Old PwC Japan Fades Like Lotus Blossom
By Francine • Aug 1st, 2007 • Category: Pure Content
Earth and metal… Tsuchi kane ya
although my breathing ceases iki wa taete mo
time and tide go on. tsukihi ari
Since time began Kanete naki
the dead alone know peace. mi koso yasukere
Life is but melting snow. yuki no michi
The old Pwc Japan (Misuzu, formerly ChuoAoyama Pricewaterhouse) calls it quits. The new PwC Japan still going, although in a small way. Even they were not excited to take on any of their former colleagues accounts, for fear of the ghosts hidden behind the walls.
Misuzu operations formally halt in Japan
The 2,400 remaining employees to go to KPMG, Deloitte and Ernst & Young
“Operations of the Japanese firm, Misuzu Audit Corp, formally terminated yesterday after a 39-year-history which included several major accounting scandals involving its own employees.
The 2,400 remaining certified public accountants and other employees of the firm, formally known ChuoAoyama PricewaterhouseCoopers, will work at Ernst & Young ShinNihon, Deloite Touche Tohmatsu Japan and KPMG Azsa & Co.
The firm, which was one of Japan’s top four firms, began in 1968.
But it began to lose credibility in 2005 when some of its accountants were arrested in relation to the fraudulent adjustment of the accounts of cosmetics manufacturer, Kanebo, its client.
The firm was forced to suspend its business in part during 2006 and went on to adopt its current name in an effort to shed the damage caused by the scandal and start afresh.
But the new firm suffered again when another accounting scandal, involving its client Nikko Cordial Corp., was uncovered.”
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Francine McKenna (@retheauditors) has more than twenty years of experience in consulting and professional services including tenure at two Big 4 firms, both in the US and abroad. For more info, check the "About" page.
[...] for PwC, one way or the other, it looks like they are heading down the Misuzu, formerly ChuoAoyama Pricewaterhouse/PricewaterhouseCoopers Aarata path I predicted when the scandal first [...]