History of PwC in Timeline

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PwC

PricewaterhouseCoopers (PwC) is a multinational professional services network headquartered in London. As the second-largest professional services network globally, it is recognized as one of the Big Four accounting firms, alongside Deloitte, EY, and KPMG. PricewaterhouseCoopers International Limited, a private company limited by guarantee in England, oversees the PwC network.

1904: Opened an office in Liverpool

In 1904, the original British firm of Price Waterhouse opened an office in Liverpool, expanding throughout the United Kingdom and worldwide.

1935: PwC has tallied the votes for the Academy Awards since 1935

Since 1935, The Academy of Motion Picture Arts and Sciences (AMPAS) has utilized the services of PwC to tally the votes for the Academy Awards.

1957: Agreement to adopt the name Coopers & Lybrand

In 1957, Cooper Brothers, Lybrand, Ross Bros & Montgomery, and McDonald, Currie and Co. agreed to adopt the name Coopers & Lybrand for international practice.

1964: Civil Rights Act

In 1964, the Civil Rights Act was cited in the Supreme Court ruling on Hopkins's employment case.

1973: Name change to Coopers & Lybrand

In 1973, the member firms in the UK, US, and Canada changed their names to Coopers & Lybrand.

1975: Relocation to Southwark Towers

In 1975, the firm relocated from Frederick's Place to modern offices at Southwark Towers in London Bridge Street.

1980: Acquisition of Cork Gully

In 1980, Coopers & Lybrand expanded its expertise in insolvency by acquiring Cork Gully, a leading firm in that field in the UK.

1985: Relocation to Plumtree Court

In 1985, the firm relocated from George Street to modern offices at Plumtree Court, designed by Dennis Lennon & Partners.

1989: Failed Merger Discussions with Arthur Andersen

In 1989, PW and Arthur Andersen discussed a merger to take advantage of economies of scale, but negotiations failed due to conflicts of interest such as Andersen's links with IBM and PW's audit of IBM, as well as different cultures.

1989: Supreme Court ruling on Hopkins's employment case

In 1989, the United States Supreme Court held that Price Waterhouse must prove that the decision regarding Ann Hopkins's employment would have been the same if sex discrimination had not occurred. The accounting firm failed to prove that the decision to postpone Hopkins's promotion would have been made without sex discrimination, which constituted discrimination under Title VII of the Civil Rights Act of 1964.

1990: Court orders Hopkins to be made a partner

In 1990, a Federal district judge in Washington ordered the firm to make Hopkins a partner. It was the first time in which a court awarded partnership in a professional company as a remedy for sexual or race-based discrimination.

1990: Merger with Deloitte, Haskins & Sells

In 1990, in certain countries including the UK, Coopers & Lybrand merged with Deloitte, Haskins & Sells to become Coopers & Lybrand Deloitte.

1992: Reversion to Coopers & Lybrand

In 1992, Coopers & Lybrand Deloitte reverted to Coopers & Lybrand.

1994: Relocation to Embankment Place

In 1994, the firm moved to new offices designed by Terry Farrell at Embankment Place.

September 1998: Coopers & Lybrand merged with Price Waterhouse

In September 1998, Coopers & Lybrand merged with Price Waterhouse.

1998: Formation of PricewaterhouseCoopers

In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers.

1998: Creation of PwC

In 1998, PwC was created through a merger between Coopers & Lybrand and Price Waterhouse.

1998: Secret project begins within DJB administration

In 1998, a secret project began within the Delhi Jal Board (DJB) administration to improve the water system with a World Bank loan.

April 2000: Japanese affiliate of PwC

ChuoAoyama Audit Corporation was the Japanese affiliate of assurance service of PwC from April 2000 to 2006.

July 2000: PwC began to prepare for an acquisition or IPO

Around July 2000, PwC began preparing for either an acquisition or IPO by developing separate financial records for due diligence.

2000: Acquisition of Omnilogic Systems

In 2000, PwC acquired Canada's largest SAP consulting partner, Omnilogic Systems, to expand its consulting presence in Canada.

2001: Arthur Andersen's China affiliates joined PwC

Almost a year after the collapse of Arthur Andersen in 2001, Arthur Andersen, LLP affiliates in Hong Kong and mainland China completed talks to join PricewaterhouseCoopers, China.

2001: Contract awarded to PwC for Delhi water system privatization

In 2001, after an investigation by Parivartan, the contract for privatizing Delhi's water system was awarded to PwC, following pressure from the World Bank during the bidding process.

May 2002: PwC Consulting Spinoff Announcement

In May 2002, PwC announced that PwC Consulting would be spun off as an independent entity and filed with the SEC for an initial $1B IPO to trade in August.

June 2002: Greg Brenneman hired as CEO of PwC Consulting

In June 2002, PwC Consulting hired Greg Brenneman, formerly of Continental Airlines, as CEO to run the global division.

July 2002: Rumors of talks with an unknown public company

In July 2002, it was rumored that PwC was in talks with an unknown public company, as no PR space or announcement for the impending IPO had been set.

August 2002: PwC sold Monday to IBM

In August 2002, PwC announced it sold Monday to IBM for approximately $3.5 billion in cash and stock; Monday was consolidated into IBM Global Business Services.

2002: PwC helped multinational companies obtain tax rulings in Luxembourg

Between 2002 and 2010, PwC helped multinational companies obtain 548 legal tax rulings in Luxembourg, providing assurance that their tax-saving plans would be viewed favorably, resulting in billions of dollars in tax savings.

2002: Sarbanes-Oxley Act (SOX) passed

In 2002, the Sarbanes-Oxley Act (SOX) was passed, which limited the overlap between management consulting and auditing services and reduced the Big Five accounting firms down to the Big Four.

2003: PwC associated with DSQ Software accounting scandal

In 2003, PwC was associated with the accounting scandal at the India-based DSQ Software, which collapsed.

November 2004: Parivartan approaches the Delhi Jal Board about water privatization scheme

In November 2004, Parivartan first approached the Delhi Jal Board (DJB) following a report in The Asian Age newspaper which revealed a scheme. The DJB initially denied the project's existence but later granted an RTI request.

March 2005: AIG's questionable dealings

In March 2005, AIG said that deals with a Barbados-based insurance company may have been incorrectly accounted for over the past 14 years, because an AIG-affiliated company may have been secretly covering that insurer's losses.

2005: Audit years of Quinn Insurance Limited

From 2005, PwC audited Quinn Insurance Limited which went into administration in 2010.

2005: Investigation into PwC's role in Delhi water privatization bid

In 2005, an investigation conducted by Arvind Kejriwal and Parivartan revealed that PwC was unethically favored by the World Bank in a bid to privatize the water distribution system of Delhi, India. The investigation alleged corruption in the process.

May 2006: Suspension of ChuoAoyama Audit Corporation

In May 2006, the Financial Services Agency of Japan suspended ChuoAoyama Audit Corporation from provision of some statutory auditing services for two months following the collapse of cosmetics company Kanebo. Three of the partners were found assisting with accounting fraud for hiding deficits of about $1.9 billion over the course of five years.

September 2006: ChuoAoyama resumes operations under Misuzu name

In September 2006, ChuoAoyama resumed operations under the Misuzu name, following its suspension. By this time, the combined firm of PricewaterhouseCoopers Aarata and Misuzu had 30% fewer clients than ChuoAoyama had prior to its suspension.

2006: Audits by PwC

In 2006, Cattles plc was audited by PwC, later resulting in legal action from Cattles due to alleged inadequate investigations.

March 2007: Police raid PwC's Moscow offices regarding Yukos case

In March 2007, police raided PwC's Moscow offices, confiscating documents related to Yukos and charging and convicting PwC of failing to pay 243 million rubles, or $9.4 million, in taxes. However, less than two weeks later authorities cleared PwC of any wrongdoing in regard to its audit.

July 2007: Misuzu dissolved

In July 2007, Misuzu was dissolved. Misuzu was the firm that ChuoAoyama resumed operations under after its suspension.

July 2007: PwC settles lawsuit with Tyco shareholders

In July 2007, PwC agreed to pay US$229 million to settle a class-action lawsuit brought by shareholders of Tyco International Ltd. The lawsuit was related to a multibillion-dollar accounting fraud, where Tyco's chief executive and chief financial officer were found guilty of looting $600 million from the company.

2007: Audits by PwC

In 2007, Cattles plc was audited by PwC, later resulting in legal action from Cattles due to alleged inadequate investigations.

2007: Alleged complicity of PwC in new charges against Khodorkovsky and Lebedev

In 2007, Joe Nocera wrote in the New York Times about the alleged complicity of PricewaterhouseCoopers with prosecutors in bringing new charges against Mikhail B. Khodorkovsky and Platon Lebedev.

2007: PwC criticised for helping Northern Rock

In 2007, PwC was criticised by the Treasury Select Committee of the Parliament of the United Kingdom for helping Northern Rock, a client of the firm, to sell its mortgage assets while also acting as its auditor.

2007: Centro understated liabilities

In 2007, shopping center giant Centro understated its liabilities by more than $3 billion.

2007: FRC issues fine on PwC regarding Cattles audits

In 2007, the Financial Reporting Council (FRC) issued a fine of £2.3m on PwC and ordered the firm to pay £750,000 costs following their investigation of the 2007 audits of Cattles and its principal trading subsidiary. PwC admitted that their conduct fell significantly short of expected standards.

2007: PwC found guilty of negligence in Global Trust Bank case

In 2007, the ICAI found partners of PwC guilty of professional negligence in under-providing for nonperforming assets of the now-defunct Global Trust Bank. As a result, the RBI banned PwC from auditing any financial company for over a year.

2008: Northern Rock rescued by the UK government

During the 2008 financial crisis, Northern Rock, a client of PwC, was rescued by the UK government.

2008: Centro almost collapsed

In 2008, Centro almost collapsed when it was unable to refinance its debt during the financial crisis. PwC was Centro's auditor and admitted negligence.

2008: Financial crisis

In the 2008 financial crisis, PwC was criticized after the insurer AIG was unable to fulfil its collateral obligations to Goldman Sachs.

2008: Audit years of Quinn Insurance Limited

Until 2008, PwC audited Quinn Insurance Limited which went into administration in 2010.

January 2009: PwC Criticized in Satyam fraud

In January 2009, PwC was criticised, along with the promoters of Satyam, an Indian IT firm listed on the NASDAQ, in a $1.5 billion fraud. PwC wrote a letter to the board of directors of Satyam that its audit may be rendered "inaccurate and unreliable" due to the disclosures made by Satyam's (ex) Chairman and subsequently withdrew its audit opinions.

2009: Colonial Bank failed

Colonial Bank failed in 2009, after filing materially false financial information with the SEC.

2009: Rebuilding of consulting practice

In 2009, PwC began rebuilding its consulting practice with acquisitions such as Paragon Consulting Group and the commercial services business of BearingPoint.

2009: Audit of Connaught plc

In 2009, PwC conducted the audit of Connaught plc, which later led to a reprimand and fine from the FRC.

2009: PwC began auditing Evergrande

PwC began auditing Evergrande, a Chinese property company, in 2009.

September 2010: Trading name shortened to PwC

In September 2010, the trading name was shortened to PwC as part of a rebranding effort.

September 2010: New PwC logo introduced

The current PwC logo was introduced in September 2010, when the company changed its trading name from PricewaterhouseCoopers to PwC. It was designed by Wolff Olins.

November 2010: Acquisition of Diamond Management & Technology Consultants

In November 2010, PwC acquired Diamond Management & Technology Consultants.

December 2010: Allegations of wrongdoing in Transneft ESPO pipeline construction

In December 2010, following the completion of the ESPO pipeline construction, an official report suggested $4 billion was stolen by Transneft insiders. Alexei Navalny criticized PwC, Transneft's auditor, for ignoring his warnings, but PwC denied any wrongdoing.

2010: PwC helped multinational companies obtain tax rulings in Luxembourg

Between 2002 and 2010, PwC helped multinational companies obtain 548 legal tax rulings in Luxembourg, providing assurance that their tax-saving plans would be viewed favorably, resulting in billions of dollars in tax savings.

2010: Financial Crisis Inquiry Commission investigation into AIG's collapse

During the 2010 Financial Crisis Inquiry Commission investigation into AIG's collapse in the 2008 financial crisis, PwC was criticized after the insurer was unable to fulfil its collateral obligations to Goldman Sachs. Witnesses wondered how PwC was signing off on the accounts for both AIG and Goldman Sachs when they were using different valuation methods for the swaps contracts.

2010: Connaught plc put into administration

In 2010, Connaught plc, a UK outsourcing company, was put into administration after reporting material losses.

2010: Joe Nocera's Article in the New York Times

In 2010, Joe Nocera in the New York Times discussed the legal issues of Mikhail B. Khodorkovsky and Platon Lebedev.

2010: Quinn Insurance Limited goes into administration

In 2010, Quinn Insurance Limited (QIL), which had been audited by PwC for the years 2005 to 2008, went into administration.

2010: Pressure on PwC to withdraw audits

In 2010, it was revealed that the Russian government placed pressure on PwC to withdraw audits.

August 2011: Acquisition of PRTM

In August 2011, PwC acquired PRTM.

October 2011: MF Global bankruptcy

In October 2011, MF Global, a brokerage once run by former New Jersey Governor Jon Corzine, declared bankruptcy.

2011: House of Lords inquiry criticizes PwC regarding Northern Rock

In 2011, a House of Lords inquiry criticized PwC for not drawing attention to the risks in the business model followed by Northern Rock.

2012: Centro and PwC paid $200 million settlement

In 2012, Centro and PwC paid a $200 million settlement to resolve the shareholder class action, the largest ever in Australia.

2012: Acquisition of Logan Tod & Co and Ant's Eye View

In 2012, PwC acquired Logan Tod & Co, a digital analytics and optimisation consultancy, and Ant's Eye View, a social media strategy development and consulting firm.

2012: PwC audits Tesco

In 2012, PwC audited Tesco, which was later subject to investigation by the Financial Reporting Council due to Tesco's overstatement of profits.

2012: PwC fined for wrongly reporting JP Morgan Securities compliance

In 2012, the AADB of the UK fined PwC a record £1.4m for wrongly reporting to the Financial Services Authority that JP Morgan Securities had complied with client money rules. PwC neglected to check whether JP Morgan had the correct systems in place and failed to gather sufficient evidence.

2012: PwC failed to adequately audit SAA

The Zondo Commission report on state capture in South Africa uncovered several instances of alleged corruption, fraud and mismanagement at South African Airways (SAA). The report found that PwC effectively enabled capture of SAA by failing to adequately audit its financial and accounting processes between 2012 and 2016.

2013: Cattles plc brings legal action against PwC

In 2013, Cattles plc brought a legal action against PwC in the UK regarding the 2006 and 2007 audits, claiming inadequate investigations. Cattles later discovered control weaknesses that caused its loan book to be materially overstated.

2013: PwC UK's head of tax questioned about tax avoidance schemes

In 2013, PwC UK's head of tax was called before the UK's public accounts committee and was questioned about lying regarding the marketing of tax avoidance schemes.

2013: PwC acquired BGT Partners

In 2013, PwC acquired BGT Partners.

2013: PwC audits Tesco

In 2013, PwC audited Tesco, which was later subject to investigation by the Financial Reporting Council due to Tesco's overstatement of profits.

April 2014: Booz & Company combined with PwC to form Strategy&

In April 2014, Booz & Company combined with PwC to form Strategy&.

August 2014: PwC completed audit of BHS

In August 2014, PwC completed their audit of financial statements in which BHS was described as a going concern days before its sale.

2014: PwC UK's head of tax questioned about tax avoidance schemes

In 2014, PwC UK's head of tax was called before the UK's public accounts committee and was questioned about lying regarding the marketing of tax avoidance schemes.

2014: Tesco announces overstatement of profits and FRC starts investigation

In 2014, Tesco announced that it had overstated profits by £263m. The Financial Reporting Council started an investigation into accounting practices at Tesco and into the conduct of PwC in carrying out its audits.

2014: PwC fined for altering investigation report on Bank of Tokyo-Mitsubishi UFJ

In 2014, The Bank of Tokyo-Mitsubishi UFJ was investigated by New York banking regulators, PwC was fined $25 million for altering an investigation report on the issue.

2014: Senate investigation into tax avoidance scheme with Caterpillar Inc.

In 2014, an investigation revealed that PwC received $55 million from Caterpillar Inc. to develop a tax avoidance scheme. PwC helped Caterpillar Inc. reduce its taxes by shifting $8 billion in profits from the US to Switzerland, allegedly saving $2.4 billion in US taxes over a decade.

2015: PwC India responds to court judgement in Satyam case

In 2015, PwC India expressed disappointment with the court judgement in the Satyam case, asserting that there was no evidence of involvement or awareness of the management-led fraud at Satyam by their former partners.

2015: PwC Ireland sued by Quinn Insurance administrators

In 2015, PwC Ireland was sued by the joint administrators of Quinn Insurance Limited (QIL) for €1bn. The administrators alleged that PwC should have identified a material understatement of QIL's provisions for claims in previous audits.

2015: PwC replaced as auditors of Tesco

In 2015, PwC were replaced as auditors of Tesco, ending a 32-year engagement, following a tender process to which they did not participate.

2015: Bill & Melinda Gates Foundation sued Petrobras and PwC's Brazil arm

In 2015, the Bill & Melinda Gates Foundation sued oil company Petrobras and accounting firm PwC's Brazil arm over investment losses due to corruption at the Brazilian oil company.

2015: Financial Reporting Council began investigation of PwC's audits of BT

In June 2017, the Financial Reporting Council began an investigation of PwC's audits of BT covering the years 2015 through 2017.

2016: PwC Australia prepared report on gay marriage plebiscite costs; executive left religious lobbying group

In 2016, Luke Sayers, then CEO of PwC Australia, had the firm prepare a report projecting the excessive cost of a plebiscite on gay marriage. Mark Allaby, a senior executive at PwC, left the board of the religious lobbying organisation Australian Christian Lobby, a group campaigning against same-sex marriage, following public outrage and pressure from PwC Australia.

2016: PwC acquired NSI DMCC

In 2016, PwC acquired technology/consulting firm NSI DMCC.

2016: PwC UK investigated over BHS audit

In 2016, PwC in the UK was investigated by the Financial Reporting Council over its conduct in relation to the audit of BHS for the year to 30 August 2014.

2016: PwC initiated charges against LuxLeaks whistleblowers

In 2016, PwC initiated charges against the two whistleblowers that revealed the LuxLeaks tax controversy. They were convicted and sentenced with suspended prison sentences and fined.

2016: Judge rejected PwC's bid to dismiss lawsuit over MF Global bankruptcy

In 2016, a United States federal judge rejected PwC's bid to dismiss a $3 billion lawsuit accusing the accounting firm of professional malpractice for helping cause the October 2011 bankruptcy of MF Global.

2016: Ukrainian government rescued PrivatBank by nationalisation

In 2016, the government of Ukraine had had to rescue PrivatBank by nationalisation to protect its 20 million customers.

2016: PwC sued by administrators on behalf of JD Classics

In July 2021, PwC was sued by administrators Alvarez and Marsal on behalf of JD Classics for negligence related to audits in 2016 and 2017.

2016: PwC failed to adequately audit SAA

The Zondo Commission report on state capture in South Africa uncovered several instances of alleged corruption, fraud and mismanagement at South African Airways (SAA). The report found that PwC effectively enabled capture of SAA by failing to adequately audit its financial and accounting processes between 2012 and 2016.

January 2017: Agreement with GE for managed tax services

In January 2017, PwC announced a five-year agreement with GE to provide managed tax services to GE on a global basis, transferring more than 600 of GE's in-house global tax team to PwC.

March 2017: Luxembourg appeals court upheld convictions of LuxLeaks whistleblowers, but with reduced sentences

In March 2017, a Luxembourg appeals court upheld the convictions of the two whistleblowers that revealed the LuxLeaks tax controversy, but with reduced sentences.

March 2017: Academy voted to retain PwC despite Oscars mix-up

In March 2017, the board of governors for the Academy voted to retain the services of accounting firm PricewaterhouseCoopers, despite the mix-up at the 89th Academy Awards, saying "new protocols have been established including greater oversight from PwC's U.S. chairman Tim Ryan."

June 2017: Financial Reporting Council began investigation of PwC's audits of BT

In June 2017, the Financial Reporting Council began an investigation of PwC's audits of BT covering the years 2015 through 2017.

June 2017: FRC finds no realistic prospect of ruling against PwC in Tesco case

In June 2017, the Financial Reporting Council stated that there was no "realistic prospect" that a tribunal of the UK's accountancy watchdog would rule against the auditor PwC concerning its involvement in Tesco's 2014 case.

July 2017: PwC Ukraine had its audit license removed by National Bank of Ukraine

In July 2017, PwC Ukraine had its audit license removed by the National Bank of Ukraine for its alleged "verification of misrepresented financial information" leading to a $5.5 billion balance-sheet hole in PrivatBank.

November 2017: PwC engaged in due diligence and valuation of MBC Group

During November 2017, PwC was engaged in due diligence and valuation of the media company, MBC Group.

November 2017: PwC accepted bitcoin as payment for advisory services

In November 2017, PwC accepted bitcoin as payment for advisory services, the first time the company, or any of the Big Four accounting firms, accepted virtual currency as payment.

2017: FRC reprimands PwC and audit partner regarding Connaught audit

In 2017, the Financial Reporting Council (FRC) severely reprimanded PwC and its audit partner following an investigation of their conduct in respect of the 2009 audit of Connaught. PwC was fined a record £5 million plus costs.

2017: PwC held liable for negligence in Colonial Bank audit

In 2017, the U.S. District Court for the Middle District of Alabama held PwC liable for professional negligence in its audit of Colonial Bank.

2017: PwC sued by administrators on behalf of JD Classics

In July 2021, PwC was sued by administrators Alvarez and Marsal on behalf of JD Classics for negligence related to audits in 2016 and 2017.

2017: Kier Audits

PwC was fined for similar failures during the 2017 audit of Kier.

2018: PwC Australia CEO connected to conflict of interest issues

In 2018, PwC Australia CEO Luke Sayers was connected to perceived conflict of interest issues on a related to a personal investment in Australian Visa Processing (AVP), a company part-owned by PwC that was submitting a tender to redesign and run Australia's visa processing system.

2018: PwC accused of disproportionately hiring younger workers

In 2018, PwC was accused of disproportionately hiring younger workers and fostering "an age-conscious workplace in which youth is highly valued."

2018: PwC banned from auditing in India and fined

In 2018, PwC was banned by India's securities regulator from providing auditing services to public-listed companies for 2 years, and PwC was fined $2 million in addition to the suspension, related to the Satyam scandal.

2018: Veritas Capital acquired PwC's US public sector business

In 2018, Veritas Capital acquired PwC's US public sector business and branded the new company as Guidehouse.

2018: Judge ordered PwC to pay the FDIC

In 2018, a federal judge later ordered PwC to pay the FDIC $625 million related to the failure of Colonial Bank, the largest-ever judgement against a U.S. audit firm.

2018: Galliford Try Audits

PwC was fined for failing to adequately challenge revenue and costs recognised by Galliford Try's management on large, complex long-term construction contracts during 2018 and 2019 audits.

March 2019: Collective action certified in age discrimination case against PwC

In March 2019, a collective action related to an age discrimination case was certified by a federal judge in San Francisco.

March 2019: FDIC reached settlement with PwC

In March 2019, the FDIC reached a $335 million settlement with PwC related to the failure of Colonial Bank.

September 2019: Ban on PwC India overruled

In September 2019, the securities appellate tribunal overruled the ban on PwC by India's securities regulator, stating that there was no evidence of collusion of PwC in the Satyam scam and that SEBI had no jurisdiction over audit firms.

2019: Workforce Distribution in 2019

As of 2019, PwC's workforce distribution was: 26% in the Americas, 26% in Asia, 32% in Western Europe, and 5% in the Middle East and Africa.

2019: PwC's US affiliate agreed to pay to settle charges

During 2019, PwC's US affiliate agreed to pay more than $7.9 million to its US regulator, the Securities and Exchange Commission (SEC) , to settle allegations that it improperly performed IT and other non-audit services for several audit clients.

2019: Galliford Try Audits

PwC was fined for failing to adequately challenge revenue and costs recognised by Galliford Try's management on large, complex long-term construction contracts during 2018 and 2019 audits.

2020: ICIJ leaked documents revealing PwC's dealings with Isabel dos Santos

In 2020, the International Consortium of Investigative Journalists (ICIJ) leaked over 700,000 internal documents revealing that PwC had facilitated multiple dealings in which Isabel dos Santos made a fortune while in charge of Sonangol.

2020: PwC signed off the 2020 accounts of Evergrande

PwC signed off the 2020 accounts of Evergrande without reference to its uncertainties as a going concern.

July 2021: PwC sued by administrators on behalf of JD Classics

In July 2021, PwC was sued by administrators Alvarez and Marsal on behalf of JD Classics for negligence related to audits in 2016 and 2017.

October 2021: Hong Kong regulator investigated PwC's audit of Evergrande

In October 2021, the accounting regulator in Hong Kong announced an investigation into PwC's audit of Evergrande.

2021: Evergrande collapsed financially

By 2021, Evergrande had collapsed financially and set off the Chinese property sector crisis, which sparked questions about PwC's role in inflating the company's revenue prior to the firm's eventual bankruptcy.

2021: PwC staff sought Treasury Department employment

In 2021, an investigation by the New York Times found that PwC staff sought employment at the Treasury Department where they pursued policies that helped PwC clients.

February 2022: Kerala government seeks refund from PwC regarding Swapna Suresh's salary

In February 2022, the state government of Kerala wrote to PwC in order to seek the refund of INR 16 Lacs paid in salary to Swapna Suresh, an employee accused of gold smuggling.

March 7, 2022: PwC Announces Withdrawal from Russia

On March 7, 2022, PwC announced that PwC Russia would leave the network due to the Russian invasion of Ukraine.

April 2022: PwC refuses to refund Swapna Suresh's salary to Kerala government

In April 2022, PwC responded to the Kerala government, stating that it could not repay the amount of INR 16 Lacs paid to Swapna Suresh as salary.

June 2022: UK's Financial Reporting Council fined PwC

In June 2022, the UK's Financial Reporting Council fined PwC and a former partner, Jonathan Hook, over audit failures relating to construction firms Galliford Try and Kier Group.

July 5, 2022: PwC Ukraine Announces Final Exit from Russia

On July 5, 2022, PwC Ukraine announced the final exit of the company from Russia, stating that all aspects of the departure of the former PwC firm in Russia had been completed on July 4, 2022.

2022: Global Revenues in FY 2022

In FY 2022, the company's global revenues were US$50.3 billion, with $18.0 billion from Assurance, $11.6 billion from Tax and Legal, and $20.7 billion from Advisory.

January 2023: PwC approved balance sheets with accounting inconsistencies

In January 2023, PwC approved Americanas' balance sheets with accounting inconsistencies of around US$4 billion, causing volatility to the company's price on the Brazilian stock exchange and losses to the company's shareholders.

July 2023: PwC removed partners and sold Australian government consulting business

In July 2023, PwC completed an internal investigation after which eight partners, including former chief executive Tom Seymour, were removed from the partnership. Also in July 2023 PwC sold its Australian government consulting business to Allegro Funds for $1 with the business rebranded Scyne Advisory.

2023: PwC acquired Surfaceink

In 2023, PwC acquired Surfaceink, a hardware designer.

2023: PwC Accused of Helping Russian Oligarchs Evade Sanctions

In 2023, it emerged that PwC was involved in helping Russian oligarchs to avoid sanctions.

2023: PwC partner leaked confidential government tax plans

In 2023, it was revealed that a PwC partner had been leaking confidential government tax plans to PwC after being a member of consultation groups set up by the Australian Treasury to improve tax laws.

February 2024: Evergrade liquidators prepared for lawsuit against PwC

In February 2024, Evergrade liquidators prepared for a potential lawsuit against PwC.

May 2024: PwC became ChatGPT Enterprise's biggest customer

In May 2024, PwC became ChatGPT Enterprise's biggest customer and will also start reselling OpenAI's service for other large businesses.

September 2024: PwC ZhongTian suspended for six months

In September 2024, PwC ZhongTian, PwC's auditing business in China, was suspended for six months, had revenue confiscated, and fined by China's securities regulator.

April 2025: PwC shut down operations in nine African countries

In April 2025, PwC shut down its operations in nine African countries.