The fat consultancy firms should focus more on the quality of transparency
Price Waterhouse Coopers (PwC), Deloitte Touche Tohmatsu, Ernst & Young and KPMG sonnte fixed in revenue in 2006, despite several scandals over the past five years, cast in which most of them in a bad light. Global demand for PwC-CEO of the largest so-called Big Four Companies Advisory revenue in 2006, said Samuel DiPiazza CBW on occupational risks in the global economy and give reasons that the board should not be consolidated companies.
The collapse of one of five major global companies consultancy Arthur Andersen in 2002 - after obstruction of justice after the collapse of Enron, the energy giant, a year ago, has not only a powerful reinforcement of statutory regimes in the world, but also reducing the number Comprehensive examination to four players. Stricter rules as the Sarbanes-Oxley Act in the USA accounts forced to sell their large consulting firms in order to avoid any conflict of interest. In October 2002, PwC has sold its technology to IBM Consulting arm for about $ 3.9 billion (78 billion CZK / € 2.8 billion). But the existence of provisions could not prevent the 2004 multibillion euro accounting scandal of the Italian Parmalat Food Maker, considered by Deloitte or allegations of fraud, the U.S. subsidiary of KPMG in 2005 in connection with tax shelters.
A similar scandal hit Price Waterhouse Coopers, in May 2006, as a partner of PwC in Japan, ChuoAoyama Audit Corporation, was suspended by the Japanese Agency for financial services “following a review of suspects cosmetics company Kanebo International. PwC responded by creating another company, Price Waterhouse Coopers Aarata. Marshes caused, according to reports from PwC to lose more than 30 percent of its Japanese customers. PwC’s DiPiazza said that although the subsidiary of Japanese society is now smaller, the quality of its services is higher, while the company a strong message of the closing of the office, that the error has disappeared, he said.
Tags: arthur andersen, cbw, comprehensive examination, conflict of interest, consultancy firms, cosmetics company, deloitte touche tohmatsu, dipiazza, energy giant, food maker, global demand, japanese agency, japanese customers, japanese society, price waterhouse coopers, sarbanes oxley act | Category Alabama Attorney Lawyer, Consumer Fraud |Related Articles
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