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PricewaterhouseCoopers (PwC) is a multinational accounting professional services firm formed in 1998 by the merger of Pricewaterhousecoopers and PricewaterhouseCoopers, both of which date back to the 19th century
[12]
. The organization provides professional services in accounting, auditing and consulting worldwide
[32]
, and
Deloitte Touche Tohmatsu
,
KPMG
,
Ernst & Young
And called "the world
Big four accounting firms
"
[66]
.
PWC has more than 364,000 employees in 151 countries and territories
[27]
. As of June 30, 2023, PWC's customer base consisted of 435 companies (87%) from the
wealth
""
Fortune 500
With global revenue of $53.1 billion
[14]
.
PWC has been fined several times for audit lapses and other issues
[19]
[63]
. Act as
Evergrande
The audit service provider, Pricewaterhousecoopers, has been involved in the Evergrande fraud scandal due to the standard unqualified opinion issued over the years
[8]
.
Since 2024, A number of A-share and Hong Kong listed companies such as petrochina, PICC, China Commerce Port, China Taiping, China Railway, Mindray Medical, Shanghai Silicon Industry, Qingdao Port, Guangdong Electric Power A, Dongpeng Beverage, etc., have announced proposals to cancel or renew the employment of PWC, or to change the annual report audit institution from PWC to other accounting firms
[10]
.
PWC launches' silent lay-offs' programme
2024-06-18 10:21
Recently, PWC launched a round of "Silent lay-offs" (silent lay-offs) in the UK, which is the second round of layoffs in the UK in nearly a year. By the end of 2023, PWC had already made about 600 job cuts. Affected employees were told not to disclose their reasons for leaving to colleagues and to follow HR's suggested wording in their resignation letters.
... details
The content comes from
- Company name
- Pricewaterhousecoopers
- Foreign name
- Pricewaterhouse Coopers
- industry
- Service industry
- Establishment time
- The year 1998
- Headquarters location
- London, United Kingdom
- Business scope
- Enterprise consulting, financial consulting, human resource consulting, management consulting
- Annual turnover
- $53.1 billion [14] (2023)
- Official website
- http://www.pwc.com/
PWC was formerly known as Price Waterhouse and Coopers & Lybrand, both of which originated in London in the mid-19th century. In 1998, Pricewaterhousecoopers merged globally with Pricewaterhousecoopers to form today's Pricewaterhousecoopers
[12]
.
-
History of PWC
The PWC trademark before the 1998 merger
As it grew in the UK, PWC set its sights on overseas markets. Pricewaterhousecoopers set up shop in New York in 1890 and quickly expanded its operations to major cities in North America. In 1891, a branch office was established in Chicago. By 1923, PWC had more than 20 branches in North America, the most of any accounting firm at the time. On the other hand, PWC has set up branches in Cairo, Egypt, Paris, France, Kolkata, India, Johannesburg, South Africa and other places to develop its business around the world
[18
]
.
In 1989, PWC and
Arthur Andersen
There were discussions about a merger, but in the end no agreement was reached due to conflicts of interest in major areas
[16
]
.
-
History of Coopers
The Waterhouse Coopers trademark before the 1998 merger
In 1957, Cooper Brothers, Lybrand and Ross Brothers and Montgomery merged with another accounting firm, McDonald,Currie and Co, to form Coopers & Lybrand.
[13]
. In 1965,
Junchousecoopers
Join the company
[14]
. In 1981, Cooper Lybrand opened an office in Shanghai, China. At the suggestion of Coopers, Cooper Lybrand adopted the name "Coopers" in China
[15]
.
The Pricewaterhousecoopers trademark from 1998 to 2010
In 2002, with
Enron incident
,
Worldcom event
,
Arthur Andersen
Closures and other effects,
United States Securities and Exchange Commission
Tougher rules on auditor independence,
The Sarbanes-Oxley Act
This is how it comes out. The Act adjusts auditor independence requirements and requires that core audits be separated from the overall advisory business. For this reason, Pricewaterhousecoopers in the same year
Pricewaterhousecoopers Consulting
Sale to IBM
[16
]
[17]
. However, following the collapse of Andersen, PWC also consolidated a number of former Andersen firms around the world. In 2001, PWC's revenues were
Deloitte Touche Tohmatsu
,
KPMG
,
Ernst & Young
More than twice as many as accounting firms
[18
]
.
In 2008, PWC has provided audit, tax and advisory services to more than 400 of the world's top 500 companies, with global revenue of $28.2 billion in fiscal 2008, ranking first in the industry. In 2009, PWC continued its expansion plans in China, opening its fourteenth branch in Xiamen, Fujian Province in March
[20]
. PWC, on the other hand, is beginning to restructure its consulting practice. From 2009 to 2014, PWC acquired Entology,
Bearingpoint
And Diamond Management & Tech,
Booz
And other consulting firms to improve their management consulting business, with a view to integrating a single solution into the company's overall end-to-end solution, including from the initial strategic planning, to implementation, operational optimization, human resources optimization, IT resources landing, as well as the process of tax optimization, M&A driven growth, risk control optimization
[21]
.
In January 2016, Pricewaterhousecoopers partnered with Bitcoin Inc
Blockstream
Announced a strategic partnership aimed at laying out the blockchain industry
[22]
. In November 2016, Vulcan digital asset service was launched
[68]
. In 2017, an operating model was created for a blockchain concept product for the London insurance market, which will focus on strengthening the intersection of third-party administrators, claims approvers, brokers and other stakeholders involved in claims settlement in the London market
[69]
. In November 2017, PWC Hong Kong began accepting digital currency payments for consulting services
[22]
. In March 2018, the Blockchain audit service was officially launched to provide an external review of the use of blockchain technology in enterprises
[70]
.
With the development of the application of artificial intelligence technology, PWC has also begun to invest in generative AI. In 2023, Pricewaterhousecoopers announced plans to invest $1 billion in generative AI technologies for its U.S. operations over the next three years. PWC will work with
Microsoft Corporation
and
OpenAI
The partnership aims to automate its tax, audit and advisory services
[23]
. In April 2024, it announced the expansion of its strategic alliance with Google Cloud to leverage generative artificial intelligence to enhance business operations
[24]
; In May, it became the largest customer and first reseller of OpenAI's enterprise products and will roll them out to its 75,000 US employees and 26,000 UK employees
ChatGPT
Enterprise edition
[25]
.
PWC is actually a collection of member institutions in a number of countries, which operate independently in accordance with the start-up requirements of each region, and together form the PWC network. The senior partners of the respective member institutions are members of the PWC Global Board, coordinated by the UK firm PriceWaterhouseCoopers International Limited
[26]
. By 2023, Pricewaterhousecoopers' member organizations have a network of more than 364,000 employees in 151 countries and territories
[27]
.
|
name
|
intro
|
|---|---|
|
Global board
|
The Board represents the interests of all members of the PWC network. It has overall responsibility for the governance of Pricewaterhousecoopers International Limited and the Pricewaterhousecoopers Network and oversees the network leadership team.
|
|
Network leadership team
|
The team develops the policies and standards that the PWC network will follow.
|
|
Strategy committee
|
The Strategy Board is made up of senior partners from some of the largest PWC accounting firms to agree on strategic direction and ensure consistent strategy execution.
|
|
Global Leadership team
|
Reporting to the Network leadership team, this team is responsible for key service lines and functional areas across the PWC network
|
(The above information is for reference
[28]
)
|
Name
|
Committee status
|
|---|---|
|
Lisa Sawicki
|
Chairman, PWC Global Board of Directors and Chairman, Governance Committee
|
|
Susumu Adachi
|
Marketing committee member
|
|
Jane Allen
|
Business committee member
|
|
Puneet Arora
|
Chairman of the marketing committee
|
|
David Bryan
|
Business committee chairman
|
|
By Chris Burns
|
Marketing committee member
|
|
Paddy Carney
|
Business committee member
|
|
Jennifer Chang
|
Member of the Governance Committee, member of the Operations Committee
|
|
Don Christian
|
Risk committee member
|
|
Jean-Christophe Georghiou
|
Marketing committee member
|
|
By Brian Meighan
|
Risk committee member
|
|
By Marie-Elisa Roussel-Alenda
|
Risk committee member
|
|
Heiko Rohrig
|
Member of the Governance Committee, member of the Operations Committee
|
|
Duncan Skailes
|
Chair of the Risk Committee, Member of the Governance Committee
|
|
Jaya Vaidhyanathan
|
Marketing committee member
|
|
Karen Young
|
There is no
|
(The above information is for reference
[29]
)
|
name
|
job
|
|---|---|
|
Luo Haozhi
(Robert Moritz)
|
Chairman, Pricewaterhousecoopers International Limited
|
|
Chairman, PWC Asia Pacific and China
|
|
|
Petra Justenhoven
|
Senior Partner and Chairman, PWC Europe
|
|
Kevin Ellis
|
Senior Partner, PWC UK and Middle East Alliances
|
|
By Paul Griggs
|
Senior partner, Pricewaterhousecoopers USA
|
(The above information is for reference
[30]
)
|
business
|
Instructions
|
|---|---|
|
Audit and assurance
|
Audit and authentication is to provide enterprises with examination, supervision, amendment and other services around the audit of financial reports. In terms of specific service support, including financial statements audit, capital market services, accounting consulting services, risk control management and so on.
|
|
Management consulting
|
Management Consulting is based on PWC's model and consulting foundation to advise companies on business decisions in line with their development. In terms of specific service support, it involves network security, corporate mergers and acquisitions, strategic consulting, financial management, talent and organization.
|
|
Transaction service
|
Transaction services are designed to help organizations such as enterprises customize the solutions related to merger and integration transactions, so as to increase the value of the transaction and make the merger and integration smooth transition.
|
|
Tax service
|
Tax services are designed to help companies meet tax compliance requirements, reduce tax risk, and transform tax functions into strategic assets.
|
|
Other services
|
Because of its size, PWC is able to provide data analytics services, environmental, social and governance support services for a wide range of areas. According to the distribution difference of regional enterprises, some changes are presented in the service embodiment. For example, PWC China provides "SOE reform", "Science and technology innovation board" and other related services based on China's needs. PWC Global also provides services such as global crisis Center and family business services.
|
(The above information is for reference
[35] 31 -
)
According to the "PWC China Environmental, Social and Governance Report 2023", PWC China has been working with the company since 2018
Shanghai True Love Dream Public Welfare Foundation
Initiate partnerships to help children and youth in rural and less developed areas of China close skills and opportunity gaps and improve digital literacy for the broader population. Since 2018, the financial literacy course developed by True Love Dream has been funded. As of the fiscal year 2023, a total of 1,200 teachers have participated in teaching, covering 29 provinces in China, teaching more than 100,000 students, and donating seven "dream Center" classrooms in Yunnan Province and Hebei Province. In addition to the above initiatives, PWC China collaborated with True Love Dream to organize activities such as the "Digital Future Lecture" to help children improve their technological literacy and develop critical thinking
[37]
.
In 2006, Pricewaterhousecoopers Foundation was established in Hong Kong, China. The foundation has provided community building and donation channels for PWC and its employees over the years. In 2022, PWC China donated RMB 300,000 to Sichuan Charity Federation to support emergency relief and post-disaster reconstruction in Luding County, Sichuan Province. In FY2023, the foundation invested more than HK $1.6 million
[37]
.
In March 2023, Pricewaterhousecoopers China established the Beijing Pricewaterhousecoopers Zhongtian Foundation. The foundation's main activities focus on: supporting families in need to improve their lives; Subsidizing the schooling of students in need and improving the infrastructure of schools in need; To provide assistance for damage caused by natural disasters, accidents and other emergencies
[38]
. In August, he donated 200,000 yuan to Beijing Mentougou Charity Association to support the emergency rescue and post-disaster reconstruction work in Mentougou District, Beijing. In September, it reached a public welfare project cooperation with Yongsheng County, Yunnan Province, announcing that the foundation would donate 300 green computers, 3 million yuan worth of books (about 120,000 books) and provide 300 people/grants within three years. In November, the family relief project for infants with rare diseases in rural areas was launched
[39]
.
|
Mission
|
Solve important problems and create social integrity.
|
|---|---|
|
value
|
Integrity, value added, care, cooperation, innovation
|
(The above information is for reference
[36]
)
|
A given year
|
Ranking
|
Enterprise valuation
|
|---|---|---|
|
2020
|
114
|
660 billion
|
|
2021
|
138
|
673 billion
|
|
2022
|
118
|
674 billion
|
|
2023
|
121
|
731 billion
|
(The above information is for reference
[43] 40 -
)
|
A given year
|
Ranking
|
|---|---|
|
2005
|
226
|
|
2006
|
226
|
|
2007
|
226
|
|
2008
|
Number 230
|
|
2009
|
232nd
|
|
2010
|
231st place
|
|
2011
|
Number 228
|
|
2012
|
163rd place
|
|
2013
|
Number 161
|
|
2014
|
134th place
|
|
2015
|
59th place
|
|
2016
|
59th place
|
|
2017
|
61st place
|
|
2018
|
65th place
|
|
2019
|
70th place
|
|
2020
|
65th place
|
|
2021
|
67th place
|
|
2022
|
70th place
|
|
2023
|
68th place
|
(The above information is for reference
[44-62]
)
PWC has been fined several times for audit lapses, among other issues, and was once fined for employees allegedly cheating on audit exams. In 2003, the Securities and Exchange Commission charged Pricewaterhousecoopers with unethical conduct in a 1998 audit, resulting in a $1 million fine
[19]
. In 2007, as an independent auditor of Tyco's finances, it failed to detect financial fraud such as overstating revenues by $5.8 billion, leading to poor investor decisions, and eventually settled a lawsuit with PWC for $225 million
[63]
. In 2018, a U.S. federal judge ruled that PWC had been negligent in its audit process and failed to detect massive fraud at key clients of Colonial Bank of Alabama, which helped propel the bank into bankruptcy in 2009, ordering it to pay $625.3 million in damages. It set a record for the largest accounting firm penalty in U.S. history
[64]
. In 2022, it was fined £5 million by the Financial Reporting Council, the UK's audit and accounting regulator, for problems with its audits of the construction group
[2]
.
In 2023, the US Public Company Accounting Oversight Board issued a statement saying that more than 1,000 employees of PWC China and Hong Kong China were involved in training and exam misconduct between 2018 and 2020, and the two subsidiaries agreed to pay a combined $7 million to settle the allegations
[65]
.
In addition, due to
PWC act
China Evergrande
Since its listing in 2009, the audit institutions have issued audit reports to it during the 14 years of cooperation
Unqualified opinion
. After the CSRC made an administrative penalty decision on Evergrande Real Estate's fraudulent issuance of bonds and information disclosure violation in accordance with the law, the CSRC said it would promote the investigation of relevant intermediaries, and PWC may be held accountable
[10]
. In June 2023, due to the financial fraud case involving Hui Chen shares, Pricewaterhousecoopers was sued by investors. When Huichen stock securities misrepresentation liability dispute was held in Shanghai Financial Court, PWC became one of the defendants
[67]
.
On October 13, 2021, according to the British "Daily Mail" reported that PWC
Australia
Two of the company's top executives were fired for "insulting China" during internal activities. To this end, the company
Chief executive officer
Apologies. To this end, PWC established the "Employees and
Moral behavior
Panel "to investigate the two executives involved.
[1]
In May 2023, Pricewaterhousecoopers released a statement saying that the CEO of Pricewaterhousecoopers Australia had resigned after being involved in a scandal over leaking government secret tax policies.
[3]
In March 2024, PWC Australia has begun a round of redundancies that will see up to 400 jobs cut, representing more than 5 per cent of its 7,200 workforce.
[4]
In April 2024, an open letter entitled "Who brought Pricewaterhousecoopers into the fire pit of Evergrande" continued to rise in the market, signed as "part of Pricewaterhousecoopers partners", the letter said that the ultimate responsibility for the failure of Pricewaterhousecoopers audit Evergrande is Zhao Baiji, and revealed PWC internal audit quality management, personnel suppression and many other problems.
On April 16, 2024, PWC issued a statement saying that it was aware of an anonymous letter claiming to be "part of PWC partners" being published and circulated on certain social platforms or media. The anonymous letter contained materially false information about PWC and certain partners and used the false information to conduct malicious attacks against PWC and certain partners. PWC said that the relevant remarks are clearly contrary to the facts, seriously infringing on PWC's business reputation and legal rights, and causing adverse impact. PWC takes this matter very seriously and has taken measures to deal with it
shi
[5-6]
.
On 19 April 2024, the Accounting and Financial Reporting Council of Hong Kong stated that it was aware of a whistleblower letter circulating and widely reported in the media. The complaint expresses serious concerns about potential lapses in the quality of audits conducted by Pricewaterhousecoopers' quality management system. Hong Kong's financial Services Bureau said it would investigate. On April 23, Pricewaterhousecoopers told the Economic Observer that it was aware of the Hong Kong Financial Bureau's statement and would continue to cooperate with regulators on the matter.
[7]
Due to the Evergrande Real Estate audit case fermentation, Pricewaterhousecoopers into a crisis of trust. A number of important clients transferred to other accounting firms, and more than 200 million yuan of audit revenue was lost. Competitors actively seek to pick up lost business
[10]
. Starting from April 2024, Qingdao Port,
China Merchants Bank
,
Dongpeng Beverage
,
China Railway
,
PICC
,
petrochina
,
Bank of Hangzhou
A number of other Chinese companies have announced that they have dropped contracts with PWC
[8-9]
[71]
. As of June 2, 2024, 21 listed companies have terminated PWC
[11]
The total loss of audit income exceeded 200 million yuan
[10]
.
