PwC stops working in more than a dozen countries to avoid scam: FT report

New -Delhi, April 16 (IANS). The global audit giant PwC has stopped working in more than a dozen countries, and considers it risky or unhappy. According to media reports on Wednesday, the company aims to avoid scams affecting its accounting network recently. According to a Financial Times report, PwC broke relations with its local partner 10 member firms in Africa after increasing the differences earlier this month. According to the report, local leaders said they had lost more than one -third of their business over the past few years, as PwC officials have put them under pressure to stop serving risky customers. According to a register by PwC institutions and local news reports, PwC has broken ties with its member firms in Zimbabwe, Malawi and Fiji. A further disgrace to the audit firm is that China’s finance ministry and the China Securities Regulatory Commission The PwC’s China unit fined a record 441 million Yuan ($ 62 million) and was suspended for six months on the audit of Evergreen property veteran. The action was done following the $ 78 billion fraud. At the beginning of 2023, PwC audited almost 14 years for Evergrand. PwC was fined for audit interruptions, including ‘ignoring’ and ‘approve’ of the fraud of Evergrand. According to some reports, the fine and suspension imposed by the Big Four accounting firm in China are the biggest finite ever. Similarly, the British Financial Reporting Council last month imposed a 4,5 million pound ($ 5.96 million) fine on the PwC for the Audit of Ylands Bank for the 2019 financial year. In Australia, there was a political riot after a tax partner abused confidential government’s information. After this, the worldwide authorities of PwC acted to remove the leaders. PwC has also been banned from working at Saudi Arabia’s Sovereign Wealth Fund for a year. It is said that the accounting firm is improving the relationship with the oil -rich regime so that it can return to action. -Ians skt/abm