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Toshiba off hook as PwC happy with accounts

PwC has given the seal of approval to Toshiba’s accounting, after an extended period of doubt when the auditor refrained from commenting on the firm’s financial statements. As a result, Toshiba has narrowly avoided being removed from Tokyo’s Stock Exchange.

Toshiba failed to submit its financial statements for the May deadline and was awarded an extension.

The firm filed its Oct-Dec 2016 results in April without an ‘okay’ from PwC, which then said that it couldn’t offer an opinion based on the submission.

This came about from an issue regarding loss recognition for one of its subsidiaries, a nuclear power engineering firm in the US by the name of Westinghouse Electric Co, leading to a write-down for billions of dollars.

PwC approved Toshiba’s most recent statements, citing only minor issues.

Toshiba released a statement, in which it said that after independent investigations were conducted:

“..no evidence was found indicating that Toshiba or Westinghouse could have recognized the loss at any time prior to the third quarter of FY2016.

“Toshiba considers that its internal controls on processes for financial results worked effectively, allowing it to submit its Internal Controls Report to the Kanto Finance Bureau today, but PwC Arata nonetheless expressed an adverse opinion.”

One of the main responsibilities of any business is to ensure that their tax forms are submitted on time. Certainly, there should be no reason for dispute, even if filed before the deadline. An accountant in the Wirral will always ensure that both of these potential issues are taken care of.

Posted by Mark
August 22, 2017
Tax

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