PricewaterhouseCoopers
PricewaterhouseCoopers International Limited (PwC ) is a global network of legally separate and independent companies in the areas of audit, tax and corporate and management consulting. It belongs to the so-called Big Four audit firms alongside KPMG, Ernst & Young and Deloitte.
The global PwC network today has member firms in 158 countries, which together employ more than 180,000 people worldwide. The turnover of the Group as a whole amounted in 2012 to 31.3 billion U.S. dollars. PricewaterhouseCoopers is the world's largest service company, formed by the merger of Price Waterhouse and Coopers & Lybrand. Both original company can look back on over 150 years of history.
History
The history of the company which operates as PricewaterhouseCoopers today, began in 1849, when the auditor Samuel Lowell Price in London founded his company. Also in London opened in 1854 William Cooper own business. Price graduated in 1865 with his two colleagues, Holyland and Waterhouse to a partnership. Nine years later, they changed their name to Price Waterhouse & Co. William Cooper has been operating since 1861 under Cooper Brothers.
The two companies, both Price Waterhouse & Co. and Cooper Brothers expanded strongly. The British Cooper Brothers & Co. (UK) and McDonald, Currie and Co. ( Canada ) and Lybrand, Ross Broth. & Montgomery (U.S.) joined together in 1957 as Coopers & Lybrand. In 1982, the Price Waterhouse World Firm was founded. In 1998 the two companies merged. Four years later, the management consultancy part was sold to IBM.
On October 30, 2013 it was announced that PricewaterhouseCoopers seeks a takeover of Booz & Company.
Structure
The legal structure of PwC is a "limited liability partnership ". Thus, it is very different from the structures of global corporations. PwC International is an association of member companies, which are managed autonomously in their respective countries and are legally independent. The New York-based umbrella organization of PricewaterhouseCoopers International Limited accepts only a coordinating role. The global CEO is 1 July 2009 Dennis M. Nally, who was previously head of the U.S. company.
Services
The services of PricewaterhouseCoopers fall into three business areas:
In addition to the service line structure care teams with industry-specific expertise customers from all markets, such as
- Consumer goods industry
- Financial Services
- Technology, Media and Telecommunications
The branch cut can vary from country to country.
Some large customers
PwC in the News
PwC acted as auditors of the Russian oil company Yukos since 1995. In the wake of the destruction of the Group and of the trial of Mikhail Khodorkovsky, who was convicted of fraud and tax evasion, this could always refer to the reports of PwC auditors who certify proper accounting. After the government pressure on PricewaterhouseCoopers Russia in 2007 increased sharply - as well as PwC was even subjected to a process for tax evasion, had to pay extra taxes 290 million rubles ( 8.3 million euros ) and will be prosecuted for allegedly abetting tax evasion in the Yukos case - has If all audit reports of the years 1995-2004 withdrawn due not named new knowledge. In October 2008, the complaint against PwC was dropped and the procedure terminated.
In October 2011 it was announced that it has come at the located in Federal ownership bad bank FMS Value Management, which was carved by Hypo Real Estate (HRE ) to a booking error in the amount of 55.5 billion euros. After joint clarification of the facts presented, the Treasury is a communication problem between the participating banks fixed. The auditor PwC helped with the Enlightenment, to find answers to open questions.