PricewaterhouseCoopers announced that its new Japanese accounting firm, PwC Aarata, has completed the necessary regulatory steps to open for business July 1. PwC announced in May that it would be opening a new firm in the country after its audit partner in Japan received major penalties for poor supervision of its staff.

Poor internal controls at ChuoAoyama Audit Corp., which audits the financial statements of more than 5,500 companies, led to Japan's Financial Services Agency ordering the firm to suspend any audits that fall under securities and exchange, or corporate laws, for the months of July and August. The Big Four firm did promise to maintain a partnership with ChuoAoyama, which employs 2,500 people.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access