July 2000, PwC began to prepare for either an acquisition or [IPO](https://en.wikipedia.org/wiki/Initial_public_offering "Initial public offering") 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](https://en.wikipedia.org/wiki/Hewlett-Packard "Hewlett-Packard") for a reported \$17 billion, but negotiations broke down in 2000.[\[29\]](https://en.wikipedia.org/wiki/PwC#cite_note-29) Almost a year after the collapse of Arthur Andersen in 2001, Arthur Andersen, LLP affiliates in Hong Kong and mainland China completed talks to join PricewaterhouseCoopers, China.[\[30\]](https://en.wikipedia.org/wiki/PwC#cite_note-30)
In 2000, PwC acquired Canada's largest [SAP](https://en.wikipedia.org/wiki/SAP_SE "SAP SE") consulting partner, Omnilogic Systems, to expand its developing consulting presence in Canada.[\[31\]](https://en.wikipedia.org/wiki/PwC#cite_note-31) 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.[\[32\]](https://en.wikipedia.org/wiki/PwC#cite_note-32) 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.[\[33\]](https://en.wikipedia.org/wiki/PwC#cite_note-33)
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 Airlines](https://en.wikipedia.org/wiki/Continental_Airlines "Continental Airlines")' Greg Brennerman as CEO to run the global division.[\[34\]](https://en.wikipedia.org/wiki/PwC#cite_note-34)
A week later, it was announced that an outside consultancy, [Wolff Olins](https://en.wikipedia.org/wiki/Wolff_Olins "Wolff Olins"), had created new branding for the consulting group, called "Monday".[\[35\]](https://en.wikipedia.org/wiki/PwC#cite_note-35) The firm's CEO, [Greg Brenneman](https://en.wikipedia.org/wiki/Greg_Brenneman "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."[\[36\]](https://en.wikipedia.org/wiki/PwC#cite_note-36)
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 in August 2002, when PwC announced it sold Monday to [IBM](https://en.wikipedia.org/wiki/International_Business_Machines "International Business Machines") for approximately \$3.5 billion in cash and stock. Monday was consolidated into [IBM Global Business Services](https://en.wikipedia.org/wiki/IBM_Global_Business_Services "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. At the same time, Monday carried just 30,000 at the time.[\[37\]](https://en.wikipedia.org/wiki/PwC#cite_note-37) However, it was seen as a win by IBM since PwC Consulting/Monday's valuation had suffered after the post-9/11 recession.[\[38\]](https://en.wikipedia.org/wiki/PwC#cite_note-38)
PwC began rebuilding its consulting practice with acquisitions such as Paragon Consulting Group and the commercial services business of [BearingPoint](https://en.wikipedia.org/wiki/BearingPoint "BearingPoint") in 2009.[\[39\]](https://en.wikipedia.org/wiki/PwC#cite_note-39) The firm continued this process by acquiring [Diamond Management & Technology Consultants](https://en.wikipedia.org/wiki/Diamond_Management_%26_Technology_Consultants "Diamond Management & Technology Consultants") in November 2010,[\[40\]](https://en.wikipedia.org/wiki/PwC#cite_note-40) and [PRTM](https://en.wikipedia.org/wiki/PRTM "PRTM") in August 2011.[\[41\]](https://en.wikipedia.org/wiki/PwC#cite_note-41) In 2012, the firm acquired Logan Tod & Co, a digital analytics and optimisation consultancy,[\[42\]](https://en.wikipedia.org/wiki/PwC#cite_note-42) and Ant's Eye View, a social media strategy development and [consulting firm](https://en.wikipedia.org/wiki/Consulting_firm "Consulting firm") to build upon PwC's growing Management Consulting customer impact and [customer engagement](https://en.wikipedia.org/wiki/Customer_engagement "Customer engagement") capabilities.[\[43\]](https://en.wikipedia.org/wiki/PwC#cite_note-43)
In April 2014,[\[44\]](https://en.wikipedia.org/wiki/PwC#cite_note-44) [Booz & Company](https://en.wikipedia.org/wiki/Booz_%26_Company "Booz & Company") combined with PwC to form [Strategy&](https://en.wikipedia.org/wiki/Strategy%26 "Strategy&").[\[45\]](https://en.wikipedia.org/wiki/PwC#cite_note-PwC_to_bulk_up_with_planned_Booz_&_Company-45)[\[46\]](https://en.wikipedia.org/wiki/PwC#cite_note-46) In 2013, PwC acquired [BGT Partners](https://en.wikipedia.org/wiki/BGC_Partners "BGC Partners").[\[47\]](https://en.wikipedia.org/wiki/PwC#cite_note-47) In 2016, PwC acquired technology/consulting firm NSI DMCC.[\[48\]](https://en.wikipedia.org/wiki/PwC#cite_note-48) In January 2017, PwC announced a five-year agreement with [GE](https://en.wikipedia.org/wiki/General_Electric "General Electric") 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.[\[49\]](https://en.wikipedia.org/wiki/PwC#cite_note-49)
In November 2017, PwC accepted [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") as payment for advisory services, the first time the company, or any of the Big Four accounting firms, accepted virtual currency as payment.[\[50\]](https://en.wikipedia.org/wiki/PwC#cite_note-50) [Veritas Capital](https://en.wikipedia.org/wiki/Veritas_Capital "Veritas Capital") acquired PwC's US public sector business in 2018, and branded the new company as [Guidehouse](https://en.wikipedia.org/wiki/Guidehouse "Guidehouse").[\[51\]](https://en.wikipedia.org/wiki/PwC#cite_note-51)[\[52\]](https://en.wikipedia.org/wiki/PwC#cite_note-52) 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.[\[53\]](https://en.wikipedia.org/wiki/PwC#cite_note-53)
In addition, the company oversees AMPAS elections, prepares its financial documents, and is responsible for the group's tax filings.[\[54\]](https://en.wikipedia.org/wiki/PwC#cite_note-54) In 2023, PwC acquired Surfaceink, a hardware designer.[\[55\]](https://en.wikipedia.org/wiki/PwC#cite_note-55)
In May 2024, PwC became [ChatGPT](https://en.wikipedia.org/wiki/ChatGPT "ChatGPT") Enterprise's biggest customer and will also start reselling [OpenAI's](https://en.wikipedia.org/wiki/OpenAI "OpenAI") service for other large businesses.[\[56\]](https://en.wikipedia.org/wiki/PwC#cite_note-56)
## Operations
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=5 "Edit section: Operations")\]
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.[\[57\]](https://en.wikipedia.org/wiki/PwC#cite_note-57) Much like other [professional services firms](https://en.wikipedia.org/wiki/Professional_services "Professional services"), each member firm is financially and legally independent. PwC is co-ordinated by a [private company limited by guarantee](https://en.wikipedia.org/wiki/Private_company_limited_by_guarantee "Private company limited by guarantee") under [English law](https://en.wikipedia.org/wiki/English_law "English law"), called PricewaterhouseCoopers International Limited.[\[58\]](https://en.wikipedia.org/wiki/PwC#cite_note-58) In addition, PwC is registered as a multidisciplinary entity which also provides legal services.[\[59\]](https://en.wikipedia.org/wiki/PwC#cite_note-59)
PwC is organized into three service lines:[\[60\]](https://en.wikipedia.org/wiki/PwC#cite_note-page13-60)
- [Assurance](https://en.wikipedia.org/wiki/Assurance_services "Assurance services") – Assurance services are those typically associated with [financial audits](https://en.wikipedia.org/wiki/Financial_audit "Financial audit").[\[61\]](https://en.wikipedia.org/wiki/PwC#cite_note-61)
- [Advisory](https://en.wikipedia.org/wiki/Management_consulting "Management consulting") – Advisory services offered by PwC include two [actuarial](https://en.wikipedia.org/wiki/Actuary "Actuary") consultancy departments; Actuarial and Insurance Management Solutions (AIMS) and a sub branch of "[Human Resource Services](https://en.wikipedia.org/wiki/Human_resource_consulting "Human resource consulting")" (HRS). Actuarial covers mainly 5 areas: [pensions](https://en.wikipedia.org/wiki/Pensions "Pensions"), [life insurance](https://en.wikipedia.org/wiki/Life_insurance "Life insurance"), [non-life insurance](https://en.wikipedia.org/wiki/Casualty_insurance "Casualty insurance"), health, and investments. AIMS deals with life and non-life insurance and investments, while HRS deals mainly with pensions and [group health](https://en.wikipedia.org/wiki/Group_Health_Cooperative "Group Health Cooperative").[\[62\]](https://en.wikipedia.org/wiki/PwC#cite_note-62) PwC has also expanded into digital media and advertising.[\[63\]](https://en.wikipedia.org/wiki/PwC#cite_note-63)
- [Tax](https://en.wikipedia.org/wiki/Tax_advisor "Tax advisor") – [International tax planning](https://en.wikipedia.org/wiki/International_tax_planning "International tax planning")
PwC firms are in 140 countries, with 370,000 people.[\[3\]](https://en.wikipedia.org/wiki/PwC#cite_note-globalreview-3)
### Logo history
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=6 "Edit section: Logo history")\]
In September 2010, a new logo, designed by Wolff Olins, was introduced to reflect the new PwC trading name.[\[64\]](https://en.wikipedia.org/wiki/PwC#cite_note-64)[\[65\]](https://en.wikipedia.org/wiki/PwC#cite_note-65)[\[66\]](https://en.wikipedia.org/wiki/PwC#cite_note-66)
PwC's current logo was introduced in April 2025, featuring the new orange 'momentum mark'.[\[67\]](https://en.wikipedia.org/wiki/PwC#cite_note-67) This smaller and simpler design is said to be more fit for digital and online uses.[\[68\]](https://en.wikipedia.org/wiki/PwC#cite_note-68)
- [](https://en.wikipedia.org/wiki/File:Coopers_%26_Lybrand_logo.svg "The Coopers & Lybrand logo prior to the 1998 merger")
The Coopers & Lybrand logo prior to the 1998 merger
- [](https://en.wikipedia.org/wiki/File:Pw_logo.png "The Price Waterhouse logo prior to the 1998 merger")
The Price Waterhouse logo prior to the 1998 merger
- [](https://en.wikipedia.org/wiki/File:PricewaterhouseCoopers.svg "The PricewaterhouseCoopers logo from 1998 to 2010")
The PricewaterhouseCoopers logo from 1998 to 2010
- [](https://en.wikipedia.org/wiki/File:PricewaterhouseCoopers_Logo.svg "The PwC logo from 2010 to 2025")
The PwC logo from 2010 to 2025
- [](https://en.wikipedia.org/wiki/File:PwC_Company_Logo.svg "The PwC logo since 2025")
The PwC logo since 2025
## Litigation
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=7 "Edit section: Litigation")\]
The firm has been embroiled in a number of corruption controversies and crime scandals.[\[69\]](https://en.wikipedia.org/wiki/PwC#cite_note-69) The firm has on multiple occasions been implicated in [tax evasion](https://en.wikipedia.org/wiki/Tax_evasion "Tax evasion") and [tax avoidance](https://en.wikipedia.org/wiki/Tax_avoidance "Tax avoidance") practices.[\[13\]](https://en.wikipedia.org/wiki/PwC#cite_note-:3-13)[\[70\]](https://en.wikipedia.org/wiki/PwC#cite_note-70) The company has aided war criminals in evading sanctions.[\[14\]](https://en.wikipedia.org/wiki/PwC#cite_note-:4-14) The company has frequently performed insufficient audits, whereby it performs auditing services that vouch for the finances of companies without following basic auditing standards.[\[71\]](https://en.wikipedia.org/wiki/PwC#cite_note-71)[\[72\]](https://en.wikipedia.org/wiki/PwC#cite_note-72)[\[73\]](https://en.wikipedia.org/wiki/PwC#cite_note-73)[\[74\]](https://en.wikipedia.org/wiki/PwC#cite_note-74)[\[75\]](https://en.wikipedia.org/wiki/PwC#cite_note-75)
### Gender employment discrimination
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=8 "Edit section: Gender employment discrimination")\]
Main article: [Price Waterhouse v. Hopkins](https://en.wikipedia.org/wiki/Price_Waterhouse_v._Hopkins "Price Waterhouse v. Hopkins")
In 1989, the [United States Supreme Court](https://en.wikipedia.org/wiki/Supreme_Court_of_the_United_States "Supreme Court of the United States") held that Price Waterhouse must prove by a preponderance of the evidence that the decision regarding [Ann Hopkins](https://en.wikipedia.org/wiki/Ann_Hopkins "Ann Hopkins")'s employment would have been the same if [sex discrimination](https://en.wikipedia.org/wiki/Sex_discrimination "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](https://en.wikipedia.org/wiki/Title_VII_of_the_Civil_Rights_Act_of_1964 "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](https://en.wikipedia.org/wiki/Mixed_motive_discrimination "Mixed motive discrimination") as an evidentiary framework for proving discrimination under a disparate treatment theory even when lawful reasons for the adverse employment action are also present.[\[76\]](https://en.wikipedia.org/wiki/PwC#cite_note-76) Hopkins's candidacy for partnership had been put on indefinite hold. She eventually resigned and sued the company for [occupational sexism](https://en.wikipedia.org/wiki/Occupational_sexism "Occupational sexism"), arguing that her lack of promotion came after pressure to walk, talk, dress, and act more "femininely."[\[77\]](https://en.wikipedia.org/wiki/PwC#cite_note-Levit-77)
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.[\[78\]](https://en.wikipedia.org/wiki/PwC#cite_note-NYTimes:_Partnership_in_Firm_Awarded_to_Victim_of_Sex_Bias-78)
Following the suit, the firm received media attention due to its discriminatory labor practices towards males as well.[\[79\]](https://en.wikipedia.org/wiki/PwC#cite_note-79)
### Tax issues
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=9 "Edit section: Tax issues")\]
In 2014, it came to light that PwC had received \$55 million from [Caterpillar Inc.](https://en.wikipedia.org/wiki/Caterpillar_Inc. "Caterpillar Inc.") to develop a tax avoidance scheme. According to a US Senate investigation, PwC had helped Caterpillar Inc. drastically reduce its taxes for more than a decade.[\[80\]](https://en.wikipedia.org/wiki/PwC#cite_note-Senate_report_claims-80)[\[81\]](https://en.wikipedia.org/wiki/PwC#cite_note-audit_firms_behind-81)
Profits worth \$8 billion were shifted from the United States to Switzerland, allegedly enabling savings of more than \$2.4 billion in US taxes over that period. In Switzerland, the profits were taxed at just 4%.[\[80\]](https://en.wikipedia.org/wiki/PwC#cite_note-Senate_report_claims-80)
A PricewaterhouseCoopers managing director involved in designing the tax savings plan wrote at the time to a PwC partner: “*We’ll all be retired when this … comes up on audit.*”[\[81\]](https://en.wikipedia.org/wiki/PwC#cite_note-audit_firms_behind-81)
### American International Group Inc.
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=10 "Edit section: American International Group Inc.")\]
In 2005, *BusinessWeek* reported that PwC was [American International Group](https://en.wikipedia.org/wiki/American_International_Group "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](https://en.wikipedia.org/wiki/Barbados "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.[\[82\]](https://en.wikipedia.org/wiki/PwC#cite_note-businessweek-82)
*BusinessWeek* said that PwC also appeared to have "dropped the ball" on the deals between AIG and [Berkshire Hathaway](https://en.wikipedia.org/wiki/Berkshire_Hathaway "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."[\[82\]](https://en.wikipedia.org/wiki/PwC#cite_note-businessweek-82)
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).[\[83\]](https://en.wikipedia.org/wiki/PwC#cite_note-83)
### ChuoAoyama suspension
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=11 "Edit section: ChuoAoyama suspension")\]
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.[\[84\]](https://en.wikipedia.org/wiki/PwC#cite_note-84) In May 2006, the Financial Services Agency of Japan suspended ChuoAoyama from provision of some statutory auditing services for two months[\[85\]](https://en.wikipedia.org/wiki/PwC#cite_note-85) 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.[\[86\]](https://en.wikipedia.org/wiki/PwC#cite_note-Kanebo_fraud-86)
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.[\[86\]](https://en.wikipedia.org/wiki/PwC#cite_note-Kanebo_fraud-86) 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.[\[87\]](https://en.wikipedia.org/wiki/PwC#cite_note-87)
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.[\[88\]](https://en.wikipedia.org/wiki/PwC#cite_note-88)[\[89\]](https://en.wikipedia.org/wiki/PwC#cite_note-89) 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.[\[90\]](https://en.wikipedia.org/wiki/PwC#cite_note-90)[\[91\]](https://en.wikipedia.org/wiki/PwC#cite_note-91)
### Tyco settlement
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=12 "Edit section: Tyco settlement")\]
In July 2007, PwC agreed to pay US\$229 million to settle a class-action lawsuit brought by shareholders of [Tyco International Ltd.](https://en.wikipedia.org/wiki/Tyco_International_Ltd. "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.[\[92\]](https://en.wikipedia.org/wiki/PwC#cite_note-92)
### Indian companies scandals
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=13 "Edit section: Indian companies scandals")\]
In 2007, India's accounting standards agency [ICAI](https://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_India "Institute of Chartered Accountants of India") found partners of PwC guilty of professional negligence in under-providing for nonperforming assets of the now-defunct [Global Trust Bank](https://en.wikipedia.org/wiki/Global_Trust_Bank_\(India\) "Global Trust Bank (India)").[\[93\]](https://en.wikipedia.org/wiki/PwC#cite_note-ET-PwC-93) This led to the [RBI](https://en.wikipedia.org/wiki/Reserve_Bank_of_India "Reserve Bank of India") banning PwC from auditing any financial company for more than a year.[\[94\]](https://en.wikipedia.org/wiki/PwC#cite_note-BS-PwC-94)[\[95\]](https://en.wikipedia.org/wiki/PwC#cite_note-BS-PwC-tax-evasion-95)[\[96\]](https://en.wikipedia.org/wiki/PwC#cite_note-BS-PwC-blacklist-96) PwC was also associated with the accounting scandal at the India-based [DSQ Software](https://en.wikipedia.org/wiki/DSQ_Software "DSQ Software"), which collapsed in 2003.[\[97\]](https://en.wikipedia.org/wiki/PwC#cite_note-DSQ-PwC-97)
In January 2009, PwC was criticised,[\[98\]](https://en.wikipedia.org/wiki/PwC#cite_note-Reuters08Jan2009-PwC-98)[\[93\]](https://en.wikipedia.org/wiki/PwC#cite_note-ET-PwC-93)[\[99\]](https://en.wikipedia.org/wiki/PwC#cite_note-ICAI-PwC-explanation-99)[\[100\]](https://en.wikipedia.org/wiki/PwC#cite_note-PwC-Satyam-explanation-100)[\[101\]](https://en.wikipedia.org/wiki/PwC#cite_note-Rediff-PwC-Satyam--101) along with the promoters of [Satyam](https://en.wikipedia.org/wiki/Satyam_Computer_Services "Satyam Computer Services"), an Indian IT firm listed on the [NASDAQ](https://en.wikipedia.org/wiki/NASDAQ "NASDAQ"), in a \$1.5 billion fraud.[\[102\]](https://en.wikipedia.org/wiki/PwC#cite_note-102) 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.[\[103\]](https://en.wikipedia.org/wiki/PwC#cite_note-103)
PwC's US arm "was the reviewer for the U.S. filings for Satyam".[\[104\]](https://en.wikipedia.org/wiki/PwC#cite_note-104) 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](https://en.wikipedia.org/wiki/Central_Bureau_of_Investigation "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.[\[105\]](https://en.wikipedia.org/wiki/PwC#cite_note-105)[\[106\]](https://en.wikipedia.org/wiki/PwC#cite_note-106)
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."[\[107\]](https://en.wikipedia.org/wiki/PwC#cite_note-SGAI-PwC-107)
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."[\[108\]](https://en.wikipedia.org/wiki/PwC#cite_note-108)
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.[\[109\]](https://en.wikipedia.org/wiki/PwC#cite_note-109) 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.[\[110\]](https://en.wikipedia.org/wiki/PwC#cite_note-110)
#### Association with the hiring of a person accused in gold smuggling case
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=14 "Edit section: Association with the hiring of a person accused in gold smuggling case")\]
PwC, which provides consulting service to the [Kerala government](https://en.wikipedia.org/wiki/Government_of_Kerala "Government of Kerala")'s Department of Information Technology[\[111\]](https://en.wikipedia.org/wiki/PwC#cite_note-111)[\[112\]](https://en.wikipedia.org/wiki/PwC#cite_note-:0-112) and its Space Park project,[\[113\]](https://en.wikipedia.org/wiki/PwC#cite_note-:1-113) has been criticised for appointing Ms. Swapna Suresh, who is accused in a case of smuggling gold in a [diplomatic bag](https://en.wikipedia.org/wiki/Diplomatic_bag "Diplomatic bag").[\[113\]](https://en.wikipedia.org/wiki/PwC#cite_note-:1-113) Following an investigation, the Kerala government decided to terminate the consultancy services of PwC for the proposed Space Park project in [Thiruvananthapuram](https://en.wikipedia.org/wiki/Thiruvananthapuram "Thiruvananthapuram").[\[113\]](https://en.wikipedia.org/wiki/PwC#cite_note-:1-113) 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.[\[113\]](https://en.wikipedia.org/wiki/PwC#cite_note-:1-113)
Even before these events, the opening of the PwC office in [Kerala secretariat](https://en.wikipedia.org/wiki/Kerala_Government_Secretariat "Kerala Government Secretariat") had attracted serious criticism from the opposition party.[\[114\]](https://en.wikipedia.org/wiki/PwC#cite_note-114)[\[112\]](https://en.wikipedia.org/wiki/PwC#cite_note-:0-112)[\[115\]](https://en.wikipedia.org/wiki/PwC#cite_note-115) 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.[\[116\]](https://en.wikipedia.org/wiki/PwC#cite_note-116) 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.[\[117\]](https://en.wikipedia.org/wiki/PwC#cite_note-117)
### Yukos prosecutions
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=15 "Edit section: Yukos prosecutions")\]
[Yukos](https://en.wikipedia.org/wiki/Yukos "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](https://en.wikipedia.org/wiki/Mikhail_Khodorkovsky "Mikhail Khodorkovsky"), and the former majority shareholder, [Platon Lebedev](https://en.wikipedia.org/wiki/Platon_Lebedev "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.[\[118\]](https://en.wikipedia.org/wiki/PwC#cite_note-Law_360:_Russian_Officials_Clear_PwC_Of_Fraud_In_Yukos_Audit-118)[\[119\]](https://en.wikipedia.org/wiki/PwC#cite_note-NYTimes:_Russian_court_hands_victory_to_PricewaterhouseCoopers_in_tax_evasion_case-119)
In 2010, [Joe Nocera](https://en.wikipedia.org/wiki/Joe_Nocera "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."[\[120\]](https://en.wikipedia.org/wiki/PwC#cite_note-120)
In 2010, it was revealed that the Russian government placed pressure on PwC to withdraw audits.[\[121\]](https://en.wikipedia.org/wiki/PwC#cite_note-Rule_of_law_crucial-121)[\[122\]](https://en.wikipedia.org/wiki/PwC#cite_note-The_Wall_Street_Journal:_Oil_Tycoon_Says_PWC_Caved_to_Pressure-122)
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."[\[123\]](https://en.wikipedia.org/wiki/PwC#cite_note-123)[\[124\]](https://en.wikipedia.org/wiki/PwC#cite_note-124)[\[121\]](https://en.wikipedia.org/wiki/PwC#cite_note-Rule_of_law_crucial-121)
### Transneft Russia case
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=16 "Edit section: Transneft Russia case")\]
Upon the completion of the construction of the ESPO (East Siberia-Pacific Ocean) pipeline by [Transneft](https://en.wikipedia.org/wiki/Transneft "Transneft") in December 2010, an official report of the Audit Chamber of the Russian Federation suggested that \$4 billion was stolen by Transneft insiders.[\[125\]](https://en.wikipedia.org/wiki/PwC#cite_note-Transneft-125) One Federation Council Speaker, Sergei Mironov, called for an investigation. [Alexei Navalny](https://en.wikipedia.org/wiki/Alexei_Navalny "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."[\[126\]](https://en.wikipedia.org/wiki/PwC#cite_note-The_Moscow_Times:_Transneft_Accused_of_$4Bln_Theft-126)
### Northern Rock
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=17 "Edit section: Northern Rock")\]
In 2007, PwC was criticised by the [Treasury Select Committee](https://en.wikipedia.org/wiki/Treasury_Select_Committee "Treasury Select Committee") of the [Parliament of the United Kingdom](https://en.wikipedia.org/wiki/Parliament_of_the_United_Kingdom "Parliament of the United Kingdom") for helping [Northern Rock](https://en.wikipedia.org/wiki/Northern_Rock "Northern Rock"), a client of the firm, to sell its mortgage assets while also acting as its auditor.[\[127\]](https://en.wikipedia.org/wiki/PwC#cite_note-127)[\[128\]](https://en.wikipedia.org/wiki/PwC#cite_note-128) In 2011, a [House of Lords](https://en.wikipedia.org/wiki/House_of_Lords "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 [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis").[\[129\]](https://en.wikipedia.org/wiki/PwC#cite_note-129)[\[130\]](https://en.wikipedia.org/wiki/PwC#cite_note-130)
### JP Morgan Securities audit
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=18 "Edit section: JP Morgan Securities audit")\]
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.[\[131\]](https://en.wikipedia.org/wiki/PwC#cite_note-131)
### Water privatisation in Delhi
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=19 "Edit section: Water privatisation in Delhi")\]
PwC was found to be unethically favored by the [World Bank](https://en.wikipedia.org/wiki/World_Bank "World Bank") in a bid to privatize the water distribution system of Delhi, India, an effort that was alleged as corrupt by investigators.[\[132\]](https://en.wikipedia.org/wiki/PwC#cite_note-MoneyLife-132) 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](https://en.wikipedia.org/wiki/Arvind_Kejriwal "Arvind Kejriwal") and the non-governmental organization (NGO) [Parivartan](https://en.wikipedia.org/wiki/Arvind_Kejriwal#Parivartan_and_Kabir "Arvind Kejriwal") in 2005.[\[132\]](https://en.wikipedia.org/wiki/PwC#cite_note-MoneyLife-132)
After submitting a [Right to Information](https://en.wikipedia.org/wiki/Right_to_Information "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 more than \$25 million per year, increasing the budget by more than 60% and water taxes 9 times.[\[133\]](https://en.wikipedia.org/wiki/PwC#cite_note-World_Bank_Tribunal-133)[\[134\]](https://en.wikipedia.org/wiki/PwC#cite_note-Youtube-134)
The [Delhi Jal Board](https://en.wikipedia.org/wiki/Delhi_Jal_Board "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](https://en.wikipedia.org/wiki/The_Asian_Age "The Asian Age")*, where the scheme was revealed to the public for the first time.[\[133\]](https://en.wikipedia.org/wiki/PwC#cite_note-World_Bank_Tribunal-133)[\[134\]](https://en.wikipedia.org/wiki/PwC#cite_note-Youtube-134) 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.[\[133\]](https://en.wikipedia.org/wiki/PwC#cite_note-World_Bank_Tribunal-133)[\[134\]](https://en.wikipedia.org/wiki/PwC#cite_note-Youtube-134)
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%.[\[133\]](https://en.wikipedia.org/wiki/PwC#cite_note-World_Bank_Tribunal-133)[\[134\]](https://en.wikipedia.org/wiki/PwC#cite_note-Youtube-134) 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](https://en.wikipedia.org/wiki/Kolkata "Kolkata") office, it was dubbed an "Indian" company, and its rank was raised to 6th.[\[132\]](https://en.wikipedia.org/wiki/PwC#cite_note-MoneyLife-132)
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.[\[135\]](https://en.wikipedia.org/wiki/PwC#cite_note-Commonwealth-135) Following the investigation by Parivartan, a campaign was waged by Kejriwal, [Aruna Roy](https://en.wikipedia.org/wiki/Aruna_Roy "Aruna Roy"), and other activists across Delhi and the DJB withdrew the loan application to the World Bank.[\[132\]](https://en.wikipedia.org/wiki/PwC#cite_note-MoneyLife-132)[\[133\]](https://en.wikipedia.org/wiki/PwC#cite_note-World_Bank_Tribunal-133)[\[134\]](https://en.wikipedia.org/wiki/PwC#cite_note-Youtube-134)
### Cattles
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=20 "Edit section: Cattles")\]
In 2013, [Cattles](https://en.wikipedia.org/wiki/Cattles "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.[\[136\]](https://en.wikipedia.org/wiki/PwC#cite_note-136) 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.[\[137\]](https://en.wikipedia.org/wiki/PwC#cite_note-137) The claim was settled out of court on undisclosed terms.[\[138\]](https://en.wikipedia.org/wiki/PwC#cite_note-138)
The [Financial Reporting Council](https://en.wikipedia.org/wiki/Financial_Reporting_Council "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.[\[139\]](https://en.wikipedia.org/wiki/PwC#cite_note-139)
### Quinn Insurance
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=21 "Edit section: Quinn Insurance")\]
In 2015, PwC Ireland was sued by the joint administrators of [Quinn Insurance Limited](https://en.wikipedia.org/wiki/Quinn_Insurance "Quinn Insurance") (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.[\[140\]](https://en.wikipedia.org/wiki/PwC#cite_note-140)[\[141\]](https://en.wikipedia.org/wiki/PwC#cite_note-141)
### Connaught plc
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=22 "Edit section: Connaught plc")\]
[Connaught plc](https://en.wikipedia.org/wiki/Connaught_plc "Connaught plc"), a UK former [FTSE 250 Index](https://en.wikipedia.org/wiki/FTSE_250_Index "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.[\[142\]](https://en.wikipedia.org/wiki/PwC#cite_note-142)
### Tesco
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=23 "Edit section: Tesco")\]
In 2014, [Tesco](https://en.wikipedia.org/wiki/Tesco "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.[\[143\]](https://en.wikipedia.org/wiki/PwC#cite_note-143) 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.[\[144\]](https://en.wikipedia.org/wiki/PwC#cite_note-144)
In 2015 PwC were replaced as auditors of Tesco, ending a 32-year engagement, following a tender process to which they did not participate.[\[145\]](https://en.wikipedia.org/wiki/PwC#cite_note-145) 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.[\[146\]](https://en.wikipedia.org/wiki/PwC#cite_note-Financial_Times:_Accounting_watchdog_closes_PwC/Tesco_probe-146)
### Bank of Tokyo-Mitsubishi UFJ
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=24 "Edit section: Bank of Tokyo-Mitsubishi UFJ")\]
In 2014, [The Bank of Tokyo-Mitsubishi UFJ](https://en.wikipedia.org/wiki/The_Bank_of_Tokyo-Mitsubishi_UFJ "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.[\[147\]](https://en.wikipedia.org/wiki/PwC#cite_note-147)
### Luxembourg Leaks
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=25 "Edit section: Luxembourg Leaks")\]
Main article: [Luxembourg Leaks](https://en.wikipedia.org/wiki/Luxembourg_Leaks "Luxembourg Leaks")
[](https://en.wikipedia.org/wiki/File:Tax_ruling_luxembourg.png)
One of the tax rulings of *Luxembourg Leaks* negotiated by PwC
The firm helped multinational companies obtain 548 legal tax rulings in [Luxembourg](https://en.wikipedia.org/wiki/Luxembourg "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.[\[148\]](https://en.wikipedia.org/wiki/PwC#cite_note-148)[\[149\]](https://en.wikipedia.org/wiki/PwC#cite_note-149) 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."[\[150\]](https://en.wikipedia.org/wiki/PwC#cite_note-150)
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.[\[151\]](https://en.wikipedia.org/wiki/PwC#cite_note-151)
### Petrobras Brazil
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=26 "Edit section: Petrobras Brazil")\]
In 2015, the [Bill & Melinda Gates Foundation](https://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundation "Bill & Melinda Gates Foundation") of [Microsoft](https://en.wikipedia.org/wiki/Microsoft "Microsoft") founder [Bill Gates](https://en.wikipedia.org/wiki/Bill_Gates "Bill Gates") sued oil company [Petrobras](https://en.wikipedia.org/wiki/Petrobras "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.[\[152\]](https://en.wikipedia.org/wiki/PwC#cite_note-152)
### Gay marriage in Australia
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=27 "Edit section: Gay marriage in Australia")\]
In 2016, [Luke Sayers](https://en.wikipedia.org/wiki/Luke_Sayers "Luke Sayers"), then CEO of PwC Australia,[\[153\]](https://en.wikipedia.org/wiki/PwC#cite_note-153)[\[154\]](https://en.wikipedia.org/wiki/PwC#cite_note-154) had the firm prepare a report projecting the excessive cost of a plebiscite on [gay marriage](https://en.wikipedia.org/wiki/Gay_marriage "Gay marriage").[\[155\]](https://en.wikipedia.org/wiki/PwC#cite_note-155) Mark Allaby, a senior executive at PwC, left the board of the religious lobbying organisation [Australian Christian Lobby](https://en.wikipedia.org/wiki/Australian_Christian_Lobby "Australian Christian Lobby"), a group campaigning against same-sex marriage, following public outrage and pressure from PwC Australia.[\[156\]](https://en.wikipedia.org/wiki/PwC#cite_note-156)
### Centro Properties Group
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=28 "Edit section: Centro Properties Group")\]
In 2007, shopping center giant [Centro](https://en.wikipedia.org/wiki/Centro_Properties_Group "Centro Properties Group") understated its liabilities by more than \$3 billion and almost collapsed when it was unable to refinance its debt during the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis").[\[157\]](https://en.wikipedia.org/wiki/PwC#cite_note-157) 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.[\[158\]](https://en.wikipedia.org/wiki/PwC#cite_note-158)
### BHS
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=29 "Edit section: BHS")\]
In 2016, PwC in the UK was investigated by the Financial Reporting Council over its conduct in relation to the audit of [BHS](https://en.wikipedia.org/wiki/British_Home_Stores "British Home Stores") 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.[\[159\]](https://en.wikipedia.org/wiki/PwC#cite_note-159)
### MF Global malpractice lawsuit
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=30 "Edit section: MF Global malpractice lawsuit")\]
In 2016, a [United States federal judge](https://en.wikipedia.org/wiki/United_States_federal_judge "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](https://en.wikipedia.org/wiki/MF_Global "MF Global"), a brokerage once run by former New Jersey Governor [Jon Corzine](https://en.wikipedia.org/wiki/Jon_Corzine "Jon Corzine").[\[160\]](https://en.wikipedia.org/wiki/PwC#cite_note-pwC_MF_lawsuit-160)[\[161\]](https://en.wikipedia.org/wiki/PwC#cite_note-Global_Lawsuit-161)[\[162\]](https://en.wikipedia.org/wiki/PwC#cite_note-Audit_Lawsuit-162)
### BT Italy
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=31 "Edit section: BT Italy")\]
[BT Group](https://en.wikipedia.org/wiki/BT_Group "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.[\[163\]](https://en.wikipedia.org/wiki/PwC#cite_note-163) BT subsequently stated that its audit would be put out to tender to identify a replacement for PwC,[\[164\]](https://en.wikipedia.org/wiki/PwC#cite_note-164) In June 2017, the Financial Reporting Council began an investigation of PwC's audits of BT covering the years 2015 through 2017.[\[165\]](https://en.wikipedia.org/wiki/PwC#cite_note-165)
### Oscars Best Picture announcement error
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=32 "Edit section: Oscars Best Picture announcement error")\]
See also: [89th Academy Awards § Best Picture announcement error](https://en.wikipedia.org/wiki/89th_Academy_Awards#Best_Picture_announcement_error "89th Academy Awards")
At the [89th Academy Awards](https://en.wikipedia.org/wiki/89th_Academy_Awards "89th Academy Awards") in 2017 [*La La Land*](https://en.wikipedia.org/wiki/La_La_Land_\(film\) "La La Land (film)") was incorrectly announced as the winner of [Best Picture](https://en.wikipedia.org/wiki/Academy_Award_for_Best_Picture "Academy Award for Best Picture") after PwC partner Brian Cullinan gave presenters [Warren Beatty](https://en.wikipedia.org/wiki/Warren_Beatty "Warren Beatty") and [Faye Dunaway](https://en.wikipedia.org/wiki/Faye_Dunaway "Faye Dunaway") the wrong envelope. PwC was responsible for tabulating the results, preparing the envelopes, and handing them to presenters.[\[166\]](https://en.wikipedia.org/wiki/PwC#cite_note-166)
It was called "as bad a mess-up as you could imagine."[\[167\]](https://en.wikipedia.org/wiki/PwC#cite_note-167) The firm took "full responsibility" for handing the presenters the wrong envelope and apologized for the error,[\[168\]](https://en.wikipedia.org/wiki/PwC#cite_note-168) 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."[\[169\]](https://en.wikipedia.org/wiki/PwC#cite_note-169)
### PrivatBank
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=33 "Edit section: PrivatBank")\]
PwC Ukraine had its audit license removed by the [National Bank of Ukraine](https://en.wikipedia.org/wiki/National_Bank_of_Ukraine "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](https://en.wikipedia.org/wiki/PrivatBank "PrivatBank").[\[170\]](https://en.wikipedia.org/wiki/PwC#cite_note-ft-20170720-170) The government of [Ukraine](https://en.wikipedia.org/wiki/Ukraine "Ukraine") had had to rescue PrivatBank by nationalisation in 2016 to protect its 20 million customers.[\[171\]](https://en.wikipedia.org/wiki/PwC#cite_note-bbc-20161219-171)
### Colonial Bank audit
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=34 "Edit section: Colonial Bank audit")\]
In 2017, the [U.S. District Court for the Middle District of Alabama](https://en.wikipedia.org/wiki/United_States_District_Court_for_the_Middle_District_of_Alabama "United States District Court for the Middle District of Alabama") held PwC liable for professional negligence in its audit of [Colonial Bank](https://en.wikipedia.org/wiki/Colonial_Bank_\(United_States\) "Colonial Bank (United States)"), which failed in 2009, after filing materially false financial information with the [SEC](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission"). In 2018, a federal judge later ordered PwC to pay the [FDIC](https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation "Federal Deposit Insurance Corporation") \$625 million, the largest-ever judgement against a U.S. audit firm.[\[172\]](https://en.wikipedia.org/wiki/PwC#cite_note-172) The FDIC reached a \$335 million settlement with PwC in March 2019.[\[173\]](https://en.wikipedia.org/wiki/PwC#cite_note-173)
### Age discrimination lawsuit
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=35 "Edit section: Age discrimination lawsuit")\]
In 2018, PwC was accused of disproportionately hiring younger workers and fostering "an age-conscious workplace in which youth is highly valued."[\[174\]](https://en.wikipedia.org/wiki/PwC#cite_note-174) Plaintiffs estimated that younger applicants are more than 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.[\[175\]](https://en.wikipedia.org/wiki/PwC#cite_note-175)
### Luke Sayers' AVP investment review
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=36 "Edit section: Luke Sayers' AVP investment review")\]
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),[\[176\]](https://en.wikipedia.org/wiki/PwC#cite_note-afr.com-176) 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.[\[177\]](https://en.wikipedia.org/wiki/PwC#cite_note-177)
This investment led to a "storm inside the firm",[\[178\]](https://en.wikipedia.org/wiki/PwC#cite_note-ReferenceA-178) interjection by PwC Global and a review by PwC Australia of its personal investment policy for partners.[\[178\]](https://en.wikipedia.org/wiki/PwC#cite_note-ReferenceA-178) The option to invest had not been offered to all partners or even the entire firm.[\[176\]](https://en.wikipedia.org/wiki/PwC#cite_note-afr.com-176) A review was announced around the way partners make personal investments.[\[176\]](https://en.wikipedia.org/wiki/PwC#cite_note-afr.com-176)[\[179\]](https://en.wikipedia.org/wiki/PwC#cite_note-179)
### Improper audit services in US
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=37 "Edit section: Improper audit services in US")\]
During 2019, PwC's US affiliate agreed to pay more than \$7.9 million to its US regulator, the [Securities and Exchange Commission](https://en.wikipedia.org/wiki/Securities_and_Exchange_Commission "Securities and Exchange Commission") (SEC), to settle allegations that it improperly performed IT and other non-audit services for several audit clients.[\[180\]](https://en.wikipedia.org/wiki/PwC#cite_note-180)
### Corruption in Angola
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=38 "Edit section: Corruption in Angola")\]
In 2020, the [International Consortium of Investigative Journalists](https://en.wikipedia.org/wiki/International_Consortium_of_Investigative_Journalists "International Consortium of Investigative Journalists") (ICIJ) leaked more than 700,000 internal documents revealing that PwC had facilitated multiple dealings in which [Isabel dos Santos](https://en.wikipedia.org/wiki/Isabel_dos_Santos "Isabel dos Santos"), the daughter of former [President of Angola](https://en.wikipedia.org/wiki/President_of_Angola "President of Angola") [José Eduardo dos Santos](https://en.wikipedia.org/wiki/Jos%C3%A9_Eduardo_dos_Santos "José Eduardo dos Santos"), made a fortune while in charge of the state oil company, [Sonangol](https://en.wikipedia.org/wiki/Sonangol_Group "Sonangol Group"). Dos Santos established a network of more than 400 companies to facilitate tax evasion and the steering of millions of dollars of Angolan state contracts to companies under her control.[\[181\]](https://en.wikipedia.org/wiki/PwC#cite_note-Luanda_Leaks-181)
Her husband, Congolese businessman and art collector [Sindika Dokolo](https://en.wikipedia.org/wiki/Sindika_Dokolo "Sindika Dokolo"), made millions from a suspiciously one-sided partnership with the state diamond company, [SODIAM](https://en.wikipedia.org/wiki/SODIAM "SODIAM"), to buy a stake in Swiss luxury jeweler [De Grisogono](https://en.wikipedia.org/wiki/De_Grisogono "De Grisogono").[\[182\]](https://en.wikipedia.org/wiki/PwC#cite_note-182) After ICIJ's revelations, PwC indicated it would terminate its relationship with Dos Santos.[\[181\]](https://en.wikipedia.org/wiki/PwC#cite_note-Luanda_Leaks-181)
### MBC Group
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=39 "Edit section: MBC Group")\]
During November 2017, PwC was engaged in due diligence and valuation of the media company, [MBC Group](https://en.wikipedia.org/wiki/MBC_Group "MBC Group"), owned by Saudi businessman, [Waleed bin Ibrahim Al Ibrahim](https://en.wikipedia.org/wiki/Waleed_bin_Ibrahim_Al_Ibrahim "Waleed bin Ibrahim Al Ibrahim"), who was allegedly held against his wishes at the [Ritz-Carlton](https://en.wikipedia.org/wiki/Ritz-Carlton "Ritz-Carlton") in [Riyadh](https://en.wikipedia.org/wiki/Riyadh "Riyadh") as part of an attempt to coerce him into selling it to the [Saudi Crown Prince](https://en.wikipedia.org/wiki/Saudi_Crown_Prince "Saudi Crown Prince").[\[183\]](https://en.wikipedia.org/wiki/PwC#cite_note-183)
### JD Classics
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=40 "Edit section: JD Classics")\]
In July 2021, PwC was sued by administrators [Alvarez and Marsal](https://en.wikipedia.org/wiki/Alvarez_and_Marsal "Alvarez and Marsal") on behalf of JD Classics, a UK-based car dealership, for [negligence](https://en.wikipedia.org/wiki/Negligence "Negligence") related to audits in 2016 and 2017.[\[184\]](https://en.wikipedia.org/wiki/PwC#cite_note-184) 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."[\[185\]](https://en.wikipedia.org/wiki/PwC#cite_note-185)
### Lobbying revolving door
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=41 "Edit section: Lobbying revolving door")\]
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.[\[186\]](https://en.wikipedia.org/wiki/PwC#cite_note-186)
### Evergrande
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=42 "Edit section: Evergrande")\]
PwC has audited [Evergrande](https://en.wikipedia.org/wiki/Evergrande "Evergrande"), a Chinese property company, since 2009 and received fees worth \$42 million for doing so.[\[187\]](https://en.wikipedia.org/wiki/PwC#cite_note-187) By 2021, Evergrande had collapsed financially and set off the Chinese [property sector crisis](https://en.wikipedia.org/wiki/Chinese_property_sector_crisis_\(2020%E2%80%93present\) "Chinese property sector crisis (2020–present)"), which sparked questions about PwC's role in inflating the company's revenue prior to the firm's eventual bankruptcy.[\[188\]](https://en.wikipedia.org/wiki/PwC#cite_note-188)
In October 2021, the accounting regulator in Hong Kong announced an investigation into PwC's audit of Evergrande. PwC had signed off the 2020 accounts of Evergrande without reference to its uncertainties as a going concern. After the announcement of the fraud investigation, PwC resigned as auditor of Evergrande's accounts.[\[189\]](https://en.wikipedia.org/wiki/PwC#cite_note-189) One year later, in February 2024, Evergrande's liquidators prepared for a potential lawsuit against PwC.[\[190\]](https://en.wikipedia.org/wiki/PwC#cite_note-190)
In September 2024, PwC ZhongTian, PwC's auditing business in China, was suspended for six months. China's securities regulator also confiscated the revenue PwC earned from auditing Evergrande and imposed a fine of \$62 million.[\[191\]](https://en.wikipedia.org/wiki/PwC#cite_note-191)[\[192\]](https://en.wikipedia.org/wiki/PwC#cite_note-192) The four signing registered accountants ([CPAs](https://en.wikipedia.org/wiki/Chinese_Institute_of_Certified_Public_Accountants "Chinese Institute of Certified Public Accountants")) on the audit reports for Evergrande Real Estate's financial statements from 2018 to 2020 were penalized with the revocation of their practicing certificates, and seven CPAs who participated in preparing Evergrande Real Estate's consolidated financial statements were given administrative penalties, such as warnings or fines.[\[193\]](https://en.wikipedia.org/wiki/PwC#cite_note-193)
### South African Airways
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=43 "Edit section: South African Airways")\]
The [Zondo Commission](https://en.wikipedia.org/wiki/Zondo_Commission "Zondo Commission") report on [state capture in South Africa](https://en.wikipedia.org/wiki/State_capture#South_Africa "State capture") uncovered several instances of alleged corruption, fraud and mismanagement at [South African Airways](https://en.wikipedia.org/wiki/South_African_Airways "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.[\[194\]](https://en.wikipedia.org/wiki/PwC#cite_note-194)
### Kier and Galliford Try
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=44 "Edit section: Kier and Galliford Try")\]
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](https://en.wikipedia.org/wiki/Galliford_Try "Galliford Try") and [Kier Group](https://en.wikipedia.org/wiki/Kier_Group "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.[\[195\]](https://en.wikipedia.org/wiki/PwC#cite_note-Morby-07Jun2022-195)
### Americanas (AMER3) controversy
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=45 "Edit section: Americanas (AMER3) controversy")\]
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](https://en.wikipedia.org/wiki/Volatility_\(finance\) "Volatility (finance)") 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.[\[196\]](https://en.wikipedia.org/wiki/PwC#cite_note-196)[\[197\]](https://en.wikipedia.org/wiki/PwC#cite_note-197)[\[198\]](https://en.wikipedia.org/wiki/PwC#cite_note-198)
### Australia tax leak scandal
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=46 "Edit section: Australia tax leak scandal")\]
Main article: [PwC tax scandal](https://en.wikipedia.org/wiki/PwC_tax_scandal "PwC tax scandal")
In 2023, it was revealed that a PwC partner, who was a member of consultation groups set up by the [Australian Treasury](https://en.wikipedia.org/wiki/Treasury_\(Australia\) "Treasury (Australia)") to improve tax laws, had been leaking confidential government tax plans to PwC. The data leaked by the PwC partner included new taxation rules to close loopholes which allowed multinational companies to avoid paying tax.[\[199\]](https://en.wikipedia.org/wiki/PwC#cite_note-199)
After PwC completed an internal investigation in July 2023, eight partners, including former chief executive [Tom Seymour](https://en.wikipedia.org/wiki/Tom_Seymour_\(chief_executive\) "Tom Seymour (chief executive)"), were removed from the partnership.[\[200\]](https://en.wikipedia.org/wiki/PwC#cite_note-200)[\[201\]](https://en.wikipedia.org/wiki/PwC#cite_note-abc3july-201) In July 2023 PwC sold its Australian government consulting business to [Allegro Funds](https://en.wikipedia.org/w/index.php?title=Allegro_Funds&action=edit&redlink=1 "Allegro Funds (page does not exist)") for \$1 with the business rebranded [Scyne Advisory](https://en.wikipedia.org/wiki/Scyne_Advisory "Scyne Advisory").[\[202\]](https://en.wikipedia.org/wiki/PwC#cite_note-202)[\[203\]](https://en.wikipedia.org/wiki/PwC#cite_note-203)
### Aiding Russian oligarchs
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=47 "Edit section: Aiding Russian oligarchs")\]
PwC's [Cyprus](https://en.wikipedia.org/wiki/Cyprus "Cyprus") unit helped dozens of Russian oligarchs to shuffle their wealth and evade sanctions after [Russia's invasion of Ukraine](https://en.wikipedia.org/wiki/Russian_invasion_of_Ukraine "Russian invasion of Ukraine").[\[204\]](https://en.wikipedia.org/wiki/PwC#cite_note-:2-204)[\[205\]](https://en.wikipedia.org/wiki/PwC#cite_note-205) PwC helped [Alexey Mordashov](https://en.wikipedia.org/wiki/Alexei_Mordashov "Alexei Mordashov") transfer a \$1.4 billion investment out of his name in order to elude EU sanctions.[\[204\]](https://en.wikipedia.org/wiki/PwC#cite_note-:2-204) PwC also helped two oligarchs who were instrumental to the waging of Russia's war in Ukraine to hide \$100 million.[\[204\]](https://en.wikipedia.org/wiki/PwC#cite_note-:2-204)
After the start of the full-scale Russian invasion of Ukraine, on 7 March 2022, PwC stated that "under the circumstances, PwC should not have a member firm in Russia and consequently PwC Russia will leave the network."[\[206\]](https://en.wikipedia.org/wiki/PwC#cite_note-206) On 29 April, PwC Russia announced the withdrawal of the brand from the PwC network, and on 30 June, a legal agreement was signed on the withdrawal of the firm in Russia from the network.[\[207\]](https://en.wikipedia.org/wiki/PwC#cite_note-207)
A week later, on 5 July 2022, PwC Ukraine announced the final exit of the company from Russia: "PwC no longer has a firm in Russia: on 4 July 2022 all aspects of the departure of the former PwC firm in Russia have been completed".[\[208\]](https://en.wikipedia.org/wiki/PwC#cite_note-208)
However, in 2023, it emerged that PwC helped Russian oligarchs to avoid sanctions.[\[209\]](https://en.wikipedia.org/wiki/PwC#cite_note-209) PwC also stopped working in Belarus, where its staff consisted of 25 people.[\[210\]](https://en.wikipedia.org/wiki/PwC#cite_note-210)
### Curacao fraud
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=48 "Edit section: Curacao fraud")\]
PwC helped billionaire [Hushang Ansary](https://en.wikipedia.org/wiki/Hushang_Ansary "Hushang Ansary") allegedly defraud a pension fund in [Curaçao](https://en.wikipedia.org/wiki/Cura%C3%A7ao "Curaçao") by setting up shell companies to drain it.[\[211\]](https://en.wikipedia.org/wiki/PwC#cite_note-211)
## See also
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=49 "Edit section: See also")\]
- [Accounting networks and associations](https://en.wikipedia.org/wiki/Accounting_networks_and_associations "Accounting networks and associations")
- [Big Four accounting firms](https://en.wikipedia.org/wiki/Big_Four_accounting_firms "Big Four accounting firms")
- [Companies portal](https://en.wikipedia.org/wiki/Portal:Companies "Portal:Companies")
- [List of companies based in London](https://en.wikipedia.org/wiki/List_of_companies_based_in_London "List of companies based in London")
- *[Price Waterhouse v Kwan](https://en.wikipedia.org/wiki/Price_Waterhouse_v_Kwan "Price Waterhouse v Kwan")*
## References
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=50 "Edit section: References")\]
1. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-1) [***c***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-2) [***d***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-3) [***e***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-4) [***f***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-5)
["Chronology"](https://web.archive.org/web/20101010183230/http://www.ukmediacentre.pwc.com/Company-history/Chronology-14.aspx). PricewaterhouseCoopers. Archived from [the original](http://www.ukmediacentre.pwc.com/Company-history/Chronology-14.aspx) on 10 October 2010. Retrieved 27 September 2010.
2. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-2)**
["Our leadership team"](http://www.pwc.com/gx/en/about/leadership.html). PricewaterhouseCoopers. [Archived](https://web.archive.org/web/20190111122946/https://www.pwc.com/gx/en/about/leadership.html) from the original on 11 January 2019. Retrieved 5 July 2024.
3. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-globalreview_3-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-globalreview_3-1) [***c***](https://en.wikipedia.org/wiki/PwC#cite_ref-globalreview_3-2)
["PwC Global Annual Review 2024"](https://www.pwc.com/gx/en/news-room/press-releases/2024/pwc-global-revenues-rise-to-us-55-4-billion.html). *pwc.com*. Retrieved 3 November 2024.
4. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-4)**
PricewaterhouseCoopers. ["History and milestones"](https://www.pwc.com/us/en/about-us/pwc-corporate-history.html). *PwC*. Retrieved 19 March 2025.
5. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-5)**
Dakers, Marion (4 October 2016). ["Deloitte overtakes PwC as world's biggest accountant"](https://www.telegraph.co.uk/business/2016/10/04/deloitte-overtakes-pwc-as-worlds-biggest-accountant/). *The Telegraph*. [Archived](https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/business/2016/10/04/deloitte-overtakes-pwc-as-worlds-biggest-accountant/) from the original on 11 January 2022. Retrieved 24 November 2016.
6. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-6)**
["Big 4 Accounting Firms – Who They Are, Facts and Information"](http://www.accountingverse.com/articles/big-4-accounting-firms.html). *accountingverse.com*. [Archived](https://web.archive.org/web/20181215132842/https://www.accountingverse.com/articles/big-4-accounting-firms.html) from the original on 15 December 2018. Retrieved 25 May 2017.
7. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-7)**
PricewaterhouseCoopers. ["How we are structured"](https://www.pwc.com/gx/en/about/corporate-governance/network-structure.html). *PwC*. Retrieved 19 March 2025.
8. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-8)**
PricewaterhouseCoopers. ["How we are structured"](https://www.pwc.com/gx/en/about/corporate-governance/network-structure.html). *PwC*. [Archived](https://web.archive.org/web/20150911144002/http://www.pwc.com/structure) from the original on 11 September 2015. Retrieved 27 April 2023.
9. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-revenue2024_9-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-revenue2024_9-1)
["PwC global revenues rise to US\$55.4 billion"](https://www.pwc.com/gx/en/news-room/press-releases/2024/pwc-global-revenues-rise-to-us-55-4-billion.html). *PwC*. 29 October 2024. Retrieved 15 October 2025.
10. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-10)**
["Revenues"](https://www.pwc.com/gx/en/news-room/press-releases/2022/pwc-global-annual-review-2022.html). *PwC*. Retrieved 14 February 2023.
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Sinclair, Lara (20 September 2010). ["Logo puts case first and last"](http://www.theaustralian.com.au/business/media/logo-puts-case-first-and-last/story-e6frg996-1225926437285). *The Australian*. [Archived](https://web.archive.org/web/20121010074234/http://www.theaustralian.com.au/business/media/logo-puts-case-first-and-last/story-e6frg996-1225926437285) from the original on 10 October 2012. Retrieved 27 September 2010.
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Cahill, Helen (16 April 2025). ["PwC shuts operations in nine African countries after scandals"](https://www.thetimes.com/business-money/companies/article/pwc-shuts-operations-in-nine-african-countries-after-scandals-p2vjjdvj3). *www.thetimes.com*. Retrieved 17 April 2025.
13. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-:3_13-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-:3_13-1)
Chenoweth, Neil (15 November 2023). ["Emails show PwC helped Russians dodge sanctions"](https://www.afr.com/companies/professional-services/emails-show-pwc-helped-russians-dodge-sanctions-20231113-p5ejnz). *AFR*.
14. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-:4_14-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-:4_14-1)
Weinberg, Neil (14 November 2023). ["Cyprus ignores Russian atrocities, Western sanctions to shield vast wealth of Putin allies"](https://www.icij.org/investigations/cyprus-confidential/cyprus-russia-eu-secrecy-tax-haven/). *ICIJ*. [Archived](https://web.archive.org/web/20231214002320/https://www.icij.org/investigations/cyprus-confidential/cyprus-russia-eu-secrecy-tax-haven/) from the original on 14 December 2023. Retrieved 14 November 2023.
15. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-15)**
["ICAEW: Firms family trees"](http://www.icaew.com/~/media/Files/Library/subjects/accounting%20history/family%20trees/family-tree-coopers-lybrand). [Archived](https://web.archive.org/web/20120119002033/http://www.icaew.com/~/media/Files/Library/subjects/accounting%20history/family%20trees/family-tree-coopers-lybrand) from the original on 19 January 2012. Retrieved 18 October 2011.
16. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-16)**
["Profile – Michael Jordan of Cork Gully"](http://www.managementtoday.co.uk/news/411874/UK-Profile---Michael-Jordan-Cork-Gully/). *Management Today*. 1 January 1993. [Archived](https://web.archive.org/web/20120528135713/http://www.managementtoday.co.uk/news/411874/UK-Profile---Michael-Jordan-Cork-Gully/) from the original on 28 May 2012. Retrieved 3 August 2012.
17. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-17)**
["ICAEW family trees"](http://www.icaew.com/index.cfm/route/155667/icaew_ga/en/Home/About_us/History_of_accounting/Coopers__Lybrand). Icaew.com.
`{{cite web}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service"))
18. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-18)**
["Coopers & Lybrand offices Plumtree Court, City of London"](https://www.ribapix.com/Coopers-Lybrand-offices-Plumtree-Court-City-of-London-the-fully-glazed-conference-and-meeting-room_RIBA159618). Royal Institute of British Architects. Retrieved 17 April 2025.
19. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-19)**
["A-Z of employers; Coopers and Lybrand"](https://www.independent.co.uk/arts-entertainment/az-of-employers-coopers-and-lybrand-1150991.html). *The Independent*. 19 March 1998. Retrieved 17 April 2025.
20. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-pwhistory_20-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-pwhistory_20-1) [***c***](https://en.wikipedia.org/wiki/PwC#cite_ref-pwhistory_20-2) [***d***](https://en.wikipedia.org/wiki/PwC#cite_ref-pwhistory_20-3)
[*Accounting for Success: a History of Price Waterhouse in America 1890–1990*](https://archive.org/details/accountingforsuc00alle_0). Harvard Business School Press. 1993. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-87584-328-5](https://en.wikipedia.org/wiki/Special:BookSources/978-0-87584-328-5 "Special:BookSources/978-0-87584-328-5")
.
21. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-21)**
["Richard Bucknill, Price Waterhouse & Co., 3, Frederick's Place, Old Jewry, London, E.C.2, to A. R. Middleton Todd, 71 Campden Street, W. 8"](https://www.royalacademy.org.uk/art-artists/archive/richard-bucknill-price-waterhouse-and-amp-co-3-fredericks-place-old-jewry). Royal Academy. Retrieved 17 April 2025.
22. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-22)** "Change of Address" (classified advertisement by Price Waterhouse & Co.), *The Times*, 1975-12-01, p. 22
23. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-23)**
["Price Waterhouse (Biographical details)"](https://www.britishmuseum.org/research/search_the_collection_database/term_details.aspx?bioId=164843). The British Museum. [Archived](https://web.archive.org/web/20181117233809/https://www.britishmuseum.org/research/search_the_collection_database/term_details.aspx?bioId=164843) from the original on 17 November 2018. Retrieved 17 August 2013.
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["Accounting Giants Call Off Merger Plan : Price Waterhouse, Arthur Andersen Cite 'Differences'"](https://www.latimes.com/archives/la-xpm-1989-09-26-fi-365-story.html). *Los Angeles Times*. 26 September 1989. [Archived](https://web.archive.org/web/20160305213903/http://articles.latimes.com/1989-09-26/business/fi-365_1_price-waterhouse) from the original on 5 March 2016. Retrieved 17 August 2013.
26. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-26)** [Price Waterhouse and Coopers & Lybrand to merge](https://web.archive.org/web/20060625115425/http://www.findarticles.com/p/articles/mi_qa3755/is_199709/ai_n8768518) Weekly Corporate Growth Report 29 September 1997
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["PricewaterhouseCoopers"](https://tobaccotactics.org/wiki/pricewaterhousecoopers/). Tobacco Tactics, University of Bath. [Archived](https://web.archive.org/web/20230208041510/https://tobaccotactics.org/wiki/pricewaterhousecoopers/) from the original on 8 February 2023. Retrieved 28 March 2023.
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["The Laws That Govern the Securities Industry"](https://www.sec.gov/answers/about-lawsshtml.html#sox2002). *SEC.gov*. Retrieved 23 May 2020.
29. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-29)** [Hewlett-Packard drops PWC bid](https://news.bbc.co.uk/2/hi/business/1021544.stm) BBC News, 13 November 2000
30. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-30)** [Andersen Affiliates in China to Join Rival](https://web.archive.org/web/20110726114903/http://www.muzi.com/cc/english/10318%2C19931.shtml?q=1201761) Singapore News, 21 March 2002
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Simone, Rose (10 December 2011). ["Passion for business takes entrepreneur from software to cars to music"](https://web.archive.org/web/20120111191843/http://www.therecord.com/news/business/article/637077--passion-for-business-takes-entrepreneur-from-software-to-cars-to-music). *[The Record](https://en.wikipedia.org/wiki/Waterloo_Region_Record "Waterloo Region Record")*. Archived from [the original](http://www.therecord.com/news/business/article/637077--passion-for-business-takes-entrepreneur-from-software-to-cars-to-music) on 11 January 2012.
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Perez, Juan Carlos (3 May 2002). ["PwC Consulting IPO set for August"](https://www.computerworld.com/article/2575947/pwc-consulting-ipo-set-for-august.html). *Computerworld*. Retrieved 28 March 2023.
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["PwC Consulting Set To Spin"](https://www.forbes.com/sites/forbesdigitalcovers/2018/07/30/the-backsies-billionaire-texan-builds-second-fortune-from-wreckage-of-real-estate-empire-hed-sold/?sh=6aa07b8a3a72). *Forbes*. 2 May 2002. [Archived](https://web.archive.org/web/20230328020655/https://www.forbes.com/sites/forbesdigitalcovers/2018/07/30/the-backsies-billionaire-texan-builds-second-fortune-from-wreckage-of-real-estate-empire-hed-sold/?sh=6aa07b8a3a72) from the original on 28 March 2023. Retrieved 28 March 2023.
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["Monday name change for PwC"](https://news.bbc.co.uk/1/hi/business/2035803.stm). BBC. 10 June 2002. [Archived](https://web.archive.org/web/20090301223523/http://news.bbc.co.uk/1/hi/business/2035803.stm) from the original on 1 March 2009. Retrieved 14 December 2014.
36. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-36)** [Monday name change for PwC](https://news.bbc.co.uk/2/hi/business/2035803.stm), *BBC News*, 10 June 2002.
37. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-37)** [IBM buying PricewaterhouseCoopers' consulting business](http://blogs.guardian.co.uk/technology/archives/2002/07/31/ibm_buying_price_waterhouse_coopers_consulting_business.html) [Archived](https://web.archive.org/web/20071227185207/http://blogs.guardian.co.uk/technology/archives/2002/07/31/ibm_buying_price_waterhouse_coopers_consulting_business.html) 27 December 2007 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Technology, 31 July 2002
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Shankland, Steve (30 July 2002). ["IBM Grabs PWC for \$3.5 Billion"](https://www.zdnet.com/article/ibm-grabs-pwc-for-3-5-billion/). *ZDNet.com*. Retrieved 28 March 2023.
39. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-39)** [In close race for No 1, Deloitte, PwC grow apace](https://web.archive.org/web/20131101163422/http://m.foxbusiness.com/quickPage.html?page=19453&content=56887164&pageNum=-1) Fox Business, 30 October 2013
40. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-40)** [PricewaterhouseCoopers to Buy Consulting Firm Diamond Management](https://www.wsj.com/articles/SB10001424052748703447004575449112496777890) [Archived](https://web.archive.org/web/20181111000349/https://www.wsj.com/articles/SB10001424052748703447004575449112496777890) 11 November 2018 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Wall Street Journal, 24 August 2010
41. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-41)** [PwC acquires global consulting firm PRTM](https://web.archive.org/web/20230413040412/https://www.internationalaccountingbulletin.com/uncategorized/newspwc-acquires-global-consulting-firm-prtm/), *International Accounting Bulletin*, 23 August 2011, archived 13 April 2023, accessed 17 August 2023
42. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-42)**
["PwC acquires digital analytics consultancy"](https://web.archive.org/web/20141026194627/http://news.top-consultant.com/US/PwC-acquires-digital-analytics-consultancy-8541.html). Top Consultant. 15 March 2012. Archived from [the original](http://news.top-consultant.com/US/PwC-acquires-digital-analytics-consultancy-8541.html) on 26 October 2014. Retrieved 26 October 2014.
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`{{cite magazine}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service"))
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134. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-Youtube_134-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-Youtube_134-1) [***c***](https://en.wikipedia.org/wiki/PwC#cite_ref-Youtube_134-2) [***d***](https://en.wikipedia.org/wiki/PwC#cite_ref-Youtube_134-3) [***e***](https://en.wikipedia.org/wiki/PwC#cite_ref-Youtube_134-4) [*How World-Bank Dicatates Indian Policies*](https://www.youtube.com/watch?v=-tqaLMOgPH0) on [YouTube](https://en.wikipedia.org/wiki/YouTube_video_\(identifier\) "YouTube video (identifier)"). BharatKiAwaaz.
135. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-Commonwealth_135-0)**
["RTI Spurs Debate on World Bank Involvement in Delhi Water Deal"](http://www.humanrightsinitiative.org/programs/ai/rti/india/states/delhi/rti_spurs_debate_on_world_bank_delhi_water_project.pdf) (PDF). Commonwealth Human Rights Initiative. [Archived](https://web.archive.org/web/20121021060004/http://www.humanrightsinitiative.org/programs/ai/rti/india/states/delhi/rti_spurs_debate_on_world_bank_delhi_water_project.pdf) (PDF) from the original on 21 October 2012. Retrieved 25 December 2012.
136. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-136)**
Doherty, Raymond (5 March 2013). ["PwC failed as 'competent auditor', says Cattles"](http://economia.icaew.com/news/march-2013/pwc-failed-as-competent-auditor). *Economia*.
`{{cite news}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service"))
137. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-137)** [Cattles' failure was nothing to do with us, says angry PwC](https://www.thetimes.com/business-money/companies/article/cattles-failure-was-nothing-to-do-with-us-says-angry-pwc-rxr50l5mpks) The Times, 17 July 2013
138. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-138)** [PwC settles Cattles lawsuit](http://economia.icaew.com/news/october-2015/pwc-settles-cattles-lawsuit) [Archived](https://web.archive.org/web/20170304145433/http://economia.icaew.com/news/october-2015/pwc-settles-cattles-lawsuit) 4 March 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Economia October 2015
139. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-139)** [PwC fined £2.3m over auditing of subprime lender Cattles](https://www.theguardian.com/business/2016/aug/31/pwc-fined-over-auditing-of-subprime-lender-cattles) [Archived](https://web.archive.org/web/20171012002154/https://www.theguardian.com/business/2016/aug/31/pwc-fined-over-auditing-of-subprime-lender-cattles) 12 October 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") The Guardian 31 August 2016
140. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-140)**
["PwC claims €1bn Quinn Insurance action 'poised on cliff'"](http://www.irishtimes.com/business/financial-services/pwc-claims-1bn-quinn-insurance-action-poised-on-cliff-1.2202607). *Irish Times*. 7 May 2015. [Archived](https://web.archive.org/web/20150714213353/http://www.irishtimes.com/business/financial-services/pwc-claims-1bn-quinn-insurance-action-poised-on-cliff-1.2202607) from the original on 14 July 2015. Retrieved 12 June 2015.
141. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-141)**
["More details sought in case against PWC over Quinn Insurance accounts"](https://www.rte.ie/news/business/2015/0519/702340-quinn-insurance-pwc/). RTE News. 19 May 2015. [Archived](https://web.archive.org/web/20150614100111/http://www.rte.ie/news/business/2015/0519/702340-quinn-insurance-pwc/) from the original on 14 June 2015. Retrieved 12 June 2015.
142. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-142)**
["PwC fined £5m over Connaught audit"](https://www.bbc.co.uk/news/business-39881001). BBC. 11 May 2017. [Archived](https://web.archive.org/web/20190426220253/https://www.bbc.co.uk/news/business-39881001) from the original on 26 April 2019. Retrieved 13 May 2017.
143. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-143)** [FRC launches Tesco investigation](http://economia.icaew.com/news/december-2014/frc-launches-pwc-tesco-investigation) [Archived](https://web.archive.org/web/20171212084830/http://economia.icaew.com/news/december-2014/frc-launches-pwc-tesco-investigation) 12 December 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Economia December 2014
144. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-144)** [Tesco : an opportunity for audit](http://economia.icaew.com/opinion/october-2014/tesco-an-opportunity-for-audit) [Archived](https://web.archive.org/web/20171212084932/http://economia.icaew.com/opinion/october-2014/tesco-an-opportunity-for-audit) 12 December 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Economia October 2014
145. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-145)** [Tesco Ends 32-Year PwC Relationship After Accounting Scandal](https://www.bloomberg.com/news/articles/2015-05-11/tesco-ends-32-year-pwc-relationship-after-accounting-scandal) [Archived](https://web.archive.org/web/20161017075116/http://www.bloomberg.com/news/articles/2015-05-11/tesco-ends-32-year-pwc-relationship-after-accounting-scandal) 17 October 2016 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Bloomberg.com May 2015
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Martin, Kate (5 June 2017). ["Accounting watchdog closes PwC/Tesco probe"](https://www.ft.com/content/7a03dfa3-72cc-3af3-9950-ceb61b3f6f57). *Financial Times*. [Archived](https://ghostarchive.org/archive/20221210/https://www.ft.com/content/7a03dfa3-72cc-3af3-9950-ceb61b3f6f57) from the original on 10 December 2022. Retrieved 6 June 2017.
147. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-147)**
["Bank of Tokyo Fined for 'Misleading' New York Regulator on Iran"](https://dealbook.nytimes.com/2014/11/18/lawsky-fines-bank-of-tokyo-mitsubishi-ufj-another-315-million/). *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times") DealBook*. 18 November 2014. [Archived](https://web.archive.org/web/20190326114312/https://dealbook.nytimes.com/2014/11/18/lawsky-fines-bank-of-tokyo-mitsubishi-ufj-another-315-million/) from the original on 26 March 2019. Retrieved 10 April 2015.
148. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-148)**
["Is Your Head Spinning? 5 Tips to Understand the 'Lux Leaks' Files"](https://www.icij.org/project/luxembourg-leaks/your-head-spinning-5-tips-understand-lux-leaks-files). *International Consortium of Investigative Journalists*. [Archived](https://web.archive.org/web/20160321090217/http://www.icij.org/project/luxembourg-leaks/your-head-spinning-5-tips-understand-lux-leaks-files) from the original on 21 March 2016. Retrieved 10 May 2017.
149. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-149)** ICIJ [Explore the Documents: Luxembourg Leaks Database](http://www.icij.org/project/luxembourg-leaks/explore-documents-luxembourg-leaks-database) [Archived](https://web.archive.org/web/20141126081141/http://www.icij.org/project/luxembourg-leaks/explore-documents-luxembourg-leaks-database) 26 November 2014 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")
150. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-150)** The Guardian, [PriceWaterhouseCoopers chief Kevin Nicholson denies lying over tax deals](https://www.theguardian.com/business/2014/dec/08/pwc-kevin-nicholson-tax-scheme-mps-luxembourg) [Archived](https://web.archive.org/web/20180707172948/https://www.theguardian.com/business/2014/dec/08/pwc-kevin-nicholson-tax-scheme-mps-luxembourg) 7 July 2018 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")
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Ariès, Quentin (15 March 2017). ["LuxLeaks whistleblowers get lighter sentences"](http://www.politico.eu/article/luxleaks-whistleblowers-get-lighter-sentences/). *Politico*. [Archived](https://web.archive.org/web/20181125185547/https://www.politico.eu/article/luxleaks-whistleblowers-get-lighter-sentences/) from the original on 25 November 2018. Retrieved 10 May 2017.
152. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-152)**
["Bill Gates sues oil giant Petrobras and PwC over corruption scandal"](https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11892400/Bill-Gates-sues-oil-giant-Petrobras-and-PwC-over-corruption-scandal.html). *Telegraph.co.uk*. 25 September 2015. [Archived](https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11892400/Bill-Gates-sues-oil-giant-Petrobras-and-PwC-over-corruption-scandal.html) from the original on 12 January 2022. Retrieved 4 April 2016.
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["Luke Sayers, corporate politician"](http://www.afr.com/brand/boss/pwc-boss-luke-sayers-thrives-in-adversity-20160517-gowtd5). *Financial Review*. 8 September 2016. [Archived](https://web.archive.org/web/20181209032635/https://www.afr.com/brand/boss/pwc-boss-luke-sayers-thrives-in-adversity-20160517-gowtd5) from the original on 9 December 2018. Retrieved 13 August 2017.
154. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-154)**
["PwC Australia Appoints New CEO \| Big4.com"](https://web.archive.org/web/20170813143516/http://www.big4.com/pricewaterhousecoopers/pwc-australia-appoints-new-ceo/). *www.big4.com*. Archived from [the original](http://www.big4.com/pricewaterhousecoopers/pwc-australia-appoints-new-ceo/) on 13 August 2017. Retrieved 13 August 2017.
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156. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-156)**
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["Centro, PwC take record \$200m legal hit"](https://web.archive.org/web/20170813143154/http://www.afr.com/real-estate/commercial/centro-pwc-take-record-200m-legal-hit-20120508-j2v7s). *Financial Review*. 9 May 2012. Archived from [the original](http://www.afr.com/real-estate/commercial/centro-pwc-take-record-200m-legal-hit-20120508-j2v7s) on 13 August 2017. Retrieved 13 August 2017.
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Battersby, Lucy (20 November 2012). ["PwC auditor sidelined until 2015 for \$2.1b Centro debt bungle"](http://www.smh.com.au/business/pwc-auditor-sidelined-until-2015-for-21b-centro-debt-bungle-20121119-29m5v.html). *The Sydney Morning Herald*. [Archived](https://web.archive.org/web/20170814123545/http://www.smh.com.au/business/pwc-auditor-sidelined-until-2015-for-21b-centro-debt-bungle-20121119-29m5v.html) from the original on 14 August 2017. Retrieved 13 August 2017.
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Fitzgerald, Patrick (5 August 2016). ["Judge Says MF Global Lawsuit Against PwC Can Proceed"](https://www.wsj.com/articles/judge-says-mf-global-lawsuit-against-pwc-can-proceed-1470427038). *Wall Street Journal*. [Archived](https://web.archive.org/web/20190426105859/https://www.wsj.com/articles/judge-says-mf-global-lawsuit-against-pwc-can-proceed-1470427038) from the original on 26 April 2019. Retrieved 6 August 2016.
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["Tension lingers at PwC over visa investments"](https://www.afr.com/street-talk/tension-lingers-at-pwc-over-visa-investments-20180919-h15kqu). *Australian Financial Review*. 19 September 2018. [Archived](https://web.archive.org/web/20241008152707/https://www.afr.com/street-talk/tension-lingers-at-pwc-over-visa-investments-20180919-h15kqu) from the original on 8 October 2024. Retrieved 22 April 2020.
179. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-179)**
["Accountants can invest in consulting clients, raising conflict fears"](https://www.afr.com/companies/professional-services/accountants-can-invest-in-consulting-clients-raising-conflict-fears-20180717-h12soh). *Australian Financial Review*. 17 July 2018. [Archived](https://web.archive.org/web/20200806154914/https://www.afr.com/companies/professional-services/accountants-can-invest-in-consulting-clients-raising-conflict-fears-20180717-h12soh) from the original on 6 August 2020. Retrieved 22 April 2020.
180. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-180)**
Heller, Matthew (24 September 2019). ["PwC Fined \$7M for Audit Independence Violations"](https://www.cfo.com/accounting-tax/2019/09/pwc-fined-7m-for-audit-independence-violations/#:~:text=2022%20Outlook%3A%20CFOs'%204%20realms,audit%20services%20for%20audit%20clients.&text=must%20ensure%20that%20non-audit,public%20companies%2C%E2%80%9D%20Anita%20B.). *CFO.com*. Retrieved 28 January 2022.
181. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-Luanda_Leaks_181-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-Luanda_Leaks_181-1)
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"](https://www.icij.org/investigations/luanda-leaks/how-africas-richest-woman-exploited-family-ties-shell-companies-and-inside-deals-to-build-an-empire/). International Consortium of Investigative Journalism. [Archived](https://web.archive.org/web/20200120130611/https://www.icij.org/investigations/luanda-leaks/how-africas-richest-woman-exploited-family-ties-shell-companies-and-inside-deals-to-build-an-empire/) from the original on 20 January 2020. Retrieved 3 February 2020.
182. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-182)**
["Isabel dos Santos: Africa's richest woman 'ripped off Angola'"](https://www.bbc.com/news/world-africa-51128950). *BBC News*. British Broadcasting Corporation. 20 January 2020. [Archived](https://web.archive.org/web/20201201094438/https://www.bbc.com/news/world-africa-51128950) from the original on 1 December 2020. Retrieved 20 January 2020.
183. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-183)**
Hubbard, Ben (2020). *MBS*. New York: Crown, an imprint of Random House. p. 283. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9781984823830](https://en.wikipedia.org/wiki/Special:BookSources/9781984823830 "Special:BookSources/9781984823830")
.
184. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-184)**
["Competency of PwC's JD Classics audits may be questioned in High Court"](https://www.am-online.com/news/latest-news/2021/07/27/competency-of-pwc-s-jd-classics-audits-may-be-questioned-in-high-court). *www.am-online.com*. [Archived](https://web.archive.org/web/20210911103715/https://www.am-online.com/news/latest-news/2021/07/27/competency-of-pwc-s-jd-classics-audits-may-be-questioned-in-high-court) from the original on 11 September 2021. Retrieved 11 September 2021.
185. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-185)**
["Become an FT subscriber to read \| Financial Times"](https://www.ft.com/content/baed7799-a314-468c-ad8b-88ca590b2af1). *Financial Times*. 27 July 2021. [Archived](https://web.archive.org/web/20210911103718/https://www.ft.com/content/baed7799-a314-468c-ad8b-88ca590b2af1) from the original on 11 September 2021. Retrieved 11 September 2021.
186. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-186)**
Drucker, Jesse; Hakim, Danny (19 September 2021). ["How Accounting Giants Craft Favorable Tax Rules From Inside Government"](https://www.nytimes.com/2021/09/19/business/accounting-firms-tax-loopholes-government.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20210919091132/https://www.nytimes.com/2021/09/19/business/accounting-firms-tax-loopholes-government.html) from the original on 19 September 2021. Retrieved 19 September 2021.
187. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-187)**
Foy, Simon (15 October 2021). ["Hong Kong watchdog to investigate PwC audit of Evergrande accounts"](https://www.telegraph.co.uk/business/2021/10/15/hong-kong-watchdog-investigate-pwc-audit-evergrande-accounts/). *The Telegraph*. [Archived](https://web.archive.org/web/20211025160505/https://www.telegraph.co.uk/business/2021/10/15/hong-kong-watchdog-investigate-pwc-audit-evergrande-accounts/) from the original on 25 October 2021. Retrieved 25 October 2021.
188. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-188)**
["China is investigating the role of Big 4 accountant PwC in \$78 billion Evergrande fraud case"](https://fortune.com/asia/2024/03/22/china-investigating-role-big-4-accountant-pwc-78-billion-evergrande-fraud-case/). *Fortune Asia*. 2024. [Archived](https://web.archive.org/web/20240322112526/https://fortune.com/asia/2024/03/22/china-investigating-role-big-4-accountant-pwc-78-billion-evergrande-fraud-case/) from the original on 22 March 2024. Retrieved 22 March 2024.
189. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-189)**
["China Evergrande's auditor PwC quits over 2021 audit-related matters"](https://www.reuters.com/world/china/china-evergrandes-auditor-quits-disagreement-around-2021-audit-related-matters-2023-01-16/). *Reuters*. 17 January 2023. [Archived](https://web.archive.org/web/20240702190226/https://www.reuters.com/world/china/china-evergrandes-auditor-quits-disagreement-around-2021-audit-related-matters-2023-01-16/) from the original on 2 July 2024. Retrieved 20 March 2024.
190. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-190)**
["China Evergrande's liquidators prepare to sue PwC over audits, FT reports"](https://www.reuters.com/legal/china-evergrandes-liquidators-prepare-sue-pwc-over-audits-ft-reports-2024-02-17/). *Reuters*. 17 February 2024.
191. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-191)**
Hooker, Lucy (13 September 2024). ["UK accounting giant PwC faces six-month China ban"](https://www.bbc.co.uk/news/articles/cje2ejnwwx9o). *[BBC News Online](https://en.wikipedia.org/wiki/BBC_News_Online "BBC News Online")*. [Archived](https://web.archive.org/web/20240914083832/https://www.bbc.co.uk/news/articles/cje2ejnwwx9o) from the original on 14 September 2024. Retrieved 14 September 2024.
192. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-192)**
["中国证监会有关负责人就普华永道行政处罚案件答记者问"](http://www.csrc.gov.cn/csrc/c100028/c7506543/content.shtml). 13 September 2024.
193. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-193)**
["财政部对普华永道作出行政处罚决定"](https://jdjc.mof.gov.cn/jianchagonggao/202409/t20240913_3943763.htm). 13 September 2024.
194. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-194)**
Gumede, Michelle; Mhlanga, Denise (6 January 2022). ["Raymond Zondo censures PwC for turning blind eye to state capture"](https://www.businesslive.co.za/bd/companies/financial-services/2022-01-06-raymond-zondo-censures-pwc-for-turning-blind-eye-to-state-capture/). *BusinessLIVE*. [Archived](https://web.archive.org/web/20220106095624/https://www.businesslive.co.za/bd/companies/financial-services/2022-01-06-raymond-zondo-censures-pwc-for-turning-blind-eye-to-state-capture/) from the original on 6 January 2022. Retrieved 6 January 2022.
195. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-Morby-07Jun2022_195-0)**
Morby, Aaron (7 June 2022). ["PwC handed £5m fine for Kier and Galliford Try audits"](https://www.constructionenquirer.com/2022/06/07/pwc-fined-over-kier-and-galliford-try-audits/). *Construction Enquirer*. [Archived](https://web.archive.org/web/20220607071146/https://www.constructionenquirer.com/2022/06/07/pwc-fined-over-kier-and-galliford-try-audits/) from the original on 7 June 2022. Retrieved 7 June 2022.
196. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-196)**
["Auditora da Americanas, PwC não identificou problemas na última auditoria completa, de 2021"](https://valor.globo.com/empresas/noticia/2023/01/11/auditora-da-americanas-pwc-nao-identificou-problemas-na-ultima-auditoria-completa-de-2021.ghtml). *Valor Econômico* (in Brazilian Portuguese). 11 January 2023. [Archived](https://web.archive.org/web/20241008152713/https://valor.globo.com/empresas/noticia/2023/01/11/auditora-da-americanas-pwc-nao-identificou-problemas-na-ultima-auditoria-completa-de-2021.ghtml) from the original on 8 October 2024. Retrieved 13 January 2023.
197. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-197)**
Aguiar, Victor; Aguiar, Victor (11 January 2023). ["Caos na Americanas (AMER3): mercado fica perplexo com notícias de rombo contábil de R\$ 20 bi e saída precoce de Rial"](https://www.seudinheiro.com/2023/empresas/caos-americanas-amer3-mercado-perplexo-rial-vvka/). *Seu Dinheiro* (in Brazilian Portuguese). Retrieved 13 January 2023.
198. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-198)**
Tooge, Rikardy (13 January 2023). ["Auditores da PwC serão investigados no caso da Americanas (AMER3) por Conselho"](https://www.infomoney.com.br/negocios/auditores-da-pwc-serao-investigados-no-caso-da-americanas-amer3-por-conselho/). *InfoMoney*. [Archived](https://web.archive.org/web/20241008152711/https://www.infomoney.com.br/negocios/auditores-da-pwc-serao-investigados-no-caso-da-americanas-amer3-por-conselho/) from the original on 8 October 2024. Retrieved 13 January 2023.
199. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-199)**
Thompson, Colin Kruger, Angus (23 January 2023). ["Treasury threatens to stop briefing tax multinationals after leak"](https://www.theage.com.au/business/companies/former-pwc-partner-banned-after-leaking-confidential-government-tax-plans-20230123-p5ceq9.html). *[The Age](https://en.wikipedia.org/wiki/The_Age "The Age")*. [Archived](https://web.archive.org/web/20230123085033/https://www.theage.com.au/business/companies/former-pwc-partner-banned-after-leaking-confidential-government-tax-plans-20230123-p5ceq9.html) from the original on 23 January 2023. Retrieved 23 January 2023.
`{{cite web}}`: CS1 maint: multiple names: authors list ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_multiple_names:_authors_list "Category:CS1 maint: multiple names: authors list"))
200. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-200)**
["PwC Australia exits eight partners for professional or governance breaches"](https://www.pwc.com.au/media/2023/pwc-australia-exits-eight-partners-for-professional-or-governance-breaches.html). PwC Australia. [Archived](https://web.archive.org/web/20230703050728/https://www.pwc.com.au/media/2023/pwc-australia-exits-eight-partners-for-professional-or-governance-breaches.html) from the original on 3 July 2023. Retrieved 3 July 2023.
201. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-abc3july_201-0)**
["PwC Australia removes multiple partners, including former chief executive Tom Seymour, over tax leak scandal"](https://www.abc.net.au/news/2023-07-03/pwc-australia-tom-seymour-sacked-tax-scandal/102554332). *ABC News*. 3 July 2023. [Archived](https://web.archive.org/web/20241008152714/https://www.abc.net.au/news/2023-07-03/pwc-australia-tom-seymour-sacked-tax-scandal/102554332) from the original on 8 October 2024. Retrieved 3 July 2023.
202. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-202)** [PwC appoints new CEO Kevin Burrowes and announces it will sell off government business](https://www.abc.net.au/news/2023-06-25/pwc-appoints-new-ceo-will-sell-off-government-business/102521482) [Archived](https://web.archive.org/web/20241008152727/https://www.abc.net.au/news/2023-06-25/pwc-appoints-new-ceo-will-sell-off-government-business/102521482) 8 October 2024 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") *[ABC News](https://en.wikipedia.org/wiki/ABC_News_\(Australia\) "ABC News (Australia)")* 23 June 2023
203. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-203)** [PwC completes \$1 fire sale to Allegro Funds, renames to Scyne Advisory](https://www.news.com.au/finance/business/other-industries/pwc-completes-1-fire-sale-to-allegro-funds-renames-to-scyne-advisory/news-story/f967cb094dd1aa8f1878a86cc4604bf3) [Archived](https://web.archive.org/web/20230703235800/https://www.news.com.au/finance/business/other-industries/pwc-completes-1-fire-sale-to-allegro-funds-renames-to-scyne-advisory/news-story/f967cb094dd1aa8f1878a86cc4604bf3) 3 July 2023 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") *[News.com.au](https://en.wikipedia.org/wiki/News.com.au "News.com.au")* 4 July 2023
204. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-:2_204-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-:2_204-1) [***c***](https://en.wikipedia.org/wiki/PwC#cite_ref-:2_204-2)
["Cyprus ignores Russian atrocities, Western sanctions to shield vast wealth of Putin allies"](https://www.icij.org/investigations/cyprus-confidential/cyprus-russia-eu-secrecy-tax-haven/). *[ICIJ](https://en.wikipedia.org/wiki/ICIJ "ICIJ")*. 14 November 2023. [Archived](https://web.archive.org/web/20231214002320/https://www.icij.org/investigations/cyprus-confidential/cyprus-russia-eu-secrecy-tax-haven/) from the original on 14 December 2023. Retrieved 14 November 2023.
205. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-205)**
["As sanctions loomed, accounting giant PwC scrambled to keep powerful Russians a step ahead - ICIJ"](https://www.icij.org/investigations/cyprus-confidential/pwc-cyprus-russia-oligarchs-ukraine-sanctions/). *ICIJ*. 14 November 2023. [Archived](https://web.archive.org/web/20231205000917/https://www.icij.org/investigations/cyprus-confidential/pwc-cyprus-russia-oligarchs-ukraine-sanctions/) from the original on 5 December 2023. Retrieved 14 November 2023.
206. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-206)**
["Accountancy giant PwC to exit Russia as multinational exodus grows"](https://news.sky.com/story/accountancy-giant-pwc-to-exit-russia-as-multinational-exodus-grows-12559637). *Sky News*. [Archived](https://web.archive.org/web/20240603171328/https://news.sky.com/story/accountancy-giant-pwc-to-exit-russia-as-multinational-exodus-grows-12559637) from the original on 3 June 2024. Retrieved 3 June 2024.
207. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-207)**
["Statement on PwC Russia"](https://www.pwc.com/th/en/press-room/press-release/2022/statement-on-pwc-russia.html). *PwC*. [Archived](https://web.archive.org/web/20230423204408/https://www.pwc.com/th/en/press-room/press-release/2022/statement-on-pwc-russia.html) from the original on 23 April 2023. Retrieved 23 April 2023.
208. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-208)**
["PwC no longer has a firm in Russia: on 4 July 2022 all aspects of the departure of the former PwC firm in Russia have been completed"](https://www.pwc.com/ua/en/press-room/2022/pwc-no-longer-has-firm-in-russia.html). *PwC*. [Archived](https://web.archive.org/web/20230423204410/https://www.pwc.com/ua/en/press-room/2022/pwc-no-longer-has-firm-in-russia.html) from the original on 23 April 2023. Retrieved 23 April 2023.
209. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-209)**
["As sanctions loomed, accounting giant PwC scrambled to keep powerful Russians a step ahead"](https://www.icij.org/investigations/cyprus-confidential/pwc-cyprus-russia-oligarchs-ukraine-sanctions/). *[ICIJ](https://en.wikipedia.org/wiki/International_Consortium_of_Investigative_Journalists "International Consortium of Investigative Journalists")*. 14 November 2023. [Archived](https://web.archive.org/web/20231205000917/https://www.icij.org/investigations/cyprus-confidential/pwc-cyprus-russia-oligarchs-ukraine-sanctions/) from the original on 5 December 2023. Retrieved 14 November 2023.
210. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-210)**
O'Dwyer, Michael (6 March 2022). ["PwC and KPMG exit Russia and Belarus in wake of Ukraine invasion"](https://www.ft.com/content/be3d59a3-d9b2-4303-946d-d61d32c2ff08). *Financial Times*. [Archived](https://ghostarchive.org/archive/20221210/https://www.ft.com/content/be3d59a3-d9b2-4303-946d-d61d32c2ff08) from the original on 10 December 2022. Retrieved 23 April 2023.
211. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-211)**
["A US billionaire took over a tropical island pension fund — then hundreds of millions of dollars allegedly went missing"](https://www.icij.org/investigations/cyprus-confidential/curacao-pension-fund-offshore-ansary/). [ICIJ](https://en.wikipedia.org/wiki/ICIJ "ICIJ"). 20 November 2023. [Archived](https://web.archive.org/web/20240516135514/https://www.icij.org/investigations/cyprus-confidential/curacao-pension-fund-offshore-ansary/) from the original on 16 May 2024. Retrieved 25 November 2023.
## Further reading
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=51 "Edit section: Further reading")\]
- Allen, David Grayson; McDermott, Kathleen, (1992) *Accounting for Success: A History of Price Waterhouse in America 1890–1990*, 1992, Harvard Business School Press,
[ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[0-875-843-28X](https://en.wikipedia.org/wiki/Special:BookSources/0-875-843-28X "Special:BookSources/0-875-843-28X")
- Jones, Edgar, (1995) *True and Fair: A History of Price Waterhouse*, Hamish Hamilton,
[ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0241001721](https://en.wikipedia.org/wiki/Special:BookSources/978-0241001721 "Special:BookSources/978-0241001721")
- *A History of Cooper Brothers 1854-1954*, B.T. Batsford, London, 1954
- *An Early History of Coopers & Lybrand*, 1984, Garland Publishing Inc.,
[ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-8240-6319-1](https://en.wikipedia.org/wiki/Special:BookSources/978-0-8240-6319-1 "Special:BookSources/978-0-8240-6319-1")
## External links
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=52 "Edit section: External links")\]
[](https://en.wikipedia.org/wiki/File:Commons-logo.svg)
Wikimedia Commons has media related to [PricewaterhouseCoopers](https://commons.wikimedia.org/wiki/Category:PricewaterhouseCoopers "commons:Category:PricewaterhouseCoopers").
- [Official website](https://www.pwc.com/) [](https://www.wikidata.org/wiki/Q488048#P856 "Edit this at Wikidata")
| [v](https://en.wikipedia.org/wiki/Template:Big4 "Template:Big4") [t](https://en.wikipedia.org/wiki/Template_talk:Big4 "Template talk:Big4") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Big4 "Special:EditPage/Template:Big4")[Big Four accounting firms](https://en.wikipedia.org/wiki/Big_Four_accounting_firms "Big Four accounting firms") |
|---|
| [Deloitte](https://en.wikipedia.org/wiki/Deloitte "Deloitte") [Ernst & Young](https://en.wikipedia.org/wiki/Ernst_%26_Young "Ernst & Young") [KPMG](https://en.wikipedia.org/wiki/KPMG "KPMG") [PwC]() |
| [v](https://en.wikipedia.org/wiki/Template:Consulting "Template:Consulting") [t](https://en.wikipedia.org/wiki/Template_talk:Consulting "Template talk:Consulting") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Consulting "Special:EditPage/Template:Consulting")[Consulting](https://en.wikipedia.org/wiki/Consultant "Consultant") | |
|---|---|
| Areas of expertise | [Management consulting](https://en.wikipedia.org/wiki/Management_consulting "Management consulting") [Assurance services](https://en.wikipedia.org/wiki/Assurance_services "Assurance services") [Audit](https://en.wikipedia.org/wiki/Audit "Audit") [Biotechnology consulting](https://en.wikipedia.org/wiki/Biotechnology_consulting "Biotechnology consulting") [Engineering consulting](https://en.wikipedia.org/wiki/Engineering_consulting "Engineering consulting") [Environmental consulting](https://en.wikipedia.org/wiki/Environmental_consulting "Environmental consulting") [Financial adviser](https://en.wikipedia.org/wiki/Financial_adviser "Financial adviser") [Human resource consulting](https://en.wikipedia.org/wiki/Human_resource_consulting "Human resource consulting") [Information technology consulting](https://en.wikipedia.org/wiki/Information_technology_consulting "Information technology consulting") [Public sector consulting](https://en.wikipedia.org/wiki/Public_sector_consulting "Public sector consulting") [Risk and strategic consulting](https://en.wikipedia.org/wiki/Risk_and_strategic_consulting "Risk and strategic consulting") [Tax advisor](https://en.wikipedia.org/wiki/Tax_advisor "Tax advisor") |
| Others | [Accounting network](https://en.wikipedia.org/wiki/Accounting_network "Accounting network") [Business consultant](https://en.wikipedia.org/wiki/Business_consultant "Business consultant") [Business networking](https://en.wikipedia.org/wiki/Business_networking "Business networking") [Case interview](https://en.wikipedia.org/wiki/Case_interview "Case interview") [Certified management consultant](https://en.wikipedia.org/wiki/Certified_management_consultant "Certified management consultant") [Consultant](https://en.wikipedia.org/wiki/Consultant "Consultant") [Consulting firm](https://en.wikipedia.org/wiki/Consulting_firm "Consulting firm") [Strategy+Business](https://en.wikipedia.org/wiki/Strategy%2BBusiness "Strategy+Business") [Fixed-price contract](https://en.wikipedia.org/wiki/Fixed-price_contract "Fixed-price contract") [MECE principle](https://en.wikipedia.org/wiki/MECE_principle "MECE principle") [Shareholder value](https://en.wikipedia.org/wiki/Shareholder_value "Shareholder value") |
| Lists | |
| | |
| [MBB](https://en.wikipedia.org/wiki/Big_Three_\(management_consultancies\) "Big Three (management consultancies)") | [McKinsey & Company](https://en.wikipedia.org/wiki/McKinsey_%26_Company "McKinsey & Company") [Boston Consulting Group](https://en.wikipedia.org/wiki/Boston_Consulting_Group "Boston Consulting Group") [Bain & Company](https://en.wikipedia.org/wiki/Bain_%26_Company "Bain & Company") |
| [Big Four](https://en.wikipedia.org/wiki/Big_Four_accounting_firms "Big Four accounting firms") | [Deloitte](https://en.wikipedia.org/wiki/Deloitte "Deloitte") [Ernst & Young](https://en.wikipedia.org/wiki/Ernst_%26_Young "Ernst & Young") [KPMG](https://en.wikipedia.org/wiki/KPMG "KPMG") [PwC]() |
| Others | [List of management consulting firms](https://en.wikipedia.org/wiki/List_of_management_consulting_firms "List of management consulting firms") [List of IT consulting firms](https://en.wikipedia.org/wiki/List_of_IT_consulting_firms "List of IT consulting firms") |
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|---|---|
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| National | [United States](https://id.loc.gov/authorities/n2008004366) [France](https://catalogue.bnf.fr/ark:/12148/cb133429586) [BnF data](https://data.bnf.fr/ark:/12148/cb133429586) [Spain](https://datos.bne.es/resource/XX178726) [Portugal](http://id.bnportugal.gov.pt/aut/catbnp/1151549) [Norway](https://authority.bibsys.no/authority/rest/authorities/html/98070832) [Latvia](https://kopkatalogs.lv/F?func=direct&local_base=lnc10&doc_number=000313970&P_CON_LNG=ENG) [Croatia](http://katalog.nsk.hr/F/?func=direct&doc_number=000687992&local_base=nsk10) [Korea](https://lod.nl.go.kr/resource/KAB202011452) [Sweden](https://libris.kb.se/75kntd4r3tqf33h) [Israel](https://www.nli.org.il/en/authorities/987007381463705171) [Catalonia](https://cantic.bnc.cat/registre/981058519901306706) |
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| Other | [IdRef](https://www.idref.fr/050158805) [Open Library](https://openlibrary.org/works/OL2737458A?mode=all) [2](https://openlibrary.org/works/OL2737347A?mode=all) [3](https://openlibrary.org/works/OL1438546A?mode=all) [Yale LUX](https://lux.collections.yale.edu/view/group/ca3c2969-efbd-4936-8f59-04bbb529d7ca) |
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PwC
51 languages
[Add topic](https://en.wikipedia.org/wiki/PwC) |
| Readable Markdown | | | |
|---|---|
| [](https://en.wikipedia.org/wiki/File:PwC_Company_Logo.svg) | |
| [Trade name](https://en.wikipedia.org/wiki/Trade_name "Trade name") | PwC |
| Company type | Members have different legal structures; both UK and US firms are [limited liability partnerships](https://en.wikipedia.org/wiki/Limited_liability_partnership "Limited liability partnership") |
| Industry | [Professional services](https://en.wikipedia.org/wiki/Professional_services "Professional services") |
| Founded | 1998 (PricewaterhouseCoopers) 1849 (Price Waterhouse) 1854 (Coopers & Lybrand)[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-1) |
| Founders | [Samuel Lowell Price](https://en.wikipedia.org/wiki/Samuel_Lowell_Price "Samuel Lowell Price") [Edwin Waterhouse](https://en.wikipedia.org/wiki/Edwin_Waterhouse "Edwin Waterhouse") [William Cooper](https://en.wikipedia.org/wiki/William_Cooper_\(accountant\) "William Cooper (accountant)") [Robert Hiester Montgomery](https://en.wikipedia.org/wiki/Robert_Hiester_Montgomery "Robert Hiester Montgomery") |
| Headquarters | [London](https://en.wikipedia.org/wiki/London "London"), England, UK |
| Area served | Worldwide |
| Key people | Mohamed Kande (chairman)[\[2\]](https://en.wikipedia.org/wiki/PwC#cite_note-2) |
| Services | [Assurance](https://en.wikipedia.org/wiki/Assurance_services "Assurance services") Data and [analytics](https://en.wikipedia.org/wiki/Analytics "Analytics") [Digital Transformation](https://en.wikipedia.org/wiki/Digital_Transformation "Digital Transformation") [Financial advisory](https://en.wikipedia.org/wiki/Financial_adviser "Financial adviser") [Forensic accounting](https://en.wikipedia.org/wiki/Forensic_accounting "Forensic accounting") [Legal services](https://en.wikipedia.org/wiki/Law_firm "Law firm") [Management consulting](https://en.wikipedia.org/wiki/Management_consulting "Management consulting") [Risk advisory](https://en.wikipedia.org/wiki/Enterprise_Risk_Management "Enterprise Risk Management") [Risk assurance](https://en.wikipedia.org/wiki/Internal_audit "Internal audit") [Tax advisory](https://en.wikipedia.org/wiki/Tax_advisor "Tax advisor") |
| Revenue |  [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")55\.4 billion (2024)[\[3\]](https://en.wikipedia.org/wiki/PwC#cite_note-globalreview-3) |
| Number of employees | 370,000 (2024)[\[3\]](https://en.wikipedia.org/wiki/PwC#cite_note-globalreview-3) |
| Website | [www.pwc.com](https://www.pwc.com/) |
**PricewaterhouseCoopers**, also known as **PwC**,[\[4\]](https://en.wikipedia.org/wiki/PwC#cite_note-4) is a [multinational](https://en.wikipedia.org/wiki/Multinational_corporation "Multinational corporation") [professional services network](https://en.wikipedia.org/wiki/Professional_services_network "Professional services network") based in [London](https://en.wikipedia.org/wiki/London "London"), England.
It is the second-largest professional services network in the world[\[5\]](https://en.wikipedia.org/wiki/PwC#cite_note-5) and is one of the [Big Four accounting firms](https://en.wikipedia.org/wiki/Big_Four_accounting_firms "Big Four accounting firms"), along with [Deloitte](https://en.wikipedia.org/wiki/Deloitte "Deloitte"), [EY](https://en.wikipedia.org/wiki/Ernst_%26_Young "Ernst & Young"), and [KPMG](https://en.wikipedia.org/wiki/KPMG "KPMG").[\[6\]](https://en.wikipedia.org/wiki/PwC#cite_note-6) The PwC network is overseen by **PricewaterhouseCoopers International Limited**, an English [private company limited by guarantee](https://en.wikipedia.org/wiki/Company_limited_by_guarantee "Company limited by guarantee").[\[7\]](https://en.wikipedia.org/wiki/PwC#cite_note-7)[\[8\]](https://en.wikipedia.org/wiki/PwC#cite_note-8)
PwC operates in 149 countries, with a global workforce of more than 370,000 people (as of FY 2024).[\[9\]](https://en.wikipedia.org/wiki/PwC#cite_note-revenue2024-9) 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.[\[10\]](https://en.wikipedia.org/wiki/PwC#cite_note-10) The company's global revenues were US\$55.4 billion in FY 2024, of which \$19.5 billion was generated by its [Assurance](https://en.wikipedia.org/wiki/Assurance_services "Assurance services") practice, \$12.6 billion by its Tax and Legal practice and \$23.3 billion by its Advisory practice.[\[9\]](https://en.wikipedia.org/wiki/PwC#cite_note-revenue2024-9)
The firm in its recent actual form was created in 1998 by a merger between two accounting firms: Coopers & Lybrand, and Price Waterhouse.[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-1) Both firms had histories dating back to the 19th century. The [trading name](https://en.wikipedia.org/wiki/Trade_name "Trade name") was shortened to PwC in September 2010 as part of a [rebranding](https://en.wikipedia.org/wiki/Brand_management "Brand management") effort.[\[11\]](https://en.wikipedia.org/wiki/PwC#cite_note-branding2010-11) In April 2025, PwC shut down its operations in nine African countries.[\[12\]](https://en.wikipedia.org/wiki/PwC#cite_note-12)
The firm has been embroiled in a number of corruption controversies and crime scandals. The firm has on multiple occasions been implicated in [tax evasion](https://en.wikipedia.org/wiki/Tax_evasion "Tax evasion") and [tax avoidance](https://en.wikipedia.org/wiki/Tax_avoidance "Tax avoidance") practices. It has frequently been fined by regulators for performing [audits](https://en.wikipedia.org/wiki/Audit "Audit") that fail to meet auditing standards. Amid [Russia's war in Ukraine](https://en.wikipedia.org/wiki/Russian_invasion_of_Ukraine "Russian invasion of Ukraine"), PwC assisted Russian oligarchs to hide their wealth and contributed to bypassing global sanctions placed on Russia over its invasion of Ukraine.[\[13\]](https://en.wikipedia.org/wiki/PwC#cite_note-:3-13)[\[14\]](https://en.wikipedia.org/wiki/PwC#cite_note-:4-14)
In 1854, [William Cooper](https://en.wikipedia.org/wiki/William_Cooper_\(accountant\) "William Cooper (accountant)") founded an accountancy practice at No. 13 George Street in London. It became Cooper Brothers seven years later when his three brothers joined.[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-1)
In 1898, [Robert H. Montgomery](https://en.wikipedia.org/wiki/Robert_Hiester_Montgomery "Robert Hiester Montgomery"), [William M. Lybrand](https://en.wikipedia.org/wiki/William_M._Lybrand "William M. Lybrand"), Adam A. Ross Jr. and his brother T. Edward Ross formed Lybrand, Ross Brothers and Montgomery in the United States.[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-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.[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-1)
In 1973, the three member firms in the UK, US and Canada changed their names to Coopers & Lybrand.[\[15\]](https://en.wikipedia.org/wiki/PwC#cite_note-15) Then in 1980, Coopers & Lybrand expanded its expertise in [insolvency](https://en.wikipedia.org/wiki/Insolvency "Insolvency") substantially by acquiring [Cork Gully](https://en.wikipedia.org/wiki/Cork_Gully "Cork Gully"), a leading firm in that field in the UK.[\[16\]](https://en.wikipedia.org/wiki/PwC#cite_note-16) In 1990, in certain countries, including the UK, Coopers & Lybrand merged with [Deloitte, Haskins & Sells](https://en.wikipedia.org/wiki/Deloitte "Deloitte") to become Coopers & Lybrand Deloitte;[\[1\]](https://en.wikipedia.org/wiki/PwC#cite_note-chronology-1) in 1992 it reverted to Coopers & Lybrand.[\[17\]](https://en.wikipedia.org/wiki/PwC#cite_note-17)
The firm relocated from George Street to modern offices designed by [Dennis Lennon & Partners](https://en.wikipedia.org/wiki/Dennis_Lennon_%26_Partners "Dennis Lennon & Partners") at Plumtree Court in 1985,[\[18\]](https://en.wikipedia.org/wiki/PwC#cite_note-18) and then moved to new offices designed by [Terry Farrell](https://en.wikipedia.org/wiki/Terry_Farrell_\(architect\) "Terry Farrell (architect)") at Embankment Place in 1994.[\[19\]](https://en.wikipedia.org/wiki/PwC#cite_note-19)
[](https://en.wikipedia.org/wiki/File:Edwin_Waterhouse_c1907.jpg)
Edwin Waterhouse
c.
1907
In 1849, [Samuel Lowell Price](https://en.wikipedia.org/wiki/Samuel_Lowell_Price "Samuel Lowell Price"), an accountant, founded an accountancy practice at No. 5 [Gresham Street](https://en.wikipedia.org/wiki/Gresham_Street "Gresham Street") in London.[\[20\]](https://en.wikipedia.org/wiki/PwC#cite_note-pwhistory-20) In 1865, Price went into partnership with [William Hopkins Holyland](https://en.wikipedia.org/wiki/William_Hopkins_Holyland "William Hopkins Holyland") and [Edwin Waterhouse](https://en.wikipedia.org/wiki/Edwin_Waterhouse "Edwin Waterhouse") at No. 13 Gresham Street.[\[20\]](https://en.wikipedia.org/wiki/PwC#cite_note-pwhistory-20) Holyland left shortly afterwards to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co.[\[20\]](https://en.wikipedia.org/wiki/PwC#cite_note-pwhistory-20) The firm was based at No. 3, Frederick's Place in [Old Jewry](https://en.wikipedia.org/wiki/Old_Jewry "Old Jewry") in London from 1899.[\[21\]](https://en.wikipedia.org/wiki/PwC#cite_note-21)
By the late 19th century, Price Waterhouse had gained recognition as an accounting firm. It opened an office in New York City in 1890, and the American firm expanded. The original British firm opened an office in [Liverpool](https://en.wikipedia.org/wiki/Liverpool "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.[\[20\]](https://en.wikipedia.org/wiki/PwC#cite_note-pwhistory-20)
The firm relocated from Frederick's Place to modern offices at [Southwark Towers](https://en.wikipedia.org/wiki/Southwark_Towers "Southwark Towers") in London Bridge Street in 1975.[\[22\]](https://en.wikipedia.org/wiki/PwC#cite_note-22) The original partnership agreement, signed by Price, Holyland, and Waterhouse could be found in the new offices there.[\[23\]](https://en.wikipedia.org/wiki/PwC#cite_note-23)
In a further effort to take advantage of [economies of scale](https://en.wikipedia.org/wiki/Economies_of_scale "Economies of scale"), PW and [Arthur Andersen](https://en.wikipedia.org/wiki/Arthur_Andersen "Arthur Andersen") discussed a merger in 1989[\[24\]](https://en.wikipedia.org/wiki/PwC#cite_note-24) but the negotiations failed, mainly because of conflicts of interest such as Andersen's strong commercial links with [IBM](https://en.wikipedia.org/wiki/IBM "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.[\[25\]](https://en.wikipedia.org/wiki/PwC#cite_note-25)
In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers (written with a lowercase "w" and a [camel case](https://en.wikipedia.org/wiki/Camel_case "Camel case") "C").[\[26\]](https://en.wikipedia.org/wiki/PwC#cite_note-26) At that time, MCS was the largest and fastest growing division.[\[27\]](https://en.wikipedia.org/wiki/PwC#cite_note-27)
The fallout from the [Enron](https://en.wikipedia.org/wiki/Enron "Enron"), [Worldcom](https://en.wikipedia.org/wiki/Worldcom "Worldcom") and other [financial auditing scandals](https://en.wikipedia.org/wiki/Enron_scandal "Enron scandal") led to the demise of [Arthur Andersen](https://en.wikipedia.org/wiki/Andersen_Worldwide "Andersen Worldwide"), reducing the count of the Big Five accounting firms down to the [Big Four](https://en.wikipedia.org/wiki/Big_Four_accounting_firms "Big Four accounting firms") and spurring passage of the 2002 [Sarbanes–Oxley Act](https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act "Sarbanes–Oxley Act") (SOX). Among other restrictions, SOX severely limited the overlap between management consulting and auditing services.[\[28\]](https://en.wikipedia.org/wiki/PwC#cite_note-28)
Around July 2000, PwC began to prepare for either an acquisition or [IPO](https://en.wikipedia.org/wiki/Initial_public_offering "Initial public offering") 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](https://en.wikipedia.org/wiki/Hewlett-Packard "Hewlett-Packard") for a reported \$17 billion, but negotiations broke down in 2000.[\[29\]](https://en.wikipedia.org/wiki/PwC#cite_note-29) Almost a year after the collapse of Arthur Andersen in 2001, Arthur Andersen, LLP affiliates in Hong Kong and mainland China completed talks to join PricewaterhouseCoopers, China.[\[30\]](https://en.wikipedia.org/wiki/PwC#cite_note-30)
In 2000, PwC acquired Canada's largest [SAP](https://en.wikipedia.org/wiki/SAP_SE "SAP SE") consulting partner, Omnilogic Systems, to expand its developing consulting presence in Canada.[\[31\]](https://en.wikipedia.org/wiki/PwC#cite_note-31) 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.[\[32\]](https://en.wikipedia.org/wiki/PwC#cite_note-32) 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.[\[33\]](https://en.wikipedia.org/wiki/PwC#cite_note-33)
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 Airlines](https://en.wikipedia.org/wiki/Continental_Airlines "Continental Airlines")' Greg Brennerman as CEO to run the global division.[\[34\]](https://en.wikipedia.org/wiki/PwC#cite_note-34)
A week later, it was announced that an outside consultancy, [Wolff Olins](https://en.wikipedia.org/wiki/Wolff_Olins "Wolff Olins"), had created new branding for the consulting group, called "Monday".[\[35\]](https://en.wikipedia.org/wiki/PwC#cite_note-35) The firm's CEO, [Greg Brenneman](https://en.wikipedia.org/wiki/Greg_Brenneman "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."[\[36\]](https://en.wikipedia.org/wiki/PwC#cite_note-36)
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 in August 2002, when PwC announced it sold Monday to [IBM](https://en.wikipedia.org/wiki/International_Business_Machines "International Business Machines") for approximately \$3.5 billion in cash and stock. Monday was consolidated into [IBM Global Business Services](https://en.wikipedia.org/wiki/IBM_Global_Business_Services "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. At the same time, Monday carried just 30,000 at the time.[\[37\]](https://en.wikipedia.org/wiki/PwC#cite_note-37) However, it was seen as a win by IBM since PwC Consulting/Monday's valuation had suffered after the post-9/11 recession.[\[38\]](https://en.wikipedia.org/wiki/PwC#cite_note-38)
PwC began rebuilding its consulting practice with acquisitions such as Paragon Consulting Group and the commercial services business of [BearingPoint](https://en.wikipedia.org/wiki/BearingPoint "BearingPoint") in 2009.[\[39\]](https://en.wikipedia.org/wiki/PwC#cite_note-39) The firm continued this process by acquiring [Diamond Management & Technology Consultants](https://en.wikipedia.org/wiki/Diamond_Management_%26_Technology_Consultants "Diamond Management & Technology Consultants") in November 2010,[\[40\]](https://en.wikipedia.org/wiki/PwC#cite_note-40) and [PRTM](https://en.wikipedia.org/wiki/PRTM "PRTM") in August 2011.[\[41\]](https://en.wikipedia.org/wiki/PwC#cite_note-41) In 2012, the firm acquired Logan Tod & Co, a digital analytics and optimisation consultancy,[\[42\]](https://en.wikipedia.org/wiki/PwC#cite_note-42) and Ant's Eye View, a social media strategy development and [consulting firm](https://en.wikipedia.org/wiki/Consulting_firm "Consulting firm") to build upon PwC's growing Management Consulting customer impact and [customer engagement](https://en.wikipedia.org/wiki/Customer_engagement "Customer engagement") capabilities.[\[43\]](https://en.wikipedia.org/wiki/PwC#cite_note-43)
In April 2014,[\[44\]](https://en.wikipedia.org/wiki/PwC#cite_note-44) [Booz & Company](https://en.wikipedia.org/wiki/Booz_%26_Company "Booz & Company") combined with PwC to form [Strategy&](https://en.wikipedia.org/wiki/Strategy%26 "Strategy&").[\[45\]](https://en.wikipedia.org/wiki/PwC#cite_note-PwC_to_bulk_up_with_planned_Booz_&_Company-45)[\[46\]](https://en.wikipedia.org/wiki/PwC#cite_note-46) In 2013, PwC acquired [BGT Partners](https://en.wikipedia.org/wiki/BGC_Partners "BGC Partners").[\[47\]](https://en.wikipedia.org/wiki/PwC#cite_note-47) In 2016, PwC acquired technology/consulting firm NSI DMCC.[\[48\]](https://en.wikipedia.org/wiki/PwC#cite_note-48) In January 2017, PwC announced a five-year agreement with [GE](https://en.wikipedia.org/wiki/General_Electric "General Electric") 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.[\[49\]](https://en.wikipedia.org/wiki/PwC#cite_note-49)
In November 2017, PwC accepted [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") as payment for advisory services, the first time the company, or any of the Big Four accounting firms, accepted virtual currency as payment.[\[50\]](https://en.wikipedia.org/wiki/PwC#cite_note-50) [Veritas Capital](https://en.wikipedia.org/wiki/Veritas_Capital "Veritas Capital") acquired PwC's US public sector business in 2018, and branded the new company as [Guidehouse](https://en.wikipedia.org/wiki/Guidehouse "Guidehouse").[\[51\]](https://en.wikipedia.org/wiki/PwC#cite_note-51)[\[52\]](https://en.wikipedia.org/wiki/PwC#cite_note-52) 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.[\[53\]](https://en.wikipedia.org/wiki/PwC#cite_note-53)
In addition, the company oversees AMPAS elections, prepares its financial documents, and is responsible for the group's tax filings.[\[54\]](https://en.wikipedia.org/wiki/PwC#cite_note-54) In 2023, PwC acquired Surfaceink, a hardware designer.[\[55\]](https://en.wikipedia.org/wiki/PwC#cite_note-55)
In May 2024, PwC became [ChatGPT](https://en.wikipedia.org/wiki/ChatGPT "ChatGPT") Enterprise's biggest customer and will also start reselling [OpenAI's](https://en.wikipedia.org/wiki/OpenAI "OpenAI") service for other large businesses.[\[56\]](https://en.wikipedia.org/wiki/PwC#cite_note-56)
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.[\[57\]](https://en.wikipedia.org/wiki/PwC#cite_note-57) Much like other [professional services firms](https://en.wikipedia.org/wiki/Professional_services "Professional services"), each member firm is financially and legally independent. PwC is co-ordinated by a [private company limited by guarantee](https://en.wikipedia.org/wiki/Private_company_limited_by_guarantee "Private company limited by guarantee") under [English law](https://en.wikipedia.org/wiki/English_law "English law"), called PricewaterhouseCoopers International Limited.[\[58\]](https://en.wikipedia.org/wiki/PwC#cite_note-58) In addition, PwC is registered as a multidisciplinary entity which also provides legal services.[\[59\]](https://en.wikipedia.org/wiki/PwC#cite_note-59)
PwC is organized into three service lines:[\[60\]](https://en.wikipedia.org/wiki/PwC#cite_note-page13-60)
- [Assurance](https://en.wikipedia.org/wiki/Assurance_services "Assurance services") – Assurance services are those typically associated with [financial audits](https://en.wikipedia.org/wiki/Financial_audit "Financial audit").[\[61\]](https://en.wikipedia.org/wiki/PwC#cite_note-61)
- [Advisory](https://en.wikipedia.org/wiki/Management_consulting "Management consulting") – Advisory services offered by PwC include two [actuarial](https://en.wikipedia.org/wiki/Actuary "Actuary") consultancy departments; Actuarial and Insurance Management Solutions (AIMS) and a sub branch of "[Human Resource Services](https://en.wikipedia.org/wiki/Human_resource_consulting "Human resource consulting")" (HRS). Actuarial covers mainly 5 areas: [pensions](https://en.wikipedia.org/wiki/Pensions "Pensions"), [life insurance](https://en.wikipedia.org/wiki/Life_insurance "Life insurance"), [non-life insurance](https://en.wikipedia.org/wiki/Casualty_insurance "Casualty insurance"), health, and investments. AIMS deals with life and non-life insurance and investments, while HRS deals mainly with pensions and [group health](https://en.wikipedia.org/wiki/Group_Health_Cooperative "Group Health Cooperative").[\[62\]](https://en.wikipedia.org/wiki/PwC#cite_note-62) PwC has also expanded into digital media and advertising.[\[63\]](https://en.wikipedia.org/wiki/PwC#cite_note-63)
- [Tax](https://en.wikipedia.org/wiki/Tax_advisor "Tax advisor") – [International tax planning](https://en.wikipedia.org/wiki/International_tax_planning "International tax planning")
PwC firms are in 140 countries, with 370,000 people.[\[3\]](https://en.wikipedia.org/wiki/PwC#cite_note-globalreview-3)
In September 2010, a new logo, designed by Wolff Olins, was introduced to reflect the new PwC trading name.[\[64\]](https://en.wikipedia.org/wiki/PwC#cite_note-64)[\[65\]](https://en.wikipedia.org/wiki/PwC#cite_note-65)[\[66\]](https://en.wikipedia.org/wiki/PwC#cite_note-66)
PwC's current logo was introduced in April 2025, featuring the new orange 'momentum mark'.[\[67\]](https://en.wikipedia.org/wiki/PwC#cite_note-67) This smaller and simpler design is said to be more fit for digital and online uses.[\[68\]](https://en.wikipedia.org/wiki/PwC#cite_note-68)
- [](https://en.wikipedia.org/wiki/File:Coopers_%26_Lybrand_logo.svg "The Coopers & Lybrand logo prior to the 1998 merger")
The Coopers & Lybrand logo prior to the 1998 merger
- [](https://en.wikipedia.org/wiki/File:Pw_logo.png "The Price Waterhouse logo prior to the 1998 merger")
The Price Waterhouse logo prior to the 1998 merger
- [](https://en.wikipedia.org/wiki/File:PricewaterhouseCoopers.svg "The PricewaterhouseCoopers logo from 1998 to 2010")
The PricewaterhouseCoopers logo from 1998 to 2010
- [](https://en.wikipedia.org/wiki/File:PricewaterhouseCoopers_Logo.svg "The PwC logo from 2010 to 2025")
The PwC logo from 2010 to 2025
- [](https://en.wikipedia.org/wiki/File:PwC_Company_Logo.svg "The PwC logo since 2025")
The PwC logo since 2025
The firm has been embroiled in a number of corruption controversies and crime scandals.[\[69\]](https://en.wikipedia.org/wiki/PwC#cite_note-69) The firm has on multiple occasions been implicated in [tax evasion](https://en.wikipedia.org/wiki/Tax_evasion "Tax evasion") and [tax avoidance](https://en.wikipedia.org/wiki/Tax_avoidance "Tax avoidance") practices.[\[13\]](https://en.wikipedia.org/wiki/PwC#cite_note-:3-13)[\[70\]](https://en.wikipedia.org/wiki/PwC#cite_note-70) The company has aided war criminals in evading sanctions.[\[14\]](https://en.wikipedia.org/wiki/PwC#cite_note-:4-14) The company has frequently performed insufficient audits, whereby it performs auditing services that vouch for the finances of companies without following basic auditing standards.[\[71\]](https://en.wikipedia.org/wiki/PwC#cite_note-71)[\[72\]](https://en.wikipedia.org/wiki/PwC#cite_note-72)[\[73\]](https://en.wikipedia.org/wiki/PwC#cite_note-73)[\[74\]](https://en.wikipedia.org/wiki/PwC#cite_note-74)[\[75\]](https://en.wikipedia.org/wiki/PwC#cite_note-75)
### Gender employment discrimination
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=8 "Edit section: Gender employment discrimination")\]
In 1989, the [United States Supreme Court](https://en.wikipedia.org/wiki/Supreme_Court_of_the_United_States "Supreme Court of the United States") held that Price Waterhouse must prove by a preponderance of the evidence that the decision regarding [Ann Hopkins](https://en.wikipedia.org/wiki/Ann_Hopkins "Ann Hopkins")'s employment would have been the same if [sex discrimination](https://en.wikipedia.org/wiki/Sex_discrimination "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](https://en.wikipedia.org/wiki/Title_VII_of_the_Civil_Rights_Act_of_1964 "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](https://en.wikipedia.org/wiki/Mixed_motive_discrimination "Mixed motive discrimination") as an evidentiary framework for proving discrimination under a disparate treatment theory even when lawful reasons for the adverse employment action are also present.[\[76\]](https://en.wikipedia.org/wiki/PwC#cite_note-76) Hopkins's candidacy for partnership had been put on indefinite hold. She eventually resigned and sued the company for [occupational sexism](https://en.wikipedia.org/wiki/Occupational_sexism "Occupational sexism"), arguing that her lack of promotion came after pressure to walk, talk, dress, and act more "femininely."[\[77\]](https://en.wikipedia.org/wiki/PwC#cite_note-Levit-77)
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.[\[78\]](https://en.wikipedia.org/wiki/PwC#cite_note-NYTimes:_Partnership_in_Firm_Awarded_to_Victim_of_Sex_Bias-78)
Following the suit, the firm received media attention due to its discriminatory labor practices towards males as well.[\[79\]](https://en.wikipedia.org/wiki/PwC#cite_note-79)
In 2014, it came to light that PwC had received \$55 million from [Caterpillar Inc.](https://en.wikipedia.org/wiki/Caterpillar_Inc. "Caterpillar Inc.") to develop a tax avoidance scheme. According to a US Senate investigation, PwC had helped Caterpillar Inc. drastically reduce its taxes for more than a decade.[\[80\]](https://en.wikipedia.org/wiki/PwC#cite_note-Senate_report_claims-80)[\[81\]](https://en.wikipedia.org/wiki/PwC#cite_note-audit_firms_behind-81)
Profits worth \$8 billion were shifted from the United States to Switzerland, allegedly enabling savings of more than \$2.4 billion in US taxes over that period. In Switzerland, the profits were taxed at just 4%.[\[80\]](https://en.wikipedia.org/wiki/PwC#cite_note-Senate_report_claims-80)
A PricewaterhouseCoopers managing director involved in designing the tax savings plan wrote at the time to a PwC partner: “*We’ll all be retired when this … comes up on audit.*”[\[81\]](https://en.wikipedia.org/wiki/PwC#cite_note-audit_firms_behind-81)
### American International Group Inc.
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=10 "Edit section: American International Group Inc.")\]
In 2005, *BusinessWeek* reported that PwC was [American International Group](https://en.wikipedia.org/wiki/American_International_Group "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](https://en.wikipedia.org/wiki/Barbados "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.[\[82\]](https://en.wikipedia.org/wiki/PwC#cite_note-businessweek-82)
*BusinessWeek* said that PwC also appeared to have "dropped the ball" on the deals between AIG and [Berkshire Hathaway](https://en.wikipedia.org/wiki/Berkshire_Hathaway "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."[\[82\]](https://en.wikipedia.org/wiki/PwC#cite_note-businessweek-82)
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).[\[83\]](https://en.wikipedia.org/wiki/PwC#cite_note-83)
### ChuoAoyama suspension
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=11 "Edit section: ChuoAoyama suspension")\]
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.[\[84\]](https://en.wikipedia.org/wiki/PwC#cite_note-84) In May 2006, the Financial Services Agency of Japan suspended ChuoAoyama from provision of some statutory auditing services for two months[\[85\]](https://en.wikipedia.org/wiki/PwC#cite_note-85) 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.[\[86\]](https://en.wikipedia.org/wiki/PwC#cite_note-Kanebo_fraud-86)
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.[\[86\]](https://en.wikipedia.org/wiki/PwC#cite_note-Kanebo_fraud-86) 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.[\[87\]](https://en.wikipedia.org/wiki/PwC#cite_note-87)
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.[\[88\]](https://en.wikipedia.org/wiki/PwC#cite_note-88)[\[89\]](https://en.wikipedia.org/wiki/PwC#cite_note-89) 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.[\[90\]](https://en.wikipedia.org/wiki/PwC#cite_note-90)[\[91\]](https://en.wikipedia.org/wiki/PwC#cite_note-91)
In July 2007, PwC agreed to pay US\$229 million to settle a class-action lawsuit brought by shareholders of [Tyco International Ltd.](https://en.wikipedia.org/wiki/Tyco_International_Ltd. "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.[\[92\]](https://en.wikipedia.org/wiki/PwC#cite_note-92)
### Indian companies scandals
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=13 "Edit section: Indian companies scandals")\]
In 2007, India's accounting standards agency [ICAI](https://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_India "Institute of Chartered Accountants of India") found partners of PwC guilty of professional negligence in under-providing for nonperforming assets of the now-defunct [Global Trust Bank](https://en.wikipedia.org/wiki/Global_Trust_Bank_\(India\) "Global Trust Bank (India)").[\[93\]](https://en.wikipedia.org/wiki/PwC#cite_note-ET-PwC-93) This led to the [RBI](https://en.wikipedia.org/wiki/Reserve_Bank_of_India "Reserve Bank of India") banning PwC from auditing any financial company for more than a year.[\[94\]](https://en.wikipedia.org/wiki/PwC#cite_note-BS-PwC-94)[\[95\]](https://en.wikipedia.org/wiki/PwC#cite_note-BS-PwC-tax-evasion-95)[\[96\]](https://en.wikipedia.org/wiki/PwC#cite_note-BS-PwC-blacklist-96) PwC was also associated with the accounting scandal at the India-based [DSQ Software](https://en.wikipedia.org/wiki/DSQ_Software "DSQ Software"), which collapsed in 2003.[\[97\]](https://en.wikipedia.org/wiki/PwC#cite_note-DSQ-PwC-97)
In January 2009, PwC was criticised,[\[98\]](https://en.wikipedia.org/wiki/PwC#cite_note-Reuters08Jan2009-PwC-98)[\[93\]](https://en.wikipedia.org/wiki/PwC#cite_note-ET-PwC-93)[\[99\]](https://en.wikipedia.org/wiki/PwC#cite_note-ICAI-PwC-explanation-99)[\[100\]](https://en.wikipedia.org/wiki/PwC#cite_note-PwC-Satyam-explanation-100)[\[101\]](https://en.wikipedia.org/wiki/PwC#cite_note-Rediff-PwC-Satyam--101) along with the promoters of [Satyam](https://en.wikipedia.org/wiki/Satyam_Computer_Services "Satyam Computer Services"), an Indian IT firm listed on the [NASDAQ](https://en.wikipedia.org/wiki/NASDAQ "NASDAQ"), in a \$1.5 billion fraud.[\[102\]](https://en.wikipedia.org/wiki/PwC#cite_note-102) 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.[\[103\]](https://en.wikipedia.org/wiki/PwC#cite_note-103)
PwC's US arm "was the reviewer for the U.S. filings for Satyam".[\[104\]](https://en.wikipedia.org/wiki/PwC#cite_note-104) 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](https://en.wikipedia.org/wiki/Central_Bureau_of_Investigation "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.[\[105\]](https://en.wikipedia.org/wiki/PwC#cite_note-105)[\[106\]](https://en.wikipedia.org/wiki/PwC#cite_note-106)
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."[\[107\]](https://en.wikipedia.org/wiki/PwC#cite_note-SGAI-PwC-107)
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."[\[108\]](https://en.wikipedia.org/wiki/PwC#cite_note-108)
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.[\[109\]](https://en.wikipedia.org/wiki/PwC#cite_note-109) 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.[\[110\]](https://en.wikipedia.org/wiki/PwC#cite_note-110)
#### Association with the hiring of a person accused in gold smuggling case
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=14 "Edit section: Association with the hiring of a person accused in gold smuggling case")\]
PwC, which provides consulting service to the [Kerala government](https://en.wikipedia.org/wiki/Government_of_Kerala "Government of Kerala")'s Department of Information Technology[\[111\]](https://en.wikipedia.org/wiki/PwC#cite_note-111)[\[112\]](https://en.wikipedia.org/wiki/PwC#cite_note-:0-112) and its Space Park project,[\[113\]](https://en.wikipedia.org/wiki/PwC#cite_note-:1-113) has been criticised for appointing Ms. Swapna Suresh, who is accused in a case of smuggling gold in a [diplomatic bag](https://en.wikipedia.org/wiki/Diplomatic_bag "Diplomatic bag").[\[113\]](https://en.wikipedia.org/wiki/PwC#cite_note-:1-113) Following an investigation, the Kerala government decided to terminate the consultancy services of PwC for the proposed Space Park project in [Thiruvananthapuram](https://en.wikipedia.org/wiki/Thiruvananthapuram "Thiruvananthapuram").[\[113\]](https://en.wikipedia.org/wiki/PwC#cite_note-:1-113) 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.[\[113\]](https://en.wikipedia.org/wiki/PwC#cite_note-:1-113)
Even before these events, the opening of the PwC office in [Kerala secretariat](https://en.wikipedia.org/wiki/Kerala_Government_Secretariat "Kerala Government Secretariat") had attracted serious criticism from the opposition party.[\[114\]](https://en.wikipedia.org/wiki/PwC#cite_note-114)[\[112\]](https://en.wikipedia.org/wiki/PwC#cite_note-:0-112)[\[115\]](https://en.wikipedia.org/wiki/PwC#cite_note-115) 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.[\[116\]](https://en.wikipedia.org/wiki/PwC#cite_note-116) 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.[\[117\]](https://en.wikipedia.org/wiki/PwC#cite_note-117)
[Yukos](https://en.wikipedia.org/wiki/Yukos "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](https://en.wikipedia.org/wiki/Mikhail_Khodorkovsky "Mikhail Khodorkovsky"), and the former majority shareholder, [Platon Lebedev](https://en.wikipedia.org/wiki/Platon_Lebedev "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.[\[118\]](https://en.wikipedia.org/wiki/PwC#cite_note-Law_360:_Russian_Officials_Clear_PwC_Of_Fraud_In_Yukos_Audit-118)[\[119\]](https://en.wikipedia.org/wiki/PwC#cite_note-NYTimes:_Russian_court_hands_victory_to_PricewaterhouseCoopers_in_tax_evasion_case-119)
In 2010, [Joe Nocera](https://en.wikipedia.org/wiki/Joe_Nocera "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."[\[120\]](https://en.wikipedia.org/wiki/PwC#cite_note-120)
In 2010, it was revealed that the Russian government placed pressure on PwC to withdraw audits.[\[121\]](https://en.wikipedia.org/wiki/PwC#cite_note-Rule_of_law_crucial-121)[\[122\]](https://en.wikipedia.org/wiki/PwC#cite_note-The_Wall_Street_Journal:_Oil_Tycoon_Says_PWC_Caved_to_Pressure-122)
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."[\[123\]](https://en.wikipedia.org/wiki/PwC#cite_note-123)[\[124\]](https://en.wikipedia.org/wiki/PwC#cite_note-124)[\[121\]](https://en.wikipedia.org/wiki/PwC#cite_note-Rule_of_law_crucial-121)
### Transneft Russia case
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=16 "Edit section: Transneft Russia case")\]
Upon the completion of the construction of the ESPO (East Siberia-Pacific Ocean) pipeline by [Transneft](https://en.wikipedia.org/wiki/Transneft "Transneft") in December 2010, an official report of the Audit Chamber of the Russian Federation suggested that \$4 billion was stolen by Transneft insiders.[\[125\]](https://en.wikipedia.org/wiki/PwC#cite_note-Transneft-125) One Federation Council Speaker, Sergei Mironov, called for an investigation. [Alexei Navalny](https://en.wikipedia.org/wiki/Alexei_Navalny "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."[\[126\]](https://en.wikipedia.org/wiki/PwC#cite_note-The_Moscow_Times:_Transneft_Accused_of_$4Bln_Theft-126)
In 2007, PwC was criticised by the [Treasury Select Committee](https://en.wikipedia.org/wiki/Treasury_Select_Committee "Treasury Select Committee") of the [Parliament of the United Kingdom](https://en.wikipedia.org/wiki/Parliament_of_the_United_Kingdom "Parliament of the United Kingdom") for helping [Northern Rock](https://en.wikipedia.org/wiki/Northern_Rock "Northern Rock"), a client of the firm, to sell its mortgage assets while also acting as its auditor.[\[127\]](https://en.wikipedia.org/wiki/PwC#cite_note-127)[\[128\]](https://en.wikipedia.org/wiki/PwC#cite_note-128) In 2011, a [House of Lords](https://en.wikipedia.org/wiki/House_of_Lords "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 [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis").[\[129\]](https://en.wikipedia.org/wiki/PwC#cite_note-129)[\[130\]](https://en.wikipedia.org/wiki/PwC#cite_note-130)
### JP Morgan Securities audit
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=18 "Edit section: JP Morgan Securities audit")\]
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.[\[131\]](https://en.wikipedia.org/wiki/PwC#cite_note-131)
### Water privatisation in Delhi
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=19 "Edit section: Water privatisation in Delhi")\]
PwC was found to be unethically favored by the [World Bank](https://en.wikipedia.org/wiki/World_Bank "World Bank") in a bid to privatize the water distribution system of Delhi, India, an effort that was alleged as corrupt by investigators.[\[132\]](https://en.wikipedia.org/wiki/PwC#cite_note-MoneyLife-132) 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](https://en.wikipedia.org/wiki/Arvind_Kejriwal "Arvind Kejriwal") and the non-governmental organization (NGO) [Parivartan](https://en.wikipedia.org/wiki/Arvind_Kejriwal#Parivartan_and_Kabir "Arvind Kejriwal") in 2005.[\[132\]](https://en.wikipedia.org/wiki/PwC#cite_note-MoneyLife-132)
After submitting a [Right to Information](https://en.wikipedia.org/wiki/Right_to_Information "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 more than \$25 million per year, increasing the budget by more than 60% and water taxes 9 times.[\[133\]](https://en.wikipedia.org/wiki/PwC#cite_note-World_Bank_Tribunal-133)[\[134\]](https://en.wikipedia.org/wiki/PwC#cite_note-Youtube-134)
The [Delhi Jal Board](https://en.wikipedia.org/wiki/Delhi_Jal_Board "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](https://en.wikipedia.org/wiki/The_Asian_Age "The Asian Age")*, where the scheme was revealed to the public for the first time.[\[133\]](https://en.wikipedia.org/wiki/PwC#cite_note-World_Bank_Tribunal-133)[\[134\]](https://en.wikipedia.org/wiki/PwC#cite_note-Youtube-134) 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.[\[133\]](https://en.wikipedia.org/wiki/PwC#cite_note-World_Bank_Tribunal-133)[\[134\]](https://en.wikipedia.org/wiki/PwC#cite_note-Youtube-134)
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%.[\[133\]](https://en.wikipedia.org/wiki/PwC#cite_note-World_Bank_Tribunal-133)[\[134\]](https://en.wikipedia.org/wiki/PwC#cite_note-Youtube-134) 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](https://en.wikipedia.org/wiki/Kolkata "Kolkata") office, it was dubbed an "Indian" company, and its rank was raised to 6th.[\[132\]](https://en.wikipedia.org/wiki/PwC#cite_note-MoneyLife-132)
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.[\[135\]](https://en.wikipedia.org/wiki/PwC#cite_note-Commonwealth-135) Following the investigation by Parivartan, a campaign was waged by Kejriwal, [Aruna Roy](https://en.wikipedia.org/wiki/Aruna_Roy "Aruna Roy"), and other activists across Delhi and the DJB withdrew the loan application to the World Bank.[\[132\]](https://en.wikipedia.org/wiki/PwC#cite_note-MoneyLife-132)[\[133\]](https://en.wikipedia.org/wiki/PwC#cite_note-World_Bank_Tribunal-133)[\[134\]](https://en.wikipedia.org/wiki/PwC#cite_note-Youtube-134)
In 2013, [Cattles](https://en.wikipedia.org/wiki/Cattles "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.[\[136\]](https://en.wikipedia.org/wiki/PwC#cite_note-136) 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.[\[137\]](https://en.wikipedia.org/wiki/PwC#cite_note-137) The claim was settled out of court on undisclosed terms.[\[138\]](https://en.wikipedia.org/wiki/PwC#cite_note-138)
The [Financial Reporting Council](https://en.wikipedia.org/wiki/Financial_Reporting_Council "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.[\[139\]](https://en.wikipedia.org/wiki/PwC#cite_note-139)
In 2015, PwC Ireland was sued by the joint administrators of [Quinn Insurance Limited](https://en.wikipedia.org/wiki/Quinn_Insurance "Quinn Insurance") (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.[\[140\]](https://en.wikipedia.org/wiki/PwC#cite_note-140)[\[141\]](https://en.wikipedia.org/wiki/PwC#cite_note-141)
[Connaught plc](https://en.wikipedia.org/wiki/Connaught_plc "Connaught plc"), a UK former [FTSE 250 Index](https://en.wikipedia.org/wiki/FTSE_250_Index "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.[\[142\]](https://en.wikipedia.org/wiki/PwC#cite_note-142)
In 2014, [Tesco](https://en.wikipedia.org/wiki/Tesco "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.[\[143\]](https://en.wikipedia.org/wiki/PwC#cite_note-143) 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.[\[144\]](https://en.wikipedia.org/wiki/PwC#cite_note-144)
In 2015 PwC were replaced as auditors of Tesco, ending a 32-year engagement, following a tender process to which they did not participate.[\[145\]](https://en.wikipedia.org/wiki/PwC#cite_note-145) 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.[\[146\]](https://en.wikipedia.org/wiki/PwC#cite_note-Financial_Times:_Accounting_watchdog_closes_PwC/Tesco_probe-146)
### Bank of Tokyo-Mitsubishi UFJ
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=24 "Edit section: Bank of Tokyo-Mitsubishi UFJ")\]
In 2014, [The Bank of Tokyo-Mitsubishi UFJ](https://en.wikipedia.org/wiki/The_Bank_of_Tokyo-Mitsubishi_UFJ "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.[\[147\]](https://en.wikipedia.org/wiki/PwC#cite_note-147)
[](https://en.wikipedia.org/wiki/File:Tax_ruling_luxembourg.png)
One of the tax rulings of *Luxembourg Leaks* negotiated by PwC
The firm helped multinational companies obtain 548 legal tax rulings in [Luxembourg](https://en.wikipedia.org/wiki/Luxembourg "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.[\[148\]](https://en.wikipedia.org/wiki/PwC#cite_note-148)[\[149\]](https://en.wikipedia.org/wiki/PwC#cite_note-149) 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."[\[150\]](https://en.wikipedia.org/wiki/PwC#cite_note-150)
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.[\[151\]](https://en.wikipedia.org/wiki/PwC#cite_note-151)
In 2015, the [Bill & Melinda Gates Foundation](https://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundation "Bill & Melinda Gates Foundation") of [Microsoft](https://en.wikipedia.org/wiki/Microsoft "Microsoft") founder [Bill Gates](https://en.wikipedia.org/wiki/Bill_Gates "Bill Gates") sued oil company [Petrobras](https://en.wikipedia.org/wiki/Petrobras "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.[\[152\]](https://en.wikipedia.org/wiki/PwC#cite_note-152)
### Gay marriage in Australia
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=27 "Edit section: Gay marriage in Australia")\]
In 2016, [Luke Sayers](https://en.wikipedia.org/wiki/Luke_Sayers "Luke Sayers"), then CEO of PwC Australia,[\[153\]](https://en.wikipedia.org/wiki/PwC#cite_note-153)[\[154\]](https://en.wikipedia.org/wiki/PwC#cite_note-154) had the firm prepare a report projecting the excessive cost of a plebiscite on [gay marriage](https://en.wikipedia.org/wiki/Gay_marriage "Gay marriage").[\[155\]](https://en.wikipedia.org/wiki/PwC#cite_note-155) Mark Allaby, a senior executive at PwC, left the board of the religious lobbying organisation [Australian Christian Lobby](https://en.wikipedia.org/wiki/Australian_Christian_Lobby "Australian Christian Lobby"), a group campaigning against same-sex marriage, following public outrage and pressure from PwC Australia.[\[156\]](https://en.wikipedia.org/wiki/PwC#cite_note-156)
### Centro Properties Group
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=28 "Edit section: Centro Properties Group")\]
In 2007, shopping center giant [Centro](https://en.wikipedia.org/wiki/Centro_Properties_Group "Centro Properties Group") understated its liabilities by more than \$3 billion and almost collapsed when it was unable to refinance its debt during the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis").[\[157\]](https://en.wikipedia.org/wiki/PwC#cite_note-157) 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.[\[158\]](https://en.wikipedia.org/wiki/PwC#cite_note-158)
In 2016, PwC in the UK was investigated by the Financial Reporting Council over its conduct in relation to the audit of [BHS](https://en.wikipedia.org/wiki/British_Home_Stores "British Home Stores") 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.[\[159\]](https://en.wikipedia.org/wiki/PwC#cite_note-159)
### MF Global malpractice lawsuit
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=30 "Edit section: MF Global malpractice lawsuit")\]
In 2016, a [United States federal judge](https://en.wikipedia.org/wiki/United_States_federal_judge "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](https://en.wikipedia.org/wiki/MF_Global "MF Global"), a brokerage once run by former New Jersey Governor [Jon Corzine](https://en.wikipedia.org/wiki/Jon_Corzine "Jon Corzine").[\[160\]](https://en.wikipedia.org/wiki/PwC#cite_note-pwC_MF_lawsuit-160)[\[161\]](https://en.wikipedia.org/wiki/PwC#cite_note-Global_Lawsuit-161)[\[162\]](https://en.wikipedia.org/wiki/PwC#cite_note-Audit_Lawsuit-162)
[BT Group](https://en.wikipedia.org/wiki/BT_Group "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.[\[163\]](https://en.wikipedia.org/wiki/PwC#cite_note-163) BT subsequently stated that its audit would be put out to tender to identify a replacement for PwC,[\[164\]](https://en.wikipedia.org/wiki/PwC#cite_note-164) In June 2017, the Financial Reporting Council began an investigation of PwC's audits of BT covering the years 2015 through 2017.[\[165\]](https://en.wikipedia.org/wiki/PwC#cite_note-165)
### Oscars Best Picture announcement error
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=32 "Edit section: Oscars Best Picture announcement error")\]
At the [89th Academy Awards](https://en.wikipedia.org/wiki/89th_Academy_Awards "89th Academy Awards") in 2017 [*La La Land*](https://en.wikipedia.org/wiki/La_La_Land_\(film\) "La La Land (film)") was incorrectly announced as the winner of [Best Picture](https://en.wikipedia.org/wiki/Academy_Award_for_Best_Picture "Academy Award for Best Picture") after PwC partner Brian Cullinan gave presenters [Warren Beatty](https://en.wikipedia.org/wiki/Warren_Beatty "Warren Beatty") and [Faye Dunaway](https://en.wikipedia.org/wiki/Faye_Dunaway "Faye Dunaway") the wrong envelope. PwC was responsible for tabulating the results, preparing the envelopes, and handing them to presenters.[\[166\]](https://en.wikipedia.org/wiki/PwC#cite_note-166)
It was called "as bad a mess-up as you could imagine."[\[167\]](https://en.wikipedia.org/wiki/PwC#cite_note-167) The firm took "full responsibility" for handing the presenters the wrong envelope and apologized for the error,[\[168\]](https://en.wikipedia.org/wiki/PwC#cite_note-168) 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."[\[169\]](https://en.wikipedia.org/wiki/PwC#cite_note-169)
PwC Ukraine had its audit license removed by the [National Bank of Ukraine](https://en.wikipedia.org/wiki/National_Bank_of_Ukraine "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](https://en.wikipedia.org/wiki/PrivatBank "PrivatBank").[\[170\]](https://en.wikipedia.org/wiki/PwC#cite_note-ft-20170720-170) The government of [Ukraine](https://en.wikipedia.org/wiki/Ukraine "Ukraine") had had to rescue PrivatBank by nationalisation in 2016 to protect its 20 million customers.[\[171\]](https://en.wikipedia.org/wiki/PwC#cite_note-bbc-20161219-171)
### Colonial Bank audit
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=34 "Edit section: Colonial Bank audit")\]
In 2017, the [U.S. District Court for the Middle District of Alabama](https://en.wikipedia.org/wiki/United_States_District_Court_for_the_Middle_District_of_Alabama "United States District Court for the Middle District of Alabama") held PwC liable for professional negligence in its audit of [Colonial Bank](https://en.wikipedia.org/wiki/Colonial_Bank_\(United_States\) "Colonial Bank (United States)"), which failed in 2009, after filing materially false financial information with the [SEC](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission"). In 2018, a federal judge later ordered PwC to pay the [FDIC](https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation "Federal Deposit Insurance Corporation") \$625 million, the largest-ever judgement against a U.S. audit firm.[\[172\]](https://en.wikipedia.org/wiki/PwC#cite_note-172) The FDIC reached a \$335 million settlement with PwC in March 2019.[\[173\]](https://en.wikipedia.org/wiki/PwC#cite_note-173)
### Age discrimination lawsuit
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=35 "Edit section: Age discrimination lawsuit")\]
In 2018, PwC was accused of disproportionately hiring younger workers and fostering "an age-conscious workplace in which youth is highly valued."[\[174\]](https://en.wikipedia.org/wiki/PwC#cite_note-174) Plaintiffs estimated that younger applicants are more than 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.[\[175\]](https://en.wikipedia.org/wiki/PwC#cite_note-175)
### Luke Sayers' AVP investment review
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=36 "Edit section: Luke Sayers' AVP investment review")\]
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),[\[176\]](https://en.wikipedia.org/wiki/PwC#cite_note-afr.com-176) 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.[\[177\]](https://en.wikipedia.org/wiki/PwC#cite_note-177)
This investment led to a "storm inside the firm",[\[178\]](https://en.wikipedia.org/wiki/PwC#cite_note-ReferenceA-178) interjection by PwC Global and a review by PwC Australia of its personal investment policy for partners.[\[178\]](https://en.wikipedia.org/wiki/PwC#cite_note-ReferenceA-178) The option to invest had not been offered to all partners or even the entire firm.[\[176\]](https://en.wikipedia.org/wiki/PwC#cite_note-afr.com-176) A review was announced around the way partners make personal investments.[\[176\]](https://en.wikipedia.org/wiki/PwC#cite_note-afr.com-176)[\[179\]](https://en.wikipedia.org/wiki/PwC#cite_note-179)
### Improper audit services in US
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=37 "Edit section: Improper audit services in US")\]
During 2019, PwC's US affiliate agreed to pay more than \$7.9 million to its US regulator, the [Securities and Exchange Commission](https://en.wikipedia.org/wiki/Securities_and_Exchange_Commission "Securities and Exchange Commission") (SEC), to settle allegations that it improperly performed IT and other non-audit services for several audit clients.[\[180\]](https://en.wikipedia.org/wiki/PwC#cite_note-180)
### Corruption in Angola
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=38 "Edit section: Corruption in Angola")\]
In 2020, the [International Consortium of Investigative Journalists](https://en.wikipedia.org/wiki/International_Consortium_of_Investigative_Journalists "International Consortium of Investigative Journalists") (ICIJ) leaked more than 700,000 internal documents revealing that PwC had facilitated multiple dealings in which [Isabel dos Santos](https://en.wikipedia.org/wiki/Isabel_dos_Santos "Isabel dos Santos"), the daughter of former [President of Angola](https://en.wikipedia.org/wiki/President_of_Angola "President of Angola") [José Eduardo dos Santos](https://en.wikipedia.org/wiki/Jos%C3%A9_Eduardo_dos_Santos "José Eduardo dos Santos"), made a fortune while in charge of the state oil company, [Sonangol](https://en.wikipedia.org/wiki/Sonangol_Group "Sonangol Group"). Dos Santos established a network of more than 400 companies to facilitate tax evasion and the steering of millions of dollars of Angolan state contracts to companies under her control.[\[181\]](https://en.wikipedia.org/wiki/PwC#cite_note-Luanda_Leaks-181)
Her husband, Congolese businessman and art collector [Sindika Dokolo](https://en.wikipedia.org/wiki/Sindika_Dokolo "Sindika Dokolo"), made millions from a suspiciously one-sided partnership with the state diamond company, [SODIAM](https://en.wikipedia.org/wiki/SODIAM "SODIAM"), to buy a stake in Swiss luxury jeweler [De Grisogono](https://en.wikipedia.org/wiki/De_Grisogono "De Grisogono").[\[182\]](https://en.wikipedia.org/wiki/PwC#cite_note-182) After ICIJ's revelations, PwC indicated it would terminate its relationship with Dos Santos.[\[181\]](https://en.wikipedia.org/wiki/PwC#cite_note-Luanda_Leaks-181)
During November 2017, PwC was engaged in due diligence and valuation of the media company, [MBC Group](https://en.wikipedia.org/wiki/MBC_Group "MBC Group"), owned by Saudi businessman, [Waleed bin Ibrahim Al Ibrahim](https://en.wikipedia.org/wiki/Waleed_bin_Ibrahim_Al_Ibrahim "Waleed bin Ibrahim Al Ibrahim"), who was allegedly held against his wishes at the [Ritz-Carlton](https://en.wikipedia.org/wiki/Ritz-Carlton "Ritz-Carlton") in [Riyadh](https://en.wikipedia.org/wiki/Riyadh "Riyadh") as part of an attempt to coerce him into selling it to the [Saudi Crown Prince](https://en.wikipedia.org/wiki/Saudi_Crown_Prince "Saudi Crown Prince").[\[183\]](https://en.wikipedia.org/wiki/PwC#cite_note-183)
In July 2021, PwC was sued by administrators [Alvarez and Marsal](https://en.wikipedia.org/wiki/Alvarez_and_Marsal "Alvarez and Marsal") on behalf of JD Classics, a UK-based car dealership, for [negligence](https://en.wikipedia.org/wiki/Negligence "Negligence") related to audits in 2016 and 2017.[\[184\]](https://en.wikipedia.org/wiki/PwC#cite_note-184) 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."[\[185\]](https://en.wikipedia.org/wiki/PwC#cite_note-185)
### Lobbying revolving door
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=41 "Edit section: Lobbying revolving door")\]
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.[\[186\]](https://en.wikipedia.org/wiki/PwC#cite_note-186)
PwC has audited [Evergrande](https://en.wikipedia.org/wiki/Evergrande "Evergrande"), a Chinese property company, since 2009 and received fees worth \$42 million for doing so.[\[187\]](https://en.wikipedia.org/wiki/PwC#cite_note-187) By 2021, Evergrande had collapsed financially and set off the Chinese [property sector crisis](https://en.wikipedia.org/wiki/Chinese_property_sector_crisis_\(2020%E2%80%93present\) "Chinese property sector crisis (2020–present)"), which sparked questions about PwC's role in inflating the company's revenue prior to the firm's eventual bankruptcy.[\[188\]](https://en.wikipedia.org/wiki/PwC#cite_note-188)
In October 2021, the accounting regulator in Hong Kong announced an investigation into PwC's audit of Evergrande. PwC had signed off the 2020 accounts of Evergrande without reference to its uncertainties as a going concern. After the announcement of the fraud investigation, PwC resigned as auditor of Evergrande's accounts.[\[189\]](https://en.wikipedia.org/wiki/PwC#cite_note-189) One year later, in February 2024, Evergrande's liquidators prepared for a potential lawsuit against PwC.[\[190\]](https://en.wikipedia.org/wiki/PwC#cite_note-190)
In September 2024, PwC ZhongTian, PwC's auditing business in China, was suspended for six months. China's securities regulator also confiscated the revenue PwC earned from auditing Evergrande and imposed a fine of \$62 million.[\[191\]](https://en.wikipedia.org/wiki/PwC#cite_note-191)[\[192\]](https://en.wikipedia.org/wiki/PwC#cite_note-192) The four signing registered accountants ([CPAs](https://en.wikipedia.org/wiki/Chinese_Institute_of_Certified_Public_Accountants "Chinese Institute of Certified Public Accountants")) on the audit reports for Evergrande Real Estate's financial statements from 2018 to 2020 were penalized with the revocation of their practicing certificates, and seven CPAs who participated in preparing Evergrande Real Estate's consolidated financial statements were given administrative penalties, such as warnings or fines.[\[193\]](https://en.wikipedia.org/wiki/PwC#cite_note-193)
### South African Airways
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=43 "Edit section: South African Airways")\]
The [Zondo Commission](https://en.wikipedia.org/wiki/Zondo_Commission "Zondo Commission") report on [state capture in South Africa](https://en.wikipedia.org/wiki/State_capture#South_Africa "State capture") uncovered several instances of alleged corruption, fraud and mismanagement at [South African Airways](https://en.wikipedia.org/wiki/South_African_Airways "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.[\[194\]](https://en.wikipedia.org/wiki/PwC#cite_note-194)
### Kier and Galliford Try
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=44 "Edit section: Kier and Galliford Try")\]
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](https://en.wikipedia.org/wiki/Galliford_Try "Galliford Try") and [Kier Group](https://en.wikipedia.org/wiki/Kier_Group "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.[\[195\]](https://en.wikipedia.org/wiki/PwC#cite_note-Morby-07Jun2022-195)
### Americanas (AMER3) controversy
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=45 "Edit section: Americanas (AMER3) controversy")\]
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](https://en.wikipedia.org/wiki/Volatility_\(finance\) "Volatility (finance)") 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.[\[196\]](https://en.wikipedia.org/wiki/PwC#cite_note-196)[\[197\]](https://en.wikipedia.org/wiki/PwC#cite_note-197)[\[198\]](https://en.wikipedia.org/wiki/PwC#cite_note-198)
### Australia tax leak scandal
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=46 "Edit section: Australia tax leak scandal")\]
In 2023, it was revealed that a PwC partner, who was a member of consultation groups set up by the [Australian Treasury](https://en.wikipedia.org/wiki/Treasury_\(Australia\) "Treasury (Australia)") to improve tax laws, had been leaking confidential government tax plans to PwC. The data leaked by the PwC partner included new taxation rules to close loopholes which allowed multinational companies to avoid paying tax.[\[199\]](https://en.wikipedia.org/wiki/PwC#cite_note-199)
After PwC completed an internal investigation in July 2023, eight partners, including former chief executive [Tom Seymour](https://en.wikipedia.org/wiki/Tom_Seymour_\(chief_executive\) "Tom Seymour (chief executive)"), were removed from the partnership.[\[200\]](https://en.wikipedia.org/wiki/PwC#cite_note-200)[\[201\]](https://en.wikipedia.org/wiki/PwC#cite_note-abc3july-201) In July 2023 PwC sold its Australian government consulting business to [Allegro Funds](https://en.wikipedia.org/w/index.php?title=Allegro_Funds&action=edit&redlink=1 "Allegro Funds (page does not exist)") for \$1 with the business rebranded [Scyne Advisory](https://en.wikipedia.org/wiki/Scyne_Advisory "Scyne Advisory").[\[202\]](https://en.wikipedia.org/wiki/PwC#cite_note-202)[\[203\]](https://en.wikipedia.org/wiki/PwC#cite_note-203)
### Aiding Russian oligarchs
\[[edit](https://en.wikipedia.org/w/index.php?title=PwC&action=edit§ion=47 "Edit section: Aiding Russian oligarchs")\]
PwC's [Cyprus](https://en.wikipedia.org/wiki/Cyprus "Cyprus") unit helped dozens of Russian oligarchs to shuffle their wealth and evade sanctions after [Russia's invasion of Ukraine](https://en.wikipedia.org/wiki/Russian_invasion_of_Ukraine "Russian invasion of Ukraine").[\[204\]](https://en.wikipedia.org/wiki/PwC#cite_note-:2-204)[\[205\]](https://en.wikipedia.org/wiki/PwC#cite_note-205) PwC helped [Alexey Mordashov](https://en.wikipedia.org/wiki/Alexei_Mordashov "Alexei Mordashov") transfer a \$1.4 billion investment out of his name in order to elude EU sanctions.[\[204\]](https://en.wikipedia.org/wiki/PwC#cite_note-:2-204) PwC also helped two oligarchs who were instrumental to the waging of Russia's war in Ukraine to hide \$100 million.[\[204\]](https://en.wikipedia.org/wiki/PwC#cite_note-:2-204)
After the start of the full-scale Russian invasion of Ukraine, on 7 March 2022, PwC stated that "under the circumstances, PwC should not have a member firm in Russia and consequently PwC Russia will leave the network."[\[206\]](https://en.wikipedia.org/wiki/PwC#cite_note-206) On 29 April, PwC Russia announced the withdrawal of the brand from the PwC network, and on 30 June, a legal agreement was signed on the withdrawal of the firm in Russia from the network.[\[207\]](https://en.wikipedia.org/wiki/PwC#cite_note-207)
A week later, on 5 July 2022, PwC Ukraine announced the final exit of the company from Russia: "PwC no longer has a firm in Russia: on 4 July 2022 all aspects of the departure of the former PwC firm in Russia have been completed".[\[208\]](https://en.wikipedia.org/wiki/PwC#cite_note-208)
However, in 2023, it emerged that PwC helped Russian oligarchs to avoid sanctions.[\[209\]](https://en.wikipedia.org/wiki/PwC#cite_note-209) PwC also stopped working in Belarus, where its staff consisted of 25 people.[\[210\]](https://en.wikipedia.org/wiki/PwC#cite_note-210)
PwC helped billionaire [Hushang Ansary](https://en.wikipedia.org/wiki/Hushang_Ansary "Hushang Ansary") allegedly defraud a pension fund in [Curaçao](https://en.wikipedia.org/wiki/Cura%C3%A7ao "Curaçao") by setting up shell companies to drain it.[\[211\]](https://en.wikipedia.org/wiki/PwC#cite_note-211)
- [Accounting networks and associations](https://en.wikipedia.org/wiki/Accounting_networks_and_associations "Accounting networks and associations")
- [Big Four accounting firms](https://en.wikipedia.org/wiki/Big_Four_accounting_firms "Big Four accounting firms")
- [List of companies based in London](https://en.wikipedia.org/wiki/List_of_companies_based_in_London "List of companies based in London")
- *[Price Waterhouse v Kwan](https://en.wikipedia.org/wiki/Price_Waterhouse_v_Kwan "Price Waterhouse v Kwan")*
1. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-1) [***c***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-2) [***d***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-3) [***e***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-4) [***f***](https://en.wikipedia.org/wiki/PwC#cite_ref-chronology_1-5)
["Chronology"](https://web.archive.org/web/20101010183230/http://www.ukmediacentre.pwc.com/Company-history/Chronology-14.aspx). PricewaterhouseCoopers. Archived from [the original](http://www.ukmediacentre.pwc.com/Company-history/Chronology-14.aspx) on 10 October 2010. Retrieved 27 September 2010.
2. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-2)**
["Our leadership team"](http://www.pwc.com/gx/en/about/leadership.html). PricewaterhouseCoopers. [Archived](https://web.archive.org/web/20190111122946/https://www.pwc.com/gx/en/about/leadership.html) from the original on 11 January 2019. Retrieved 5 July 2024.
3. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-globalreview_3-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-globalreview_3-1) [***c***](https://en.wikipedia.org/wiki/PwC#cite_ref-globalreview_3-2)
["PwC Global Annual Review 2024"](https://www.pwc.com/gx/en/news-room/press-releases/2024/pwc-global-revenues-rise-to-us-55-4-billion.html). *pwc.com*. Retrieved 3 November 2024.
4. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-4)**
PricewaterhouseCoopers. ["History and milestones"](https://www.pwc.com/us/en/about-us/pwc-corporate-history.html). *PwC*. Retrieved 19 March 2025.
5. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-5)**
Dakers, Marion (4 October 2016). ["Deloitte overtakes PwC as world's biggest accountant"](https://www.telegraph.co.uk/business/2016/10/04/deloitte-overtakes-pwc-as-worlds-biggest-accountant/). *The Telegraph*. [Archived](https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/business/2016/10/04/deloitte-overtakes-pwc-as-worlds-biggest-accountant/) from the original on 11 January 2022. Retrieved 24 November 2016.
6. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-6)**
["Big 4 Accounting Firms – Who They Are, Facts and Information"](http://www.accountingverse.com/articles/big-4-accounting-firms.html). *accountingverse.com*. [Archived](https://web.archive.org/web/20181215132842/https://www.accountingverse.com/articles/big-4-accounting-firms.html) from the original on 15 December 2018. Retrieved 25 May 2017.
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8. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-8)**
PricewaterhouseCoopers. ["How we are structured"](https://www.pwc.com/gx/en/about/corporate-governance/network-structure.html). *PwC*. [Archived](https://web.archive.org/web/20150911144002/http://www.pwc.com/structure) from the original on 11 September 2015. Retrieved 27 April 2023.
9. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-revenue2024_9-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-revenue2024_9-1)
["PwC global revenues rise to US\$55.4 billion"](https://www.pwc.com/gx/en/news-room/press-releases/2024/pwc-global-revenues-rise-to-us-55-4-billion.html). *PwC*. 29 October 2024. Retrieved 15 October 2025.
10. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-10)**
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Sinclair, Lara (20 September 2010). ["Logo puts case first and last"](http://www.theaustralian.com.au/business/media/logo-puts-case-first-and-last/story-e6frg996-1225926437285). *The Australian*. [Archived](https://web.archive.org/web/20121010074234/http://www.theaustralian.com.au/business/media/logo-puts-case-first-and-last/story-e6frg996-1225926437285) from the original on 10 October 2012. Retrieved 27 September 2010.
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Cahill, Helen (16 April 2025). ["PwC shuts operations in nine African countries after scandals"](https://www.thetimes.com/business-money/companies/article/pwc-shuts-operations-in-nine-african-countries-after-scandals-p2vjjdvj3). *www.thetimes.com*. Retrieved 17 April 2025.
13. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-:3_13-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-:3_13-1)
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14. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-:4_14-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-:4_14-1)
Weinberg, Neil (14 November 2023). ["Cyprus ignores Russian atrocities, Western sanctions to shield vast wealth of Putin allies"](https://www.icij.org/investigations/cyprus-confidential/cyprus-russia-eu-secrecy-tax-haven/). *ICIJ*. [Archived](https://web.archive.org/web/20231214002320/https://www.icij.org/investigations/cyprus-confidential/cyprus-russia-eu-secrecy-tax-haven/) from the original on 14 December 2023. Retrieved 14 November 2023.
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["ICAEW: Firms family trees"](http://www.icaew.com/~/media/Files/Library/subjects/accounting%20history/family%20trees/family-tree-coopers-lybrand). [Archived](https://web.archive.org/web/20120119002033/http://www.icaew.com/~/media/Files/Library/subjects/accounting%20history/family%20trees/family-tree-coopers-lybrand) from the original on 19 January 2012. Retrieved 18 October 2011.
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["Profile – Michael Jordan of Cork Gully"](http://www.managementtoday.co.uk/news/411874/UK-Profile---Michael-Jordan-Cork-Gully/). *Management Today*. 1 January 1993. [Archived](https://web.archive.org/web/20120528135713/http://www.managementtoday.co.uk/news/411874/UK-Profile---Michael-Jordan-Cork-Gully/) from the original on 28 May 2012. Retrieved 3 August 2012.
17. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-17)**
["ICAEW family trees"](http://www.icaew.com/index.cfm/route/155667/icaew_ga/en/Home/About_us/History_of_accounting/Coopers__Lybrand). Icaew.com.
`{{cite web}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service"))
18. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-18)**
["Coopers & Lybrand offices Plumtree Court, City of London"](https://www.ribapix.com/Coopers-Lybrand-offices-Plumtree-Court-City-of-London-the-fully-glazed-conference-and-meeting-room_RIBA159618). Royal Institute of British Architects. Retrieved 17 April 2025.
19. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-19)**
["A-Z of employers; Coopers and Lybrand"](https://www.independent.co.uk/arts-entertainment/az-of-employers-coopers-and-lybrand-1150991.html). *The Independent*. 19 March 1998. Retrieved 17 April 2025.
20. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-pwhistory_20-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-pwhistory_20-1) [***c***](https://en.wikipedia.org/wiki/PwC#cite_ref-pwhistory_20-2) [***d***](https://en.wikipedia.org/wiki/PwC#cite_ref-pwhistory_20-3)
[*Accounting for Success: a History of Price Waterhouse in America 1890–1990*](https://archive.org/details/accountingforsuc00alle_0). Harvard Business School Press. 1993. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-87584-328-5](https://en.wikipedia.org/wiki/Special:BookSources/978-0-87584-328-5 "Special:BookSources/978-0-87584-328-5")
.
21. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-21)**
["Richard Bucknill, Price Waterhouse & Co., 3, Frederick's Place, Old Jewry, London, E.C.2, to A. R. Middleton Todd, 71 Campden Street, W. 8"](https://www.royalacademy.org.uk/art-artists/archive/richard-bucknill-price-waterhouse-and-amp-co-3-fredericks-place-old-jewry). Royal Academy. Retrieved 17 April 2025.
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29. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-29)** [Hewlett-Packard drops PWC bid](https://news.bbc.co.uk/2/hi/business/1021544.stm) BBC News, 13 November 2000
30. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-30)** [Andersen Affiliates in China to Join Rival](https://web.archive.org/web/20110726114903/http://www.muzi.com/cc/english/10318%2C19931.shtml?q=1201761) Singapore News, 21 March 2002
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45. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-PwC_to_bulk_up_with_planned_Booz_&_Company_45-0)**
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122. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-The_Wall_Street_Journal:_Oil_Tycoon_Says_PWC_Caved_to_Pressure_122-0)**
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124. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-124)**
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125. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-Transneft_125-0)**
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["Independent People's Tribunal on The World Bank in India: Program: Arvind Kejriwal"](http://www.worldbanktribunal.org/Delhi_privatisation.html). *worldbanktribunal.org*. [Archived](https://web.archive.org/web/20171027002546/http://www.worldbanktribunal.org/Delhi_privatisation.html) from the original on 27 October 2017. Retrieved 25 December 2012.
134. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-Youtube_134-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-Youtube_134-1) [***c***](https://en.wikipedia.org/wiki/PwC#cite_ref-Youtube_134-2) [***d***](https://en.wikipedia.org/wiki/PwC#cite_ref-Youtube_134-3) [***e***](https://en.wikipedia.org/wiki/PwC#cite_ref-Youtube_134-4) [*How World-Bank Dicatates Indian Policies*](https://www.youtube.com/watch?v=-tqaLMOgPH0) on [YouTube](https://en.wikipedia.org/wiki/YouTube_video_\(identifier\) "YouTube video (identifier)"). BharatKiAwaaz.
135. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-Commonwealth_135-0)**
["RTI Spurs Debate on World Bank Involvement in Delhi Water Deal"](http://www.humanrightsinitiative.org/programs/ai/rti/india/states/delhi/rti_spurs_debate_on_world_bank_delhi_water_project.pdf) (PDF). Commonwealth Human Rights Initiative. [Archived](https://web.archive.org/web/20121021060004/http://www.humanrightsinitiative.org/programs/ai/rti/india/states/delhi/rti_spurs_debate_on_world_bank_delhi_water_project.pdf) (PDF) from the original on 21 October 2012. Retrieved 25 December 2012.
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Doherty, Raymond (5 March 2013). ["PwC failed as 'competent auditor', says Cattles"](http://economia.icaew.com/news/march-2013/pwc-failed-as-competent-auditor). *Economia*.
`{{cite news}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service"))
137. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-137)** [Cattles' failure was nothing to do with us, says angry PwC](https://www.thetimes.com/business-money/companies/article/cattles-failure-was-nothing-to-do-with-us-says-angry-pwc-rxr50l5mpks) The Times, 17 July 2013
138. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-138)** [PwC settles Cattles lawsuit](http://economia.icaew.com/news/october-2015/pwc-settles-cattles-lawsuit) [Archived](https://web.archive.org/web/20170304145433/http://economia.icaew.com/news/october-2015/pwc-settles-cattles-lawsuit) 4 March 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Economia October 2015
139. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-139)** [PwC fined £2.3m over auditing of subprime lender Cattles](https://www.theguardian.com/business/2016/aug/31/pwc-fined-over-auditing-of-subprime-lender-cattles) [Archived](https://web.archive.org/web/20171012002154/https://www.theguardian.com/business/2016/aug/31/pwc-fined-over-auditing-of-subprime-lender-cattles) 12 October 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") The Guardian 31 August 2016
140. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-140)**
["PwC claims €1bn Quinn Insurance action 'poised on cliff'"](http://www.irishtimes.com/business/financial-services/pwc-claims-1bn-quinn-insurance-action-poised-on-cliff-1.2202607). *Irish Times*. 7 May 2015. [Archived](https://web.archive.org/web/20150714213353/http://www.irishtimes.com/business/financial-services/pwc-claims-1bn-quinn-insurance-action-poised-on-cliff-1.2202607) from the original on 14 July 2015. Retrieved 12 June 2015.
141. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-141)**
["More details sought in case against PWC over Quinn Insurance accounts"](https://www.rte.ie/news/business/2015/0519/702340-quinn-insurance-pwc/). RTE News. 19 May 2015. [Archived](https://web.archive.org/web/20150614100111/http://www.rte.ie/news/business/2015/0519/702340-quinn-insurance-pwc/) from the original on 14 June 2015. Retrieved 12 June 2015.
142. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-142)**
["PwC fined £5m over Connaught audit"](https://www.bbc.co.uk/news/business-39881001). BBC. 11 May 2017. [Archived](https://web.archive.org/web/20190426220253/https://www.bbc.co.uk/news/business-39881001) from the original on 26 April 2019. Retrieved 13 May 2017.
143. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-143)** [FRC launches Tesco investigation](http://economia.icaew.com/news/december-2014/frc-launches-pwc-tesco-investigation) [Archived](https://web.archive.org/web/20171212084830/http://economia.icaew.com/news/december-2014/frc-launches-pwc-tesco-investigation) 12 December 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Economia December 2014
144. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-144)** [Tesco : an opportunity for audit](http://economia.icaew.com/opinion/october-2014/tesco-an-opportunity-for-audit) [Archived](https://web.archive.org/web/20171212084932/http://economia.icaew.com/opinion/october-2014/tesco-an-opportunity-for-audit) 12 December 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Economia October 2014
145. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-145)** [Tesco Ends 32-Year PwC Relationship After Accounting Scandal](https://www.bloomberg.com/news/articles/2015-05-11/tesco-ends-32-year-pwc-relationship-after-accounting-scandal) [Archived](https://web.archive.org/web/20161017075116/http://www.bloomberg.com/news/articles/2015-05-11/tesco-ends-32-year-pwc-relationship-after-accounting-scandal) 17 October 2016 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Bloomberg.com May 2015
146. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-Financial_Times:_Accounting_watchdog_closes_PwC/Tesco_probe_146-0)**
Martin, Kate (5 June 2017). ["Accounting watchdog closes PwC/Tesco probe"](https://www.ft.com/content/7a03dfa3-72cc-3af3-9950-ceb61b3f6f57). *Financial Times*. [Archived](https://ghostarchive.org/archive/20221210/https://www.ft.com/content/7a03dfa3-72cc-3af3-9950-ceb61b3f6f57) from the original on 10 December 2022. Retrieved 6 June 2017.
147. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-147)**
["Bank of Tokyo Fined for 'Misleading' New York Regulator on Iran"](https://dealbook.nytimes.com/2014/11/18/lawsky-fines-bank-of-tokyo-mitsubishi-ufj-another-315-million/). *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times") DealBook*. 18 November 2014. [Archived](https://web.archive.org/web/20190326114312/https://dealbook.nytimes.com/2014/11/18/lawsky-fines-bank-of-tokyo-mitsubishi-ufj-another-315-million/) from the original on 26 March 2019. Retrieved 10 April 2015.
148. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-148)**
["Is Your Head Spinning? 5 Tips to Understand the 'Lux Leaks' Files"](https://www.icij.org/project/luxembourg-leaks/your-head-spinning-5-tips-understand-lux-leaks-files). *International Consortium of Investigative Journalists*. [Archived](https://web.archive.org/web/20160321090217/http://www.icij.org/project/luxembourg-leaks/your-head-spinning-5-tips-understand-lux-leaks-files) from the original on 21 March 2016. Retrieved 10 May 2017.
149. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-149)** ICIJ [Explore the Documents: Luxembourg Leaks Database](http://www.icij.org/project/luxembourg-leaks/explore-documents-luxembourg-leaks-database) [Archived](https://web.archive.org/web/20141126081141/http://www.icij.org/project/luxembourg-leaks/explore-documents-luxembourg-leaks-database) 26 November 2014 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")
150. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-150)** The Guardian, [PriceWaterhouseCoopers chief Kevin Nicholson denies lying over tax deals](https://www.theguardian.com/business/2014/dec/08/pwc-kevin-nicholson-tax-scheme-mps-luxembourg) [Archived](https://web.archive.org/web/20180707172948/https://www.theguardian.com/business/2014/dec/08/pwc-kevin-nicholson-tax-scheme-mps-luxembourg) 7 July 2018 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")
151. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-151)**
Ariès, Quentin (15 March 2017). ["LuxLeaks whistleblowers get lighter sentences"](http://www.politico.eu/article/luxleaks-whistleblowers-get-lighter-sentences/). *Politico*. [Archived](https://web.archive.org/web/20181125185547/https://www.politico.eu/article/luxleaks-whistleblowers-get-lighter-sentences/) from the original on 25 November 2018. Retrieved 10 May 2017.
152. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-152)**
["Bill Gates sues oil giant Petrobras and PwC over corruption scandal"](https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11892400/Bill-Gates-sues-oil-giant-Petrobras-and-PwC-over-corruption-scandal.html). *Telegraph.co.uk*. 25 September 2015. [Archived](https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11892400/Bill-Gates-sues-oil-giant-Petrobras-and-PwC-over-corruption-scandal.html) from the original on 12 January 2022. Retrieved 4 April 2016.
153. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-153)**
["Luke Sayers, corporate politician"](http://www.afr.com/brand/boss/pwc-boss-luke-sayers-thrives-in-adversity-20160517-gowtd5). *Financial Review*. 8 September 2016. [Archived](https://web.archive.org/web/20181209032635/https://www.afr.com/brand/boss/pwc-boss-luke-sayers-thrives-in-adversity-20160517-gowtd5) from the original on 9 December 2018. Retrieved 13 August 2017.
154. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-154)**
["PwC Australia Appoints New CEO \| Big4.com"](https://web.archive.org/web/20170813143516/http://www.big4.com/pricewaterhousecoopers/pwc-australia-appoints-new-ceo/). *www.big4.com*. Archived from [the original](http://www.big4.com/pricewaterhousecoopers/pwc-australia-appoints-new-ceo/) on 13 August 2017. Retrieved 13 August 2017.
155. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-155)**
["Same-sex marriage vote has \$525m price tag, study finds"](http://www.abc.net.au/news/2016-03-14/525-million-price-tag-on-same-sex-marriage-plebiscite-study/7243298). *ABC News*. 14 March 2016. [Archived](https://web.archive.org/web/20180514043520/http://www.abc.net.au/news/2016-03-14/525-million-price-tag-on-same-sex-marriage-plebiscite-study/7243298) from the original on 14 May 2018. Retrieved 13 August 2017.
156. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-156)**
["PwC exec leaves Australian Christian Lobby board"](https://www.crikey.com.au/2016/03/01/pwc-exec-leaves-australian-christian-lobby-board/). *Crikey*. 1 March 2016. [Archived](https://web.archive.org/web/20190408041215/https://www.crikey.com.au/2016/03/01/pwc-exec-leaves-australian-christian-lobby-board/) from the original on 8 April 2019. Retrieved 13 August 2017.
157. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-157)**
["Centro, PwC take record \$200m legal hit"](https://web.archive.org/web/20170813143154/http://www.afr.com/real-estate/commercial/centro-pwc-take-record-200m-legal-hit-20120508-j2v7s). *Financial Review*. 9 May 2012. Archived from [the original](http://www.afr.com/real-estate/commercial/centro-pwc-take-record-200m-legal-hit-20120508-j2v7s) on 13 August 2017. Retrieved 13 August 2017.
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Battersby, Lucy (20 November 2012). ["PwC auditor sidelined until 2015 for \$2.1b Centro debt bungle"](http://www.smh.com.au/business/pwc-auditor-sidelined-until-2015-for-21b-centro-debt-bungle-20121119-29m5v.html). *The Sydney Morning Herald*. [Archived](https://web.archive.org/web/20170814123545/http://www.smh.com.au/business/pwc-auditor-sidelined-until-2015-for-21b-centro-debt-bungle-20121119-29m5v.html) from the original on 14 August 2017. Retrieved 13 August 2017.
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Fitzgerald, Patrick (5 August 2016). ["Judge Says MF Global Lawsuit Against PwC Can Proceed"](https://www.wsj.com/articles/judge-says-mf-global-lawsuit-against-pwc-can-proceed-1470427038). *Wall Street Journal*. [Archived](https://web.archive.org/web/20190426105859/https://www.wsj.com/articles/judge-says-mf-global-lawsuit-against-pwc-can-proceed-1470427038) from the original on 26 April 2019. Retrieved 6 August 2016.
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Pylas, Pan (27 February 2017). ["PwC's hard-won reputation under threat after Oscars mix-up"](http://www.chicagotribune.com/business/ct-pwc-pricewaterhousecoopers-oscars-mix-up-20170227-story.html). *The Chicago Tribune*. Associated Press. [Archived](https://web.archive.org/web/20190415124744/https://www.chicagotribune.com/business/ct-pwc-pricewaterhousecoopers-oscars-mix-up-20170227-story.html) from the original on 15 April 2019. Retrieved 27 February 2017.
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Rapoport, Michael (27 February 2017). ["Oscar Overseer PricewaterhouseCoopers Apologizes for Award Mixup"](https://www.wsj.com/articles/oscar-overseer-pricewaterhousecoopers-apologizes-for-award-mixup-1488185702). *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). [Archived](https://web.archive.org/web/20181125151111/https://www.wsj.com/articles/oscar-overseer-pricewaterhousecoopers-apologizes-for-award-mixup-1488185702) from the original on 25 November 2018. Retrieved 9 May 2017.
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Sandra Gonzalez and Megan Thomas. ["PwC: 'We failed the Academy' in best picture mess up"](http://www.cnn.com/2017/02/27/entertainment/oscars-mix-up-pricewaterhousecoopers/index.html). *CNN*. [Archived](https://web.archive.org/web/20181111203119/https://www.cnn.com/2017/02/27/entertainment/oscars-mix-up-pricewaterhousecoopers/index.html) from the original on 11 November 2018. Retrieved 9 May 2017.
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Olearchyk, Roman (20 July 2017). ["Ukraine pulls PwC bank audit licence over \$5.5bn hole at top lender"](https://ghostarchive.org/archive/20221210/https://www.ft.com/content/9a46c818-6d7e-11e7-b9c7-15af748b60d0). *Financial Times*. Archived from [the original](https://www.ft.com/content/9a46c818-6d7e-11e7-b9c7-15af748b60d0) on 10 December 2022. Retrieved 25 July 2017.
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McKenna, Francine (4 July 2018). ["Colonial Bank Award Against PWC Is Window Into Typically Secret Settlements"](https://www.wsj.com/articles/colonial-bank-award-against-pwc-is-window-into-typically-secret-settlements-1530725672). *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). Retrieved 30 March 2019.
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Todd, Ross (28 March 2019). ["PricewaterhouseCoopers Faces Collective Action in Age Bias Case"](https://www.law.com/therecorder/2019/03/28/pricewaterhousecoopers-faces-collective-action-in-age-bias-case/). *The Recorder*. [Archived](https://web.archive.org/web/20241008152708/https://www.law.com/therecorder/2019/03/28/pricewaterhousecoopers-faces-collective-action-in-age-bias-case/?slreturn=20241008112709) from the original on 8 October 2024. Retrieved 1 April 2019.
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179. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-179)**
["Accountants can invest in consulting clients, raising conflict fears"](https://www.afr.com/companies/professional-services/accountants-can-invest-in-consulting-clients-raising-conflict-fears-20180717-h12soh). *Australian Financial Review*. 17 July 2018. [Archived](https://web.archive.org/web/20200806154914/https://www.afr.com/companies/professional-services/accountants-can-invest-in-consulting-clients-raising-conflict-fears-20180717-h12soh) from the original on 6 August 2020. Retrieved 22 April 2020.
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181. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-Luanda_Leaks_181-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-Luanda_Leaks_181-1)
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182. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-182)**
["Isabel dos Santos: Africa's richest woman 'ripped off Angola'"](https://www.bbc.com/news/world-africa-51128950). *BBC News*. British Broadcasting Corporation. 20 January 2020. [Archived](https://web.archive.org/web/20201201094438/https://www.bbc.com/news/world-africa-51128950) from the original on 1 December 2020. Retrieved 20 January 2020.
183. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-183)**
Hubbard, Ben (2020). *MBS*. New York: Crown, an imprint of Random House. p. 283. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9781984823830](https://en.wikipedia.org/wiki/Special:BookSources/9781984823830 "Special:BookSources/9781984823830")
.
184. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-184)**
["Competency of PwC's JD Classics audits may be questioned in High Court"](https://www.am-online.com/news/latest-news/2021/07/27/competency-of-pwc-s-jd-classics-audits-may-be-questioned-in-high-court). *www.am-online.com*. [Archived](https://web.archive.org/web/20210911103715/https://www.am-online.com/news/latest-news/2021/07/27/competency-of-pwc-s-jd-classics-audits-may-be-questioned-in-high-court) from the original on 11 September 2021. Retrieved 11 September 2021.
185. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-185)**
["Become an FT subscriber to read \| Financial Times"](https://www.ft.com/content/baed7799-a314-468c-ad8b-88ca590b2af1). *Financial Times*. 27 July 2021. [Archived](https://web.archive.org/web/20210911103718/https://www.ft.com/content/baed7799-a314-468c-ad8b-88ca590b2af1) from the original on 11 September 2021. Retrieved 11 September 2021.
186. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-186)**
Drucker, Jesse; Hakim, Danny (19 September 2021). ["How Accounting Giants Craft Favorable Tax Rules From Inside Government"](https://www.nytimes.com/2021/09/19/business/accounting-firms-tax-loopholes-government.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20210919091132/https://www.nytimes.com/2021/09/19/business/accounting-firms-tax-loopholes-government.html) from the original on 19 September 2021. Retrieved 19 September 2021.
187. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-187)**
Foy, Simon (15 October 2021). ["Hong Kong watchdog to investigate PwC audit of Evergrande accounts"](https://www.telegraph.co.uk/business/2021/10/15/hong-kong-watchdog-investigate-pwc-audit-evergrande-accounts/). *The Telegraph*. [Archived](https://web.archive.org/web/20211025160505/https://www.telegraph.co.uk/business/2021/10/15/hong-kong-watchdog-investigate-pwc-audit-evergrande-accounts/) from the original on 25 October 2021. Retrieved 25 October 2021.
188. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-188)**
["China is investigating the role of Big 4 accountant PwC in \$78 billion Evergrande fraud case"](https://fortune.com/asia/2024/03/22/china-investigating-role-big-4-accountant-pwc-78-billion-evergrande-fraud-case/). *Fortune Asia*. 2024. [Archived](https://web.archive.org/web/20240322112526/https://fortune.com/asia/2024/03/22/china-investigating-role-big-4-accountant-pwc-78-billion-evergrande-fraud-case/) from the original on 22 March 2024. Retrieved 22 March 2024.
189. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-189)**
["China Evergrande's auditor PwC quits over 2021 audit-related matters"](https://www.reuters.com/world/china/china-evergrandes-auditor-quits-disagreement-around-2021-audit-related-matters-2023-01-16/). *Reuters*. 17 January 2023. [Archived](https://web.archive.org/web/20240702190226/https://www.reuters.com/world/china/china-evergrandes-auditor-quits-disagreement-around-2021-audit-related-matters-2023-01-16/) from the original on 2 July 2024. Retrieved 20 March 2024.
190. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-190)**
["China Evergrande's liquidators prepare to sue PwC over audits, FT reports"](https://www.reuters.com/legal/china-evergrandes-liquidators-prepare-sue-pwc-over-audits-ft-reports-2024-02-17/). *Reuters*. 17 February 2024.
191. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-191)**
Hooker, Lucy (13 September 2024). ["UK accounting giant PwC faces six-month China ban"](https://www.bbc.co.uk/news/articles/cje2ejnwwx9o). *[BBC News Online](https://en.wikipedia.org/wiki/BBC_News_Online "BBC News Online")*. [Archived](https://web.archive.org/web/20240914083832/https://www.bbc.co.uk/news/articles/cje2ejnwwx9o) from the original on 14 September 2024. Retrieved 14 September 2024.
192. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-192)**
["中国证监会有关负责人就普华永道行政处罚案件答记者问"](http://www.csrc.gov.cn/csrc/c100028/c7506543/content.shtml). 13 September 2024.
193. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-193)**
["财政部对普华永道作出行政处罚决定"](https://jdjc.mof.gov.cn/jianchagonggao/202409/t20240913_3943763.htm). 13 September 2024.
194. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-194)**
Gumede, Michelle; Mhlanga, Denise (6 January 2022). ["Raymond Zondo censures PwC for turning blind eye to state capture"](https://www.businesslive.co.za/bd/companies/financial-services/2022-01-06-raymond-zondo-censures-pwc-for-turning-blind-eye-to-state-capture/). *BusinessLIVE*. [Archived](https://web.archive.org/web/20220106095624/https://www.businesslive.co.za/bd/companies/financial-services/2022-01-06-raymond-zondo-censures-pwc-for-turning-blind-eye-to-state-capture/) from the original on 6 January 2022. Retrieved 6 January 2022.
195. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-Morby-07Jun2022_195-0)**
Morby, Aaron (7 June 2022). ["PwC handed £5m fine for Kier and Galliford Try audits"](https://www.constructionenquirer.com/2022/06/07/pwc-fined-over-kier-and-galliford-try-audits/). *Construction Enquirer*. [Archived](https://web.archive.org/web/20220607071146/https://www.constructionenquirer.com/2022/06/07/pwc-fined-over-kier-and-galliford-try-audits/) from the original on 7 June 2022. Retrieved 7 June 2022.
196. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-196)**
["Auditora da Americanas, PwC não identificou problemas na última auditoria completa, de 2021"](https://valor.globo.com/empresas/noticia/2023/01/11/auditora-da-americanas-pwc-nao-identificou-problemas-na-ultima-auditoria-completa-de-2021.ghtml). *Valor Econômico* (in Brazilian Portuguese). 11 January 2023. [Archived](https://web.archive.org/web/20241008152713/https://valor.globo.com/empresas/noticia/2023/01/11/auditora-da-americanas-pwc-nao-identificou-problemas-na-ultima-auditoria-completa-de-2021.ghtml) from the original on 8 October 2024. Retrieved 13 January 2023.
197. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-197)**
Aguiar, Victor; Aguiar, Victor (11 January 2023). ["Caos na Americanas (AMER3): mercado fica perplexo com notícias de rombo contábil de R\$ 20 bi e saída precoce de Rial"](https://www.seudinheiro.com/2023/empresas/caos-americanas-amer3-mercado-perplexo-rial-vvka/). *Seu Dinheiro* (in Brazilian Portuguese). Retrieved 13 January 2023.
198. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-198)**
Tooge, Rikardy (13 January 2023). ["Auditores da PwC serão investigados no caso da Americanas (AMER3) por Conselho"](https://www.infomoney.com.br/negocios/auditores-da-pwc-serao-investigados-no-caso-da-americanas-amer3-por-conselho/). *InfoMoney*. [Archived](https://web.archive.org/web/20241008152711/https://www.infomoney.com.br/negocios/auditores-da-pwc-serao-investigados-no-caso-da-americanas-amer3-por-conselho/) from the original on 8 October 2024. Retrieved 13 January 2023.
199. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-199)**
Thompson, Colin Kruger, Angus (23 January 2023). ["Treasury threatens to stop briefing tax multinationals after leak"](https://www.theage.com.au/business/companies/former-pwc-partner-banned-after-leaking-confidential-government-tax-plans-20230123-p5ceq9.html). *[The Age](https://en.wikipedia.org/wiki/The_Age "The Age")*. [Archived](https://web.archive.org/web/20230123085033/https://www.theage.com.au/business/companies/former-pwc-partner-banned-after-leaking-confidential-government-tax-plans-20230123-p5ceq9.html) from the original on 23 January 2023. Retrieved 23 January 2023.
`{{cite web}}`: CS1 maint: multiple names: authors list ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_multiple_names:_authors_list "Category:CS1 maint: multiple names: authors list"))
200. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-200)**
["PwC Australia exits eight partners for professional or governance breaches"](https://www.pwc.com.au/media/2023/pwc-australia-exits-eight-partners-for-professional-or-governance-breaches.html). PwC Australia. [Archived](https://web.archive.org/web/20230703050728/https://www.pwc.com.au/media/2023/pwc-australia-exits-eight-partners-for-professional-or-governance-breaches.html) from the original on 3 July 2023. Retrieved 3 July 2023.
201. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-abc3july_201-0)**
["PwC Australia removes multiple partners, including former chief executive Tom Seymour, over tax leak scandal"](https://www.abc.net.au/news/2023-07-03/pwc-australia-tom-seymour-sacked-tax-scandal/102554332). *ABC News*. 3 July 2023. [Archived](https://web.archive.org/web/20241008152714/https://www.abc.net.au/news/2023-07-03/pwc-australia-tom-seymour-sacked-tax-scandal/102554332) from the original on 8 October 2024. Retrieved 3 July 2023.
202. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-202)** [PwC appoints new CEO Kevin Burrowes and announces it will sell off government business](https://www.abc.net.au/news/2023-06-25/pwc-appoints-new-ceo-will-sell-off-government-business/102521482) [Archived](https://web.archive.org/web/20241008152727/https://www.abc.net.au/news/2023-06-25/pwc-appoints-new-ceo-will-sell-off-government-business/102521482) 8 October 2024 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") *[ABC News](https://en.wikipedia.org/wiki/ABC_News_\(Australia\) "ABC News (Australia)")* 23 June 2023
203. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-203)** [PwC completes \$1 fire sale to Allegro Funds, renames to Scyne Advisory](https://www.news.com.au/finance/business/other-industries/pwc-completes-1-fire-sale-to-allegro-funds-renames-to-scyne-advisory/news-story/f967cb094dd1aa8f1878a86cc4604bf3) [Archived](https://web.archive.org/web/20230703235800/https://www.news.com.au/finance/business/other-industries/pwc-completes-1-fire-sale-to-allegro-funds-renames-to-scyne-advisory/news-story/f967cb094dd1aa8f1878a86cc4604bf3) 3 July 2023 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") *[News.com.au](https://en.wikipedia.org/wiki/News.com.au "News.com.au")* 4 July 2023
204. ^ [***a***](https://en.wikipedia.org/wiki/PwC#cite_ref-:2_204-0) [***b***](https://en.wikipedia.org/wiki/PwC#cite_ref-:2_204-1) [***c***](https://en.wikipedia.org/wiki/PwC#cite_ref-:2_204-2)
["Cyprus ignores Russian atrocities, Western sanctions to shield vast wealth of Putin allies"](https://www.icij.org/investigations/cyprus-confidential/cyprus-russia-eu-secrecy-tax-haven/). *[ICIJ](https://en.wikipedia.org/wiki/ICIJ "ICIJ")*. 14 November 2023. [Archived](https://web.archive.org/web/20231214002320/https://www.icij.org/investigations/cyprus-confidential/cyprus-russia-eu-secrecy-tax-haven/) from the original on 14 December 2023. Retrieved 14 November 2023.
205. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-205)**
["As sanctions loomed, accounting giant PwC scrambled to keep powerful Russians a step ahead - ICIJ"](https://www.icij.org/investigations/cyprus-confidential/pwc-cyprus-russia-oligarchs-ukraine-sanctions/). *ICIJ*. 14 November 2023. [Archived](https://web.archive.org/web/20231205000917/https://www.icij.org/investigations/cyprus-confidential/pwc-cyprus-russia-oligarchs-ukraine-sanctions/) from the original on 5 December 2023. Retrieved 14 November 2023.
206. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-206)**
["Accountancy giant PwC to exit Russia as multinational exodus grows"](https://news.sky.com/story/accountancy-giant-pwc-to-exit-russia-as-multinational-exodus-grows-12559637). *Sky News*. [Archived](https://web.archive.org/web/20240603171328/https://news.sky.com/story/accountancy-giant-pwc-to-exit-russia-as-multinational-exodus-grows-12559637) from the original on 3 June 2024. Retrieved 3 June 2024.
207. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-207)**
["Statement on PwC Russia"](https://www.pwc.com/th/en/press-room/press-release/2022/statement-on-pwc-russia.html). *PwC*. [Archived](https://web.archive.org/web/20230423204408/https://www.pwc.com/th/en/press-room/press-release/2022/statement-on-pwc-russia.html) from the original on 23 April 2023. Retrieved 23 April 2023.
208. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-208)**
["PwC no longer has a firm in Russia: on 4 July 2022 all aspects of the departure of the former PwC firm in Russia have been completed"](https://www.pwc.com/ua/en/press-room/2022/pwc-no-longer-has-firm-in-russia.html). *PwC*. [Archived](https://web.archive.org/web/20230423204410/https://www.pwc.com/ua/en/press-room/2022/pwc-no-longer-has-firm-in-russia.html) from the original on 23 April 2023. Retrieved 23 April 2023.
209. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-209)**
["As sanctions loomed, accounting giant PwC scrambled to keep powerful Russians a step ahead"](https://www.icij.org/investigations/cyprus-confidential/pwc-cyprus-russia-oligarchs-ukraine-sanctions/). *[ICIJ](https://en.wikipedia.org/wiki/International_Consortium_of_Investigative_Journalists "International Consortium of Investigative Journalists")*. 14 November 2023. [Archived](https://web.archive.org/web/20231205000917/https://www.icij.org/investigations/cyprus-confidential/pwc-cyprus-russia-oligarchs-ukraine-sanctions/) from the original on 5 December 2023. Retrieved 14 November 2023.
210. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-210)**
O'Dwyer, Michael (6 March 2022). ["PwC and KPMG exit Russia and Belarus in wake of Ukraine invasion"](https://www.ft.com/content/be3d59a3-d9b2-4303-946d-d61d32c2ff08). *Financial Times*. [Archived](https://ghostarchive.org/archive/20221210/https://www.ft.com/content/be3d59a3-d9b2-4303-946d-d61d32c2ff08) from the original on 10 December 2022. Retrieved 23 April 2023.
211. **[^](https://en.wikipedia.org/wiki/PwC#cite_ref-211)**
["A US billionaire took over a tropical island pension fund — then hundreds of millions of dollars allegedly went missing"](https://www.icij.org/investigations/cyprus-confidential/curacao-pension-fund-offshore-ansary/). [ICIJ](https://en.wikipedia.org/wiki/ICIJ "ICIJ"). 20 November 2023. [Archived](https://web.archive.org/web/20240516135514/https://www.icij.org/investigations/cyprus-confidential/curacao-pension-fund-offshore-ansary/) from the original on 16 May 2024. Retrieved 25 November 2023.
- Allen, David Grayson; McDermott, Kathleen, (1992) *Accounting for Success: A History of Price Waterhouse in America 1890–1990*, 1992, Harvard Business School Press, [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[0-875-843-28X](https://en.wikipedia.org/wiki/Special:BookSources/0-875-843-28X "Special:BookSources/0-875-843-28X")
- Jones, Edgar, (1995) *True and Fair: A History of Price Waterhouse*, Hamish Hamilton, [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0241001721](https://en.wikipedia.org/wiki/Special:BookSources/978-0241001721 "Special:BookSources/978-0241001721")
- *A History of Cooper Brothers 1854-1954*, B.T. Batsford, London, 1954
- *An Early History of Coopers & Lybrand*, 1984, Garland Publishing Inc., [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-8240-6319-1](https://en.wikipedia.org/wiki/Special:BookSources/978-0-8240-6319-1 "Special:BookSources/978-0-8240-6319-1")
- [Official website](https://www.pwc.com/) [](https://www.wikidata.org/wiki/Q488048#P856 "Edit this at Wikidata") |
| Shard | 152 (laksa) |
| Root Hash | 17790707453426894952 |
| Unparsed URL | org,wikipedia!en,/wiki/PwC s443 |