PwC suffered the latest blow to its reputation late on Thursday when Ukraines central bank announced it had pulled its domestic bank auditing rights for failing in prior audits to identify a $5bn balance-sheet hole at PrivatBank, the countrys largest lender.
The big four accounting group, which has denied such claims in the past, had audited PrivatBank from the mid-1990s until it was nationalised late last year on government claims of massive related party lending practices.
In its statement, the National Bank of Ukraine said it had removed PwCs domestic subsidiary, PricewaterhouseCoopers Audit LLC, from the register of accounting firms authorised to audit banks.
The central bank added:
The rationale behind this decision was Pricewa…
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