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Gazprom Stands By PwC
PriceWaterhouseCoopers Audit has received a powerful backing from its key partner, Gazprom. The gas monopoly of Russia, which BOD is chaired by First Vice Premier Dmitry Medvedev, declared PwC the winner of its tender for 2007 audit.
PwC is the successful bidder for 2007 audit of Gazprom, the gas monopoly announced Monday. But the actual contract will be made once Gazprom holders sanction the decision at the Annual General Meeting slated for June 29. PwC has been auditing Gazprom since 1995.
For PwC, this is the first positive news from March 20, when the Moscow Arbitration upheld the claim of tax inspection and acknowledged the actual involvement of once Yukos auditor, PwC, in illegal tax patterns of that dismantled oil giant. The wording of the arbitration award was very tough. The auditor was said to have breached professional standards, meaning Finance Ministry may either recall the license of PwC or refuse to prolong it. PwC’s license expires May 20.
PwC applied for the license extension in late March and Finance Ministry has 45 days to deliberate. “Legally, the clients’ opinion won’t affect the decision on license extension, but psychologically, the standing of Gazprom may play a vital part,” said Viktor Pleskachevsky, chairman of State Duma’s Property Committee.
www.kommersant.com
All the Article in Russian as of Apr. 10, 2007
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