68 Facts About PwC


PwC came under increasing pressure to avoid conflicts of interest by not providing some consulting services, particularly financial systems design and implementation, to its audit clients.

FactSnippet No. 1,403,236

PwC Consulting began to conduct business under its own name rather than as the MCS division of PricewaterhouseCoopers.

FactSnippet No. 1,403,237

PwC, therefore, planned to capitalize on MCS's rapid growth through its sale to Hewlett Packard but negotiations broke down in 2000.

FactSnippet No. 1,403,238

In 2000, PwC acquired Canada's largest SAP consulting partner, Omnilogic Systems.

FactSnippet No. 1,403,239

PwC made a statement in May 2002, that its consulting activities would be spun off as an independent entity and hired an outside CEO to run the global firm.

FactSnippet No. 1,403,240

In October 2002, PwC sold the entire consultancy business to IBM for approximately $3.

FactSnippet No. 1,403,241

PwC began rebuilding its consulting practice with acquisitions such as Paragon Consulting Group and the commercial services business of BearingPoint in 2009.

FactSnippet No. 1,403,242

PwC will be a preferred implementation and strategic partner of InvestCloud focused on enterprise delivery and innovative development of new financial app capabilities.

FactSnippet No. 1,403,243

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.

FactSnippet No. 1,403,244

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.

FactSnippet No. 1,403,245

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

FactSnippet No. 1,403,246

PwC is co-ordinated by a private company limited by guarantee under English law, called PricewaterhouseCoopers International Limited.

FactSnippet No. 1,403,247

PwC is organized into the following three service lines :.

FactSnippet No. 1,403,248

The current PwC logo was introduced in September 2010, when the company changed its trading name from PricewaterhouseCoopers to PwC.

FactSnippet No. 1,403,249

PwC requires senior-level staff to continue to train and learn; PwC created a social collaboration platform called Spark to enable employees to access course materials and assignments, complete prerequisites and access reinforcement materials.

FactSnippet No. 1,403,250

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

FactSnippet No. 1,403,251

Employees at PwC generally have flexibility in choosing their own working hours provided that senior management deems the arrangement acceptable.

FactSnippet No. 1,403,252

In 2002, PwC published the accounting profession's first global "Code of Conduct".

FactSnippet No. 1,403,253

PwC developed a ColourBrave Charity Committee, made up of employees from across the organisation, as part of its commitment to continue to build an inclusive culture and address racial disparity.

FactSnippet No. 1,403,254

PwC is one of three million business customers using paid services through Google Workspace, previously known as G Suite and Apps for Work.

FactSnippet No. 1,403,255

PwC is one of the founding partners with the UN Women HeForShe IMPACT 10x10x10 Initiative, launched in 2015, to advance gender equality.

FactSnippet No. 1,403,256

In May 2016, at the United Nations Headquarters in New York, PwC was, along with Microsoft, one of the principal sponsors of the inaugural ID2020 Summit.

FactSnippet No. 1,403,257

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

FactSnippet No. 1,403,258

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

FactSnippet No. 1,403,259

PwC was recognized by the European Diversity Awards as the 'Most Inclusive Employer of the Year' in 2015.

FactSnippet No. 1,403,260

PwC Singapore won the Best Practice Award in 2016 from the Institute of Singapore Chartered Accountants.

FactSnippet No. 1,403,261

PwC ranked No 3 in DiversityInc's Top 12 Companies for Global Diversity in 2016.

FactSnippet No. 1,403,262

PwC India won the 2016 Association of Management Consulting Firms' Global Spotlight Award in the Growth Strategies category.

FactSnippet No. 1,403,263

PwC was voted by a poll of recently employed graduates as number one on The Times list of Top 100 Graduate Employers for 2016, for the 13th consecutive year.

FactSnippet No. 1,403,264

In 2014, it came to light that PwC had received $55m from Caterpillar Inc to develop a tax avoidance scheme, according to an investigation of the US Senate, and had helped Caterpillar Inc drastically reduce its taxes for more than a decade.

FactSnippet No. 1,403,265

Shortly after the suspension of ChuoAoyama, PwC acted quickly to stem any possible client attrition as a result of the scandal.

FactSnippet No. 1,403,266

In July 2007, PwC agreed to pay US$229 million to settle a class-action lawsuit brought by shareholders of Tyco International Ltd.

FactSnippet No. 1,403,267

PwC was associated with the accounting scandal at the India-based DSQ Software, which collapsed in 2003.

FactSnippet No. 1,403,268

In January 2009, PwC was criticised, along with the promoters of Satyam, an Indian IT firm listed on the NASDAQ, in a $1.

FactSnippet No. 1,403,269

PwC, which provides consulting service to the Kerala government's Department of Information Technology and its Space Park project, has been criticised for appointing Ms.

FactSnippet No. 1,403,270

PwC's assets were sold for alleged unpaid taxes and it was declared bankrupt.

FactSnippet No. 1,403,271

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.

FactSnippet No. 1,403,272

PwC withdrew its Yukos audits and less than two weeks later authorities cleared PwC of any wrongdoing in regard to its audit.

FactSnippet No. 1,403,273

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 acting as its auditor.

FactSnippet No. 1,403,274

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.

FactSnippet No. 1,403,275

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.

FactSnippet No. 1,403,276

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.

FactSnippet No. 1,403,277

When PwC failed in the second round, the World Bank pressured the DJB to start over with a fresh round of bidding.

FactSnippet No. 1,403,278

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.

FactSnippet No. 1,403,279

The FRC said that PwC had insufficient audit evidence as to the adequacy of loan loss provisions.

FactSnippet No. 1,403,280

In 2015, PwC Ireland was sued by the joint administrators of Quinn Insurance Limited for €1bn.

FactSnippet No. 1,403,281

The administrators alleged that PwC should have identified a material understatement of QIL's provisions for claims.

FactSnippet No. 1,403,282

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.

FactSnippet No. 1,403,283

In 2015 PwC were replaced as auditors of Tesco, ending a 32-year engagement, following a tender process to which they did not participate.

FactSnippet No. 1,403,284

Employees or former employees of PwC provided documentation of the rulings to journalists.

FactSnippet No. 1,403,285

PwC told the committee the financing, investments, and tax structure is legal and well known to the British government.

FactSnippet No. 1,403,286

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.

FactSnippet No. 1,403,287

In 2016, Luke Sayers, then CEO of PwC Australia, had the firm prepare a report projecting the excessive cost of a plebiscite on gay marriage.

FactSnippet No. 1,403,288

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.

FactSnippet No. 1,403,289

In 2012, Centro and PwC paid a $200 million settlement to resolve the shareholder class action, the largest ever in Australia.

FactSnippet No. 1,403,290

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.

FactSnippet No. 1,403,291

BT Group, a client of PwC, reported in 2017, that profits in its Italian subsidiary had been over-stated by £530 million.

FactSnippet No. 1,403,292

PwC was responsible for tabulating the results, preparing the envelopes, and handing them to presenters.

FactSnippet No. 1,403,293

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

FactSnippet No. 1,403,294

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.

FactSnippet No. 1,403,295

In 2018, a federal judge later ordered PwC to pay the FDIC $625 million, the largest-ever judgement against a U S audit firm.

FactSnippet No. 1,403,296

PwC is sued for conspiring against a former client; according to the suit, the company released information about the client to a competitor in the course of a takeover approach.

FactSnippet No. 1,403,297

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.

FactSnippet No. 1,403,298

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.

FactSnippet No. 1,403,299

PwC had signed off the 2020 accounts of Evergrande without reference to its uncertainties as a going concern.

FactSnippet No. 1,403,300

PwC itself reported concerns as to its ability to continue operating in its half-year accounts for 2021.

FactSnippet No. 1,403,301

The report found that PwC effectively enabled capture of SAA by failing to adequately audit its financial and accounting processes between 2012 and 2016.

FactSnippet No. 1,403,302

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.

FactSnippet No. 1,403,303