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PricewaterhouseCoopers International Limited [4] es una firma multinacional británica de servicios profesionales que opera como sociedad bajo la marca PwC . Es la segunda red de...

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PricewaterhouseCoopers International Limited [4] es una firma multinacional británica de servicios profesionales que opera como sociedad bajo la marca PwC . Es la segunda red de servicios profesionales más grande del mundo [5] y se considera una de las cuatro grandes firmas de contabilidad , junto con Deloitte , EY y KPMG . [6]

Las firmas de PwC están presentes en 158 países, en 742 ubicaciones, con 328.000 personas. [7] En 2019, [update]el 26% de la fuerza laboral estaba basada en América, el 26% en Asia, el 32% en Europa Occidental y el 5% en Oriente Medio y África. [8] Los ingresos globales de la empresa fueron de 50.300 millones de dólares en el año fiscal 2022, de los cuales 18.000 millones de dólares fueron generados por su práctica de Auditoría , 11.600 millones de dólares por su práctica de Impuestos y Legal y 20.700 millones de dólares por su práctica de Asesoría. [9] La firma en su forma actual fue creada en 1998 mediante una fusión entre dos firmas de contabilidad: Coopers & Lybrand y Price Waterhouse. [1] Ambas firmas tenían historias que se remontan al siglo XIX. El nombre comercial se acortó a PwC en septiembre de 2010 como parte de un esfuerzo de cambio de marca . [10]

La firma se ha visto envuelta en una serie de controversias de corrupción y escándalos criminales. La firma ha estado implicada en múltiples ocasiones en prácticas de evasión y elusión fiscal . La firma ha sido multada con frecuencia por los reguladores por realizar auditorías que no cumplen con los estándares básicos de auditoría. En medio de la guerra de Rusia en Ucrania , PwC ha ayudado a los oligarcas rusos a ocultar su riqueza y ha ayudado a socavar el régimen de sanciones globales a Rusia por su invasión de Ucrania. [11] [12]

Historia

La firma fue creada en septiembre de 1998 cuando Coopers & Lybrand se fusionó con Price Waterhouse. [1]

Coopers y Lybrand

En 1854, William Cooper fundó un estudio contable en Londres. Siete años más tarde, cuando se unieron a él sus tres hermanos, se convirtió en Cooper Brothers. [1]

En 1898, Robert H. Montgomery , William M. Lybrand, Adam A. Ross Jr. y su hermano T. Edward Ross formaron Lybrand, Ross Brothers and Montgomery en los Estados Unidos. [1]

En 1957, Cooper Brothers, junto con Lybrand, Ross Bros & Montgomery y una firma canadiense (McDonald, Currie and Co.), acordaron adoptar el nombre Coopers & Lybrand en la práctica internacional. [1] En 1973, las tres firmas miembro en el Reino Unido, EE. UU. y Canadá cambiaron sus nombres a Coopers & Lybrand. [13] Luego, en 1980, Coopers & Lybrand amplió sustancialmente su experiencia en insolvencia al adquirir Cork Gully , una firma líder en ese campo en el Reino Unido. [14] En 1990, en ciertos países, incluido el Reino Unido, Coopers & Lybrand se fusionó con Deloitte, Haskins & Sells para convertirse en Coopers & Lybrand Deloitte; [1] en 1992 volvieron a llamarse Coopers & Lybrand. [15]

Precio Waterhouse

Edwin Waterhouse hacia  1907

En 1849, Samuel Lowell Price , un contable, fundó un estudio de contabilidad en Londres. [16] En 1865, Price se asoció con William Hopkins Holyland y Edwin Waterhouse . [16] Holyland se fue poco después para trabajar solo en contabilidad y la firma fue conocida a partir de 1874 como Price, Waterhouse & Co. [16] El acuerdo de asociación original, firmado por Price, Holyland y Waterhouse, se puede encontrar en Southwark Towers . [17]

A finales del siglo XIX, Price Waterhouse había ganado reconocimiento como firma de contabilidad. Abrió una oficina en la ciudad de Nueva York en 1890 y la firma estadounidense se expandió. La firma británica original abrió una oficina en Liverpool en 1904, y luego en otras partes del Reino Unido y en todo el mundo, estableciendo cada vez una sociedad separada en cada país: la práctica mundial de Price Waterhouse era, por lo tanto, una federación de firmas colaboradoras que habían crecido orgánicamente, en lugar de ser el resultado de una fusión internacional. [16]

En un esfuerzo adicional por aprovechar las economías de escala , PW y Arthur Andersen discutieron una fusión en 1989 [18] pero las negociaciones fracasaron, principalmente debido a conflictos de intereses como los fuertes vínculos comerciales de Andersen con IBM y la auditoría de IBM por parte de PW, así como las culturas radicalmente diferentes de las dos empresas. Los involucrados en la fusión fallida dijeron que al final de la discusión, los socios en la mesa se dieron cuenta de que tenían diferentes puntos de vista sobre los negocios, y la posible fusión fue descartada. [19]

1998 hasta el presente

En 1998, Price Waterhouse y Coopers & Lybrand se fusionaron para formar PricewaterhouseCoopers (escrito con "w" minúscula y "C" con mayúscula inicial ). [20] En ese momento, MCS era la división más grande y de más rápido crecimiento. [21]

Las consecuencias de los escándalos de auditoría financiera de Enron , Worldcom y otros llevaron a la desaparición de Arthur Andersen , lo que redujo el recuento de las cinco grandes firmas de contabilidad a las cuatro grandes y estimuló la aprobación de la Ley Sarbanes-Oxley de 2002 (SOX). Entre otras restricciones, SOX limitó severamente la superposición entre la consultoría de gestión y los servicios de auditoría. PwC Consulting continuó separándose, realizando negocios bajo su nombre y marca en lugar de como la división MCS de PwC. Alrededor de julio de 2000, PwC comenzó a prepararse para una adquisición o una oferta pública inicial mediante el desarrollo de registros financieros separados que serían necesarios para la debida diligencia. Los directivos de PwC comenzaron a buscar compradores, con un interés inicial por parte de Hewlett-Packard por unos 17.000 millones de dólares, pero las negociaciones fracasaron en 2000. [22] Casi un año después del colapso de Arthur Andersen en 2001, las filiales de Arthur Andersen, LLP en Hong Kong y China completaron las conversaciones para unirse a PricewaterhouseCoopers, China. [23]

En 2000, PwC adquirió el mayor socio de consultoría de SAP de Canadá , Omnilogic Systems, para expandir su creciente presencia de consultoría en Canadá. [24] PwC anunció en mayo de 2002 que PwC Consulting se escindiría como una entidad independiente y presentó una solicitud ante la SEC para una oferta pública inicial de venta (IPO) de 1.000 millones de dólares que se negociaría en agosto. [25] Debido a que los socios contables de PwC poseían el 60% de PwC Consulting, una IPO o adquisición se consideró como la única manera de dividir las dos empresas sin diezmar el capital de trabajo de la división de consultoría. [26]

La dirección de PwC Consulting siguió inflando las finanzas ampliando los recortes salariales generalizados, terminando su programa de compensación variable y fomentando los despidos masivos, todas acciones poco comunes en la industria. En junio de 2002, PwC Consulting contrató a Greg Brennerman de Continental Airlines como director general para dirigir la división global. [27] Una semana después, se anunció que una consultora externa, Wolff Olins , había creado una nueva marca para el grupo de consultoría, llamada "Monday". [28] El director general de la firma, Greg Brenneman, describió el nombre inusual como "una palabra real, concisa, reconocible, global y adecuada para una empresa que trabaja duro para ofrecer resultados". [29] En julio de 2002, se rumoreó que PwC estaba en conversaciones con una empresa pública desconocida, ya que no se había fijado ningún espacio de relaciones públicas ni anuncio para la inminente IPO. Esos rumores se confirmaron en agosto de 2002, cuando PwC anunció que vendió Monday a IBM por aproximadamente 3.500 millones de dólares en efectivo y acciones. Monday se fusionó con IBM Global Business Services y los socios se convirtieron en empleados por primera vez. La adquisición tuvo un modesto aumento en el tamaño y las capacidades de la creciente práctica de consultoría de IBM, ya que IBM tenía 150.000 empleados en ese momento. Al mismo tiempo, Monday tenía solo 30.000 en ese momento. [30] Sin embargo, fue visto como una victoria para IBM ya que la valoración de PwC Consulting/Monday había sufrido después de la recesión posterior al 11 de septiembre. [31]

PwC comenzó a reconstruir su práctica de consultoría con adquisiciones como Paragon Consulting Group y el negocio de servicios comerciales de BearingPoint en 2009. [32] La firma continuó este proceso adquiriendo Diamond Management & Technology Consultants en noviembre de 2010, [33] y PRTM en agosto de 2011. [34] En 2012, la firma adquirió Logan Tod & Co, una consultoría de análisis y optimización digital, [35] y Ant's Eye View, una firma de desarrollo y consultoría de estrategia de redes sociales para aprovechar el creciente impacto del cliente en la consultoría de gestión de PwC y las capacidades de participación del cliente . [36]

En abril de 2014, [37] Booz & Company se fusionó con PwC para formar Strategy& . [38] [39] En 2013, PwC adquirió BGT Partners . [40] En 2016, PwC adquirió la firma de tecnología/consultoría NSI DMCC. [41] En enero de 2017, PwC anunció un acuerdo de cinco años con GE para proporcionar servicios de impuestos administrados a GE a nivel mundial, transfiriendo más de 600 del equipo de impuestos globales interno de GE a PwC. [42] En noviembre de 2017, PwC aceptó bitcoin como pago por servicios de asesoría, la primera vez que la compañía, o cualquiera de las cuatro grandes firmas de contabilidad, aceptó moneda virtual como pago. [43] Veritas Capital adquirió el negocio del sector público estadounidense de PwC en 2018 y denominó a la nueva compañía Guidehouse . [44] [45] La Academia de Artes y Ciencias Cinematográficas (AMPAS) ha utilizado los servicios de PwC para contar los votos de los Premios de la Academia desde 1935. [46] Además, la empresa supervisa las elecciones de la AMPAS, prepara sus documentos financieros y es responsable de las declaraciones de impuestos del grupo. [47] En 2023, PwC adquirió Surfaceink, un diseñador de hardware. [48]

En mayo de 2024, PwC se convirtió en el mayor cliente de ChatGPT Enterprise y también comenzará a revender el servicio de OpenAI para otras grandes empresas. [49]

Operaciones

PwC se refiere a la red PwC y/o una o más de sus firmas miembro, cada una de las cuales es una entidad legal separada debido a los requisitos legislativos locales. [50] Al igual que otras firmas de servicios profesionales , cada firma miembro es financiera y legalmente independiente. PwC está coordinada por una compañía privada limitada por garantía bajo la ley inglesa , llamada PricewaterhouseCoopers International Limited. [51] Además, PwC está registrada como una entidad multidisciplinaria que también brinda servicios legales. [52]

Las operaciones de PwC son globales, y Europa representa el 36% del total, y las Américas el 44%, a partir de 2016. [53] [54] El mayor crecimiento de PwC en el año fiscal 2018 fue en Asia, donde los ingresos aumentaron un 15%, seguido por un crecimiento de los ingresos del 12% en Medio Oriente y África. [55]

Líneas de servicio

PwC está organizada en las siguientes tres líneas de servicio (las participaciones en los ingresos de 2017 se enumeran entre paréntesis): [56]

Análisis de datos

Debido a su tamaño, PwC puede contribuir con el análisis de datos a una amplia gama de áreas.

  • Cálculo del tamaño del mercado de drones: PwC publicó un informe en 2016 que afirmaba que el mercado mundial de drones alcanzaría cerca de 127 mil millones de dólares para 2020, con Polonia a la vanguardia de la legislación para el uso comercial de vehículos aéreos no tripulados . [60] [61]
  • PwC acuñó el término E7 para describir las siete economías emergentes que la compañía predice que reemplazarán a las naciones del G7 actual en 2050. Esas siete naciones emergentes son China, Rusia, India, México, Indonesia , Turquía y Brasil. [62]
  • PwC evalúa la prima de riesgo país , un factor importante a la hora de analizar la valoración de una entidad. [63] [64]
  • La empresa analiza la paridad salarial, es decir, los salarios comparativos entre hombres y mujeres. A principios de 2017, PwC descubrió en su estudio Women in Work Index que el Reino Unido podría tardar 24 años, hasta 2041, en cerrar su brecha salarial de género . [65]
  • PwC publica el Índice de Economía Baja en Carbono, que rastrea hasta qué punto los países del G20 están reduciendo las emisiones de carbono . [66] [67] [68] [69]
  • La Economía del Mar es un proyecto de análisis a largo plazo de PwC Portugal . Forma parte del proyecto HELM, lanzado en 2006 para crear un enfoque integrado de prácticas marítimas exitosas y sostenibles. Analiza las mejores prácticas en todo el mundo y recopila datos de las industrias que dependen o trabajan en el mar y de las naciones que lo utilizan. [70] [71]
  • PwC desarrolló el marco de Medición y Gestión del Impacto Total (TIMM), diseñado para ayudar a las empresas a realizar estudios de impacto que les ayudarán a poner un valor a todas las actividades, productos o servicios de la empresa. [72] [73]

Oficinas

PwC tiene socios en aproximadamente 800 oficinas en 157 países con 200.000 empleados. [74] [75] Las oficinas notables incluyen la torre de oficinas Seaport en Boston ; [76] y la torre Magwa Crescent Waterfall City en Midrand , Sudáfrica. [77]

La Revisión Anual Global de PwC de 2018 establece los ingresos de la firma por región, de la siguiente manera: [78] [79]

A continuación se muestran los diversos logotipos que la empresa ha utilizado a lo largo de los años. El logotipo actual de PwC se introdujo en septiembre de 2010, cuando la empresa cambió su nombre comercial de PricewaterhouseCoopers a PwC. Fue diseñado por Wolff Olins. [80] [81] [82]

  • El logotipo de Coopers & Lybrand antes de la fusión de 1998
    El logotipo de Coopers & Lybrand antes de la fusión de 1998
  • El logotipo de Price Waterhouse antes de la fusión de 1998
    El logotipo de Price Waterhouse antes de la fusión de 1998
  • El logotipo de PricewaterhouseCoopers de 1998 a 2010
    El logotipo de PricewaterhouseCoopers de 1998 a 2010
  • El logotipo de PwC desde 2010 hasta la actualidad
    El logotipo de PwC desde 2010 hasta la actualidad

Asuntos corporativos y cultura

La empresa emplea a un gran número de trabajadores jóvenes, y en 2017 el 80% de su fuerza laboral eran millennials. [83] Según PwC, la empresa utiliza la educación para cerrar la brecha cultural entre generaciones. [83] La firma también implementa un plan de tres pasos "Conectar-Integrar-Mejorar" para promover el compromiso de los empleados. [84] La empresa requiere que el personal de nivel superior continúe capacitándose y aprendiendo; PwC también creó una plataforma de colaboración social llamada Spark para permitir a los empleados acceder a los materiales y tareas del curso, completar los requisitos previos y acceder a los materiales de refuerzo. [85]

En 2016, Tim Ryan, presidente de PwC, ayudó a lanzar la coalición CEO Action for Diversity and Inclusion, el mayor compromiso empresarial impulsado por directores ejecutivos para promover la diversidad y la inclusión en el lugar de trabajo. [86] [87] [88]

Los empleados de PwC generalmente tienen flexibilidad para elegir su propio horario de trabajo siempre que la alta dirección considere que el acuerdo es aceptable. [89] [90] En 2002, PwC publicó el primer "Código de conducta" global de la profesión contable. [91] [92] Strategy& y PwC publican Strategy+Business , una revista de negocios impresa y en línea centrada en cuestiones de gestión y estrategia corporativa. [93] En junio de 2021, PwC junto con Edelman, el socio de agencia de la empresa, lanzó un programa, The Trust Leadership Institute. [94] [95]

PwC creó un Comité de beneficencia ColourBrave , integrado por empleados de toda la organización, como parte de su compromiso de seguir construyendo una cultura inclusiva y abordar la disparidad racial. El Comité eligió a 25 organizaciones lideradas por negros y organizaciones de la sociedad civil para que se unieran a la lista existente de beneficiarios de la Fundación PwC y el Club de Emprendedores Sociales de PwC. [96] [97]

A partir de 2021 [update], PwC es la cuarta empresa privada más grande de los Estados Unidos. [98]

Los informes sobre la participación de PwC en el escándalo fiscal australiano revelaron una "cultura en la sombra" alternativa que opera de manera independiente de su cultura de cara al público. La "cultura en la sombra" prioriza la lealtad a los superiores, la aceptación incondicional del status quo y una mentalidad de "crecimiento de los ingresos a cualquier costo", incluso hasta el punto de infringir las normas. [99]

Personal

Al 30 de junio de 2021, PwC contaba con 295.371 empleados en todo el mundo. [100] El mayor porcentaje de trabajadores está empleado en Europa Occidental, Asia y las Américas. [100] A continuación se muestra el número de empleados en cada región del mundo al año fiscal 2021. [100]

A continuación se muestra el número de empleados por áreas de práctica. [100]

A continuación se muestra el número de empleados por nivel. [100]

Entre los ex alumnos destacados de la empresa se incluyen:

Controversias

La empresa se ha visto envuelta en una serie de controversias de corrupción y escándalos criminales. [115] La empresa ha estado implicada en múltiples ocasiones en prácticas de evasión y elusión fiscal . [11] [116] La empresa ha ayudado a criminales de guerra a evadir sanciones. [12] La empresa ha realizado con frecuencia auditorías insuficientes, por lo que realiza servicios de auditoría que avalan las finanzas de las empresas sin seguir las normas básicas de auditoría. [117] [118] [119] [120] [121]

Discriminación laboral por razones de género

En 1989, la Corte Suprema de los Estados Unidos sostuvo que Price Waterhouse debe probar por una preponderancia de la evidencia que la decisión sobre el empleo de Ann Hopkins habría sido la misma si no hubiera ocurrido la discriminación sexual . La firma de contabilidad no pudo probar que la misma decisión de posponer la promoción de Hopkins a la sociedad se habría tomado de todos modos en ausencia de discriminación sexual y, por lo tanto, la decisión de empleo constituyó discriminación sexual según el Título VII de la Ley de Derechos Civiles de 1964. La importancia del fallo de la Corte Suprema fue doble. Primero, estableció que los estereotipos de género son procesables como discriminación sexual. Segundo, estableció el marco de motivos mixtos como un marco probatorio para probar la discriminación bajo una teoría de trato desigual incluso cuando también están presentes razones legales para la acción laboral adversa. [122] La candidatura de Hopkins para la sociedad había sido suspendida indefinidamente. Finalmente, renunció y demandó a la empresa por sexismo ocupacional , argumentando que su falta de ascenso se produjo después de la presión para caminar, hablar, vestirse y actuar de manera más "femenina". [123]

En 1990, un juez federal de distrito en Washington ordenó a la firma que nombrara socio a Hopkins. Fue la primera vez que un tribunal concedió la condición de socio en una empresa profesional como remedio a la discriminación sexual o racial. [124]

A raíz de la demanda, la empresa recibió atención de los medios debido a sus prácticas laborales discriminatorias también hacia los hombres. [125]

Cuestiones fiscales

En 2014, se supo que PwC había recibido 55 millones de dólares de Caterpillar Inc. para desarrollar un plan de evasión fiscal, según una investigación del Senado de Estados Unidos, y había ayudado a Caterpillar Inc. a reducir drásticamente sus impuestos durante más de una década. [126] [127] Se trasladaron beneficios valorados en 8.000 millones de dólares de Estados Unidos a Suiza, lo que supuestamente permitió ahorrar más de 2.400 millones de dólares en impuestos estadounidenses a lo largo de una década. En Suiza, los beneficios se gravaban con un 4%. [126] Un director general de PricewaterhouseCoopers que participó en el diseño del plan de ahorro fiscal había escrito en ese momento a un socio de PwC: "Todos estaremos jubilados cuando esto... salga a la luz en la auditoría". [127]

Grupo Internacional Americano Inc.

En 2005, BusinessWeek informó que PwC había sido el auditor de American International Group Inc. durante los años de "tratos cuestionables" e irregularidades contables de AIG. El 30 de marzo de 2005, AIG dijo que los tratos con una compañía de seguros con sede en Barbados , por ejemplo, podrían haber sido incorrectamente contabilizados durante los últimos 14 años, porque una compañía afiliada a AIG podría haber estado cubriendo secretamente las pérdidas de esa aseguradora. [128] BusinessWeek dijo que PwC también parecía haber "fallado" en los tratos entre AIG y General Re Corp de Berkshire Hathaway Inc. General Re transfirió 500 millones de dólares en reclamaciones y primas anticipadas a AIG. BusinessWeek preguntó: "¿El auditor hizo su trabajo al verificar que AIG estaba asumiendo el riesgo de las reclamaciones más allá de los 500 millones de dólares, lo que le permitió a AIG contabilizar el trato como un seguro? Eso es contabilidad básica en cualquier transacción de reaseguro". [128]

PwC también fue criticada por varios testigos durante la investigación de la Comisión de Investigación de la Crisis Financiera de 2010 sobre el colapso de AIG en la crisis financiera de 2007-2008 , después de que la aseguradora no pudiera cumplir con sus obligaciones colaterales con Goldman Sachs . Se esperaba que la aseguradora cubriera la diferencia de valor entre los contratos de swaps de incumplimiento crediticio que había vendido a Goldman Sachs, sin embargo, el jefe de la unidad en AIG no estaba de acuerdo con la valoración que presentó Goldman. Según un memorando publicado por Business Insider , los testigos se preguntaron cómo PwC estaba firmando las cuentas tanto de AIG como de Goldman Sachs cuando estaban utilizando diferentes métodos de valoración para los contratos de swaps (y, por lo tanto, registraban diferentes valores para ellos en sus cuentas). [129]

Suspensión ChuoAoyama

ChuoAoyama Audit Corporation (中央青山監査法人, Chūō-Aoyama Kansa Hōjin ) fue la filial japonesa del servicio de auditoría de PwC desde abril de 2000 hasta 2006. [130] En mayo de 2006, la Agencia de Servicios Financieros de Japón suspendió a ChuoAoyama de la prestación de algunos servicios de auditoría legal durante dos meses [131] tras el colapso de la empresa de cosméticos Kanebo, de la cual se encontró que tres de los socios colaboraban con el fraude contable por ocultar déficits de alrededor de 1.900 millones de dólares en el transcurso de cinco años. [132] Los contables recibieron penas de prisión suspendidas de hasta 18 meses por parte del Tribunal de Distrito de Tokio después de que el juez considerara que habían desempeñado un "papel pasivo" en el delito. [132] La suspensión fue la primera impuesta a una importante firma de contabilidad en el país. Muchos de los clientes más importantes de la firma se vieron obligados a buscar auditores sustitutos antes de que comenzara la suspensión en julio de ese año. [133]

Poco después de la suspensión de ChuoAoyama, PwC actuó rápidamente para frenar cualquier posible pérdida de clientes como resultado del escándalo. Creó la firma PricewaterhouseCoopers Aarata, y algunos de los contables de ChuoAoyama y la mayoría de los clientes de ChuoAoyama se trasladaron a la nueva firma. [134] [135] ChuoAoyama reanudó sus operaciones el 1 de septiembre de 2006, bajo el nombre de Misuzu. Sin embargo, en ese momento las dos firmas combinadas tenían un 30% menos de clientes que ChuoAoyama antes de su suspensión. Misuzu se disolvió en julio de 2007. [136] [137]

Acuerdo de Tyco

En julio de 2007, PwC acordó pagar 229 millones de dólares para resolver una demanda colectiva interpuesta por los accionistas de Tyco International Ltd. por un fraude contable multimillonario. El director ejecutivo y el director financiero de Tyco fueron declarados culpables de saquear 600 millones de dólares de la empresa. [138]

Escándalos en empresas indias

En 2007, la agencia de normas contables de la India, ICAI, encontró a los socios de PwC culpables de negligencia profesional al no cubrir los activos no productivos del ahora extinto Global Trust Bank . [139] Esto llevó a que el RBI prohibiera a PwC auditar cualquier empresa financiera durante más de un año. [140] [141] [142] PwC también estuvo asociada con el escándalo contable de DSQ Software , con sede en la India , que colapsó en 2003. [143]

En enero de 2009, PwC fue criticada, [144] [139] [145] [146] [147] junto con los promotores de Satyam , una empresa de TI india que cotiza en el NASDAQ , en un fraude de $1.5 mil millones. [148] PwC escribió una carta a la junta directiva de Satyam en la que decía que su auditoría podría resultar "inexacta y poco confiable" debido a las revelaciones hechas por el (ex) presidente de Satyam y posteriormente retiró sus opiniones de auditoría. [149] La división estadounidense de PwC "fue la revisora ​​de las presentaciones estadounidenses para Satyam". [150] En consecuencia, se presentaron demandas en los EE. UU. con PwC como acusado. Dos socios de PricewaterhouseCoopers, Srinivas Talluri y Subramani Gopalakrishnan, fueron acusados ​​por la Oficina Central de Investigaciones de la India en relación con el escándalo de Satyam. Después de que estalló el escándalo, Subramani Gopalakrishnan se retiró de la empresa tras alcanzar la edad de jubilación obligatoria, mientras que Talluri permaneció suspendido de la empresa. [151] [152]

Tras el escándalo de Satyam, la Asociación de Quejas de Pequeños Inversores (SIGA) con sede en Mumbai solicitó al regulador del mercado de valores indio SEBI que prohibiera a PwC de forma permanente y confiscara sus activos en India, alegando más escándalos como "las manipulaciones de las acciones de Ketan Parekh". [153]

En 2015, PwC India dijo que estaban decepcionados con la sentencia del tribunal sobre el caso, diciendo: "Como hemos dicho muchas veces, nunca se ha presentado ninguna prueba de que alguno de nuestros antiguos socios S Gopalakrishnan o Srinivas Talluri estuvieran involucrados o estuvieran al tanto del fraude dirigido por la dirección en Satyam. Entendemos que Gopal y Talluri están considerando presentar una apelación contra este veredicto". [154] En 2018, el regulador de valores de la India prohibió a PwC proporcionar servicios de auditoría a empresas que cotizan en bolsa durante 2 años, y PwC fue multada con 2 millones de dólares además de la suspensión. [155] En septiembre de 2019, esta prohibición fue anulada por el tribunal de apelación de valores, afirmando que no había pruebas de colusión de PwC en la estafa. El tribunal también declaró que SEBI no tenía jurisdicción sobre las empresas de auditoría y que solo ICAI podía emitir tal orden. [156]

Vinculación con la contratación de persona acusada en caso de contrabando de oro

PwC, que proporciona servicios de consultoría al Departamento de Tecnología de la Información del gobierno de Kerala [157] [158] y su proyecto Space Park, [159] ha sido criticada por nombrar a la Sra. Swapana Suresh, quien está acusada en un caso de contrabando de oro en una valija diplomática . [159] Después de una investigación, el gobierno de Kerala decidió terminar los servicios de consultoría de PwC para el proyecto propuesto Space Park en Thiruvananthapuram . [159] PwC subcontrató el recurso de un proveedor, Vision Technologies, pero el gobierno considera que la responsabilidad principal es de PwC por reclutar a Swapna Suresh. [159] Incluso antes de estos eventos, la apertura de la oficina de PwC en la secretaría de Kerala había atraído serias críticas del partido de la oposición. [160] [158] [161] Después de esto, PwC emitió una aclaración sobre la contratación de la Sra. Swapna Suresh al afirmar que fue contratada en base a un informe de verificación de antecedentes de empleadores anteriores, así como una verificación de antecedentes penales en ese momento. [162] En febrero de 2022, el gobierno estatal de Kerala escribió a PwC para solicitar el reembolso de 16 lakhs INR pagados en salario a Swapna Suresh. En abril de 2022, la empresa respondió que no puede reembolsar el monto. [163]

Procesos contra Yukos

Yukos era una empresa rusa de petróleo y gas que fue objeto de procesos por motivos políticos por parte de las autoridades rusas. Los activos de la empresa se vendieron por supuestos impuestos no pagados y se declaró en quiebra. Las auditorías de PwC fueron la base de la defensa de la firma en una serie de juicios continuos contra el ex director ejecutivo, Mikhail Khodorkovsky , y el ex accionista mayoritario, Platon Lebedev . Las autoridades rusas luego fueron tras PwC. En marzo de 2007, la policía allanó las oficinas de PwC en Moscú, confiscando documentos relacionados con Yukos y acusando y condenando a PwC de no pagar 243 millones de rublos, o $9,4 millones, en impuestos. PwC retiró sus auditorías de Yukos y menos de dos semanas después las autoridades exculparon a PwC de cualquier irregularidad con respecto a su auditoría. [164] [165]

En 2010, Joe Nocera escribió en el New York Times : "En 2007, con la perspectiva de la libertad condicional en el horizonte, los mismos fiscales —con lo que parece ser la complicidad de PricewaterhouseCoopers, la firma de contabilidad de Yukos desde hace mucho tiempo— acusaron nuevamente a los dos hombres (Mikhail B. Khodorkovsky y Platon Lebedev), lo que supuso una nueva ronda de acusaciones kafkianas". [166]

En 2010, se reveló que el gobierno ruso presionó a PwC para que retirara las auditorías. [167] [168]

A cable from the U.S. embassy in Moscow stated that the trial was politically motivated and that a deposition in a U.S. court by PricewaterhouseCoopers may show that PwC was pressured by the Russian government to withdraw its prior Yukos audits. An embassy source noted that "If the audits were properly withdrawn, this will be a 'black mark' for the defense; if not, it could help the defense, but would greatly tarnish PWC's international reputation."[169][170][167]

Transneft Russia case

Upon the completion of the construction of the ESPO (East Siberia-Pacific Ocean) pipeline by Transneft in December 2010, an official report of the Audit Chamber of the Russian Federation suggested that $4 billion was stolen by Transneft insiders.[171] One Federation Council Speaker, Sergei Mironov, called for an investigation. Alexei Navalny, a minority Transneft shareholder and lawyer, accused the company of wrongdoing in his personal blog, and criticized PwC, Transneft's auditor, of ignoring his warnings. PwC denied wrongdoing, stating that, "We believe there are absolutely no grounds for such allegations, and we stand behind our work for OAO AK Transneft."[172]

Northern Rock

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 also acting as its auditor.[173][174] In 2011, a House of Lords inquiry criticized PwC for not drawing attention to the risks in the business model followed by Northern Rock, which was rescued by the UK government during the financial crisis.[175][176]

JP Morgan Securities audit

In 2012, the Accountancy and Actuarial Discipline Board (AADB) of the UK fined PwC a record £1.4m for wrongly reporting to the Financial Services Authority that JP Morgan Securities had complied with client money rules which protects client funds. The accountants neglected to check whether JP Morgan had the correct systems in place and failed to gather sufficient evidence to form opinions on the issue, and as a result, failed to report that JP Morgan failed to hold client money separate from JP Morgan's money. The £1.4m fine was at the time the greatest penalty administered to a professional accountancy firm in the UK.[177]

Water privatisation in Delhi

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.[178] 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. The effort at privatization fell through when an investigation was conducted by Arvind Kejriwal and the non-governmental organization (NGO) Parivartan in 2005.[178] After submitting a Right to Information (RTI) request, Parivartan received 9000 pages of correspondence and consultation with the World Bank, where it was revealed that the privatization of Delhi's water supply would provide salaries of $25,000 a month to four administrators of each of the 21 water zones, which amounted to over $25 million per year, increasing the budget by over 60% and water taxes 9 times.[179][180]

The Delhi Jal Board (DJB), which administers the water system of Delhi, was first approached by Parivartan in November 2004, following a report by the newspaper The Asian Age, where the scheme was revealed to the public for the first time.[179][180] The DJB denied the existence of the project, but after an appeal, the RTI request was granted. The documents revealed that the project began in 1998, in complete secrecy within the DJB administration.[179][180] The DJB approached the World Bank for a loan to improve the water system, which it approved, and the effort began with a $2.5 million consultation loan. The Delhi government could have easily provided the money, and the interest rate of 12% that was to be loaned by the World Bank could have been raised on capital markets for 6%.[179][180] Following the consultation, 35 multinational companies bid, of which six were to be shortlisted. 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.[178] When PwC failed in the second round, the World Bank pressured the DJB to start over with a fresh round of bidding. Only one company succeeded in the new round that was not PwC, and the World Bank had the lowest marks from an evaluator thrown out. The contract was awarded to PwC in 2001.[181] Following the investigation by Parivartan, a campaign was waged by Kejriwal, Aruna Roy, and other activists across Delhi and the DJB withdrew the loan application to the World Bank.[178][179][180]

Cattles

In 2013, Cattles plc brought a legal action against PwC in the UK in respect of 2006 and 2007 audits, claiming that PwC had failed to carry out adequate investigations.[182] Cattles, a UK consumer finance company, later discovered control weaknesses which caused its loan book to be materially overstated in its balance sheet; having been listed as a FTSE250 company, it subsequently lost its listing. PwC disputed this legal claim.[183] The claim was settled out of court on undisclosed terms.[184]

The Financial Reporting Council (FRC) issued a fine of £2.3m on PwC and ordered the firm to pay £750,000 costs following their investigation of the 2007 audits of Cattles and its principal trading subsidiary. 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. The FRC said that PwC had insufficient audit evidence as to the adequacy of loan loss provisions.[185]

Quinn Insurance

In 2015, PwC Ireland was sued by the joint administrators of Quinn Insurance Limited (QIL) for €1bn. Having been audited by PwC for the years 2005 to 2008, QIL went into administration in 2010. The administrators alleged that PwC should have identified a material understatement of QIL's provisions for claims.[186][187]

Connaught plc

Connaught plc, a UK former FTSE 250 Index outsourcing company operating in property maintenance for the social housing and public sector, was put into administration in 2010 after reporting material losses. In 2017, the Financial Reporting Council (FRC) severely reprimanded PwC and its audit partner following an investigation of their conduct in respect of the 2009 audit of Connaught. PwC was fined a record £5 million plus costs.[188]

Tesco

In 2014, Tesco, a UK retailer, announced that it had overstated profits by £263m by misreporting discounts with suppliers. The Financial Reporting Council started an investigation into accounting practices at Tesco and into the conduct of PwC in carrying out its audits in 2012, 2013 and 2014.[189] 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.[190] In 2015 PwC were replaced as auditors of Tesco, ending a 32-year engagement, following a tender process to which they did not participate.[191] In June 2017, the Financial Reporting Council said there was no "realistic prospect" that a tribunal of the UK's accountancy watchdog would rule against the auditor PwC concerning its involvement in Tesco's 2014 case.[192]

Bank of Tokyo-Mitsubishi UFJ

In 2014, The Bank of Tokyo-Mitsubishi UFJ was investigated by New York banking regulators over its role in routing payments for Iranian customers through its New York branch in violation of U.S. sanctions. It was found that PwC had altered an investigation report on the issue; PwC itself was fined $25 million in relation to the matter.[193]

Luxembourg Leaks

One of the tax rulings of Luxembourg Leaks negotiated by PwC

The firm helped multinational companies obtain 548 legal tax rulings in Luxembourg between 2002 and 2010. The rulings provided written assurance that the multinational companies' tax-saving plans would be seen favorably by the Luxembourg authorities. The companies saved billions of dollars in taxes with these arrangements. Some firms paid less than one percent tax on the profits they shifted to Luxembourg. Employees or former employees of PwC provided documentation of the rulings to journalists.[194][195] In 2013 and 2014, PwC UK's head of tax was called before the UK's public accounts committee and was questioned about lying regarding the marketing of these tax avoidance schemes. He told the committee the financing, investments, and tax structure is legal and well known to the British government. "If you want to change the Lux tax regime, the politicians could change the Lux tax regime."[196] The disclosures attracted international attention and comment about tax avoidance schemes in Luxembourg and other tax havens. The revelations later led to a series of EU-wide measures aimed at regulating tax avoidance schemes and tax probes into several EU companies. 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. In March 2017, a Luxembourg appeals court upheld the convictions of the two whistleblowers, but with reduced sentences.[197]

Petrobras Brazil

In 2015, the Bill & Melinda Gates Foundation of Microsoft founder Bill Gates sued oil company Petrobras and accounting firm PwC's Brazil arm over investment losses due to corruption at the Brazilian oil company. The filings also alleged that PwC's Brazil affiliate, PricewaterhouseCoopers Auditores Independentes, played a significant role by attesting to Petrobras financial statements and ignoring warnings.[198]

Gay marriage in Australia

In 2016, Luke Sayers, then CEO of PwC Australia,[199][200] had the firm prepare a report projecting the excessive cost of a plebiscite on gay marriage.[201] 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.[202]

Centro Properties Group

In 2007, shopping center giant Centro understated its liabilities by more than $3 billion and almost collapsed when it was unable to refinance its debt during the global financial crisis.[203] PwC was Centro's auditor and admitted negligence. In 2012, Centro and PwC paid a $200 million settlement to resolve the shareholder class action, the largest ever in Australia.[204]

BHS

In 2016, PwC in the UK was investigated by the Financial Reporting Council over its conduct in relation to the audit of BHS for the year to 30 August 2014. 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. BHS collapsed the following year with a substantial deficit in its pension fund.[205]

MF Global malpractice lawsuit

In 2016, a United States federal judge rejected PwC's bid to dismiss a $3 billion lawsuit accusing the accounting firm of professional malpractice for helping cause the October 2011 bankruptcy of MF Global, a brokerage once run by former New Jersey Governor Jon Corzine.[206][207][208]

BT Italy

BT Group (British Telecom), a client of PwC, reported in 2017, that profits in its Italian subsidiary had been over-stated by £530 million. BT reportedly sought the immediate replacement of PwC as auditors following a breakdown of trust, but had existing commercial relationships with the other Big 4 firms which would have prevented their early appointment.[209] BT subsequently stated that its audit would be put out to tender to identify a replacement for PwC,[210] In June 2017, the Financial Reporting Council began an investigation of PwC's audits of BT covering the years 2015 through 2017.[211]

Oscars Best Picture announcement error

At the 89th Academy Awards in 2017 La La Land was incorrectly announced as the winner of Best Picture after PwC partner Brian Cullinan gave presenters Warren Beatty and Faye Dunaway the wrong envelope. PwC was responsible for tabulating the results, preparing the envelopes, and handing them to presenters.[212] It was called "as bad a mess-up as you could imagine."[213] The firm took "full responsibility" for handing the presenters the wrong envelope and apologized for the error,[214] acknowledging that Cullinan and PwC partner Martha Ruiz did not follow protocols for correcting the error quickly. In March 2017, the board of governors for the Academy voted to retain the services of accounting firm PricewaterhouseCoopers, despite the mix-up, saying "new protocols have been established including greater oversight from PwC's U.S. chairman Tim Ryan."[215]

Lezo Case

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 (PP) political party in the Community of Madrid.[216]

PrivatBank

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 $5.5 billion balance-sheet hole in PrivatBank.[217] The government of Ukraine had had to rescue PrivatBank by nationalisation in 2016 to protect its 20 million customers.[218]

Colonial Bank audit

In 2017, the U.S. District Court for the Middle District of Alabama held PwC liable for professional negligence in its audit of Colonial Bank, which failed in 2009, after filing materially false financial information with the SEC. In 2018, a federal judge later ordered PwC to pay the FDIC $625 million, the largest-ever judgement against a U.S. audit firm.[219] The FDIC reached a $335 million settlement with PwC in March 2019.[220]

Age discrimination lawsuit

In 2018, PwC was accused of disproportionately hiring younger workers and fostering "an age-conscious workplace in which youth is highly valued."[221] Plaintiffs estimated that younger applicants are over 500% more likely to be hired than candidates over age 40. In March 2019, a collective action related to the case was certified by a federal judge in San Francisco.[222]

Luke Sayers' AVP investment review

In 2018, PwC Australia CEO Luke Sayers was connected to perceived conflict of interest issues on a related to a personal investment in Australian Visa Processing (AVP),[223] a company part-owned by PwC that was submitting a tender to redesign and run Australia's visa processing system that is potentially worth billions of dollars, which would result in a significant financial advantage for its investors.[224] This investment led to a "storm inside the firm",[225] interjection by PwC Global and a review by PwC Australia of its personal investment policy for partners.[225] The option to invest had not been offered to all partners or even the entire firm.[223] A review was announced around the way partners make personal investments.[223][226]

Improper audit services in US

During 2019, PwC's US affiliate agreed to pay more than $7.9 million to the US regulator, SEC, to settle allegations that it improperly performed IT and other non-audit services for several audit clients.[227]

Corruption in Angola

In 2020, the International Consortium of Investigative Journalists (ICIJ) leaked over 700,000 internal documents revealing that PwC had facilitated multiple dealings in which Isabel dos Santos, the daughter of former President of Angola José Eduardo dos Santos, made a fortune while in charge of the state oil company, Sonangol. Dos Santos established a network of over 400 companies to facilitate tax evasion and the steering of millions of dollars of Angolan state contracts to companies under her control.[228] Her husband, Congolese businessman and art collector Sindika Dokolo, made millions from a suspiciously one-sided partnership with the state diamond company, SODIAM, to buy a stake in Swiss luxury jeweler De Grisogono.[229] After ICIJ's revelations, PwC indicated it would terminate its relationship with Dos Santos.[228]

Watchstone

In August 2020, a £63 million-worth suit was filed by Watchstone (formerly known as Quindell) against PwC. 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.[230]

MBC Group

During November 2017, PwC was engaged in due diligence and valuation of the media company, MBC Group, owned by Saudi businessman, Waleed bin Ibrahim Al Ibrahim, who was allegedly held against his wishes at the Ritz-Carlton in Riyadh as part of an attempt to coerce him into selling it to the Saudi Crown Prince.[231]

JD Classics

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.[232] A failure to identify fraud at the company led to losses of £41m. PwC responded with a statement that "this claim [lacks] merit and [we] will be vigorously defending it."[233]

Lobbying revolving door

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. After completing their time at the Treasury Department, the staff were promoted to partner at PwC.[234]

Evergrande

PwC has audited Evergrande, a Chinese property company, since 2009 and received fees worth $42 million for doing so.[235] By 2021, Evergrande had collapsed financially and set off the Chinese property sector crisis, which sparked questions about PwC's role in inflating the company's revenue prior to the firm's eventual bankruptcy.[236]

In October 2021, the accounting regulator in Hong Kong announced an investigation into PwC's audit of Evergrande. PwC had signed off the 2020 accounts of Evergrande without reference to its uncertainties as a going concern. After the announcement of the fraud investigation, PwC resigned as auditor of Evergrande´s accounts.[237] One year later, in February 2024, Evergrade liquidators prepared for a potential lawsuit against PwC.[238]

In September 2024, PwC ZhongTian, PwC's auditing business in China, was suspended for six months. China's securities regulator also confiscated the revenue PwC earned from auditing Evergrande and imposed a fine of $62 million.[239]

South African Airways

The Zondo Commission report on state capture in South Africa uncovered several instances of alleged corruption, fraud and mismanagement at South African Airways (SAA). The report found that PwC effectively enabled capture of SAA by failing to adequately audit its financial and accounting processes between 2012 and 2016.[240]

Kier and Galliford Try

In June 2022, the UK's Financial Reporting Council fined PwC and a former partner, Jonathan Hook, over audit failures relating to construction firms Galliford Try and Kier Group. 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 £1.96m for similar failures during the 2017 audit of Kier. Both fines were reduced (from £5m and £3.35m respectively) to reflect PwC's cooperation with the investigation.[241]

Americanas (AMER3) controversy

In January 2023, the firm was involved in a controversy when it approved Americanas' (AMER3) balance sheets with accounting inconsistencies of around US$4 billion. This caused volatility to company's price on the Brazilian stock exchange and losses to the company's shareholders. After verifying the impacts caused, the CVM (Brazilian body that regulates the stock exchanges) opened investigations against the company's auditors to determine responsibilities.[242][243][244]

Australia tax leak scandal

In 2023, it was revealed that a PwC partner, who was a member of consultation groups set up by the Australian Treasury to improve tax laws, had been leaking confidential government tax plans to PwC. The data leaked by the PwC partner included new taxation rules to close loopholes which allowed multinational companies to avoid paying tax.[245]

After PwC completed an internal investigation in July 2023, eight partners, including former chief executive Tom Seymour, were removed from the partnership.[246][247] In July 2023 PwC sold its Australian government consulting business to Allegro Funds for $1 with the business rebranded Scyne Advisory.[248][249]

Aiding Russian oligarchs

PwC's Cyprus unit helped dozens of Russian oligarchs to shuffle their wealth and evade sanctions after Russia's invasion of Ukraine.[250][251] PwC helped Alexey Mordashov transfer a $1.4 billion investment out of his name in order to elude EU sanctions.[250] PwC also helped two oligarchs who were instrumental to the waging of Russia's war in Ukraine to hide $100 million.[250]

After the start of the full-scale Russian invasion of Ukraine, on March 7, 2022, PwC stated that "under the circumstances, PwC should not have a member firm in Russia and consequently PwC Russia will leave the network."[252] On April 29, PwC Russia announced the withdrawal of the brand from the PwC network, and on June 30, a legal agreement was signed on the withdrawal of the firm in Russia from the network.[253] A week later, on July 5, 2022, PwC Ukraine announced the final exit of the company from Russia: "PwC no longer has a firm in Russia: on 4 July 2022 all aspects of the departure of the former PwC firm in Russia have been completed".[254] In addition, PwC member firms outside of Russia have refrained from doing any work for sanctioned Russian entities or individuals. The company said that any sanctions against specific Russian entities or individuals imposed anywhere in the world would be applied everywhere in the world. However in 2023 it emerged that PwC helped Russian oligarchs to avoid sanctions.[255] PwC also stopped working in Belarus, where its staff consisted of 25 people.[256]

Curacao fraud

PwC helped billionaire Hushang Ansary allegedly defraud a pension fund in Curacao by setting up shell companies that drained the fund.[257]

See also

References

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Further reading

  • Allen, David Grayson; McDermott, Kathleen, (1992) Accounting for Success: A History of Price Waterhouse in America 1890–1990, 1992, Harvard Business School Press, ISBN 0-875-843-28X
  • Jones, E., (1995) True and Fair: A History of Price Waterhouse, Hamish Hamilton, ISBN 0-241-00172-2
  • A History of Cooper Brothers 1854-1954, B.T. Batsford, London, 1954
  • An Early History of Coopers & Lybrand, 1984, Garland Publishing Inc., ISBN 978-0-8240-6319-1

Media related to PricewaterhouseCoopers at Wikimedia Commons

  • Official website
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