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PricewaterhouseCoopers Loses Sakhalin 2 Job
After ten years, Russia has refused PricewaterhouseCoopers' services for the mandatory annual audit of expenses in the product sharing agreement for Sakhalin 2. Minister of Industry and Energy Viktor Khristenko stated in his report to the interagency commission on product-sharing agreements that PwC was dismissed sue to “continual comments on the preparation of its audit reports and the sum of expenses compensated.”
A new auditor, the Russian firm Finexpertise, was chosen by competition. Another large Russian client, AvtoVAZ, fired PwC at the beginning of the month. The Central Bank of Russia and RAO UES of Russia remain PwC clients and Gazprom has confirmed that it will continue to use PwC's service this year.
On April 2, the Moscow Court of Arbitration ruled that PwC was an accomplice in implementing illegal YUKOS tax schemes and accused it if violating professional standards. The license of ZAO PricewaterhouseCoopers Audit expires in May.
www.kommersant.com
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