PricewaterhouseCoopers News

UK Watchdog Urges Big 4 Accounting Firms to Challenge Clients as Audit Quality Slides

The dominant accounting firms must do a better job of challenging their clients in order to reach a satisfactory level of audit quality, the industry’s UK watchdog said. The so-called Big Four — KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers …

UK Accounting Watchdog Asks Big Four to Ring-Fence Audit Practices

The UK dominant accounting firms must separate their audit units from other businesses by June 2024 as the country’s accounting watchdog reacts to shortcomings that led to the collapse of several companies. The Financial Reporting Council is asking the so-called …

From Enron to Wirecard – Big 4 Accounting Firms Still Face Systemic Problems

Two decades of financial disasters from Enron Inc.’s collapse in 2001 to Wirecard AG’s meltdown have left the Big Four accounting firms facing a major cultural problem that regulators may struggle to resolve. The 1.9 billion euros ($2.1 billion) missing …

Big 4 Accounting Firms Should Separate Auditing, Consulting Work: UK Lawmakers

The “Big Four” accounting firms should be forced to legally separate their “cash cow” consulting work from their auditing businesses, a U.K. Parliament committee said Tuesday. PricewaterhouseCoopers, Deloitte, EY and KPMG — which between them control more than 90 percent …

Ukraine’s Largest Bank, PrivatBank, Files $3B Lawsuit Against PwC Subsidiaries

Ukraine’s largest bank, PrivatBank, said on Monday [April 1] it had filed a $3 billion lawsuit against the Ukrainian and Cypriot subsidiaries of international accounting firm PwC for alleged breaches during audits of the lender in 2013-2015. It is the …

Cyber Attacks Pose Greatest Threat to UK Businesses, Investors: PwC Survey

Investors and chief executives say cyber attacks pose the greatest threat to businesses operating in the U.K., outweighing other material risks including populism, trade protectionism and over-regulation, according to PricewaterhouseCoopers LLP. An annual survey carried out by the accountancy firm …

Insurance Industry Making ‘Significant Contributions’ in Climate Change Battle, Report Shows

The insurance industry is making significant contributions to building socio-economic resilience to climate change and supporting the transition to a low-carbon economy in their role as risk management experts and investors, according to a new research report The report out …

Days of Cyber Insurers Avoiding Costly Claims May Be Numbered: Expert

Cyber crime insurers largely avoided costly claims from the recent attacks that hit business around the globe. The next global virus could change that. “It’s exceptionally likely that we will see an event over the next months that will seriously …

Insurers Increasingly Embrace Robots over Humans for Customer Service

Frustrated with automated answering machines before you finally get to speak with a customer service representative? When it comes to insurance, you’ll just as likely end up dealing with a robot as a human within three years, according to a …

International, Large-Scale Cyber Attack Uncovered by Cyber Security Watchdogs

A large-scale cyber attack from a group targeting organizations in Japan, the United States, Sweden and many other European countries through IT services providers has been uncovered, the Swedish computer security watchdog said on Wednesday. The cyber attack, uncovered through …