The US leader of PwC, the global accounting firm, is discussing a very bruising experience. Dennis Nally, chairman of PwC’s US business, is directing his firm’s sensitive task of declaring whether audit clients have effective financial controls to prevent fraud and ensure accurate accounting.
PwC had by the end of August reported on the quality of internal controls at 717 companies and issued negative verdicts at 94 of them. It was the first time that PwC had given such verdicts and, Mr Nally, says: “The stress levels between [companies] and their auditors were at an all-time high.”
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