Bloomberg News

U.S. Authorities Inspected PwC in Zurich, Tages-Anzeiger Says

October 10, 2011

Oct. 10 (Bloomberg) -- U.S. inspectors examined files at the Zurich offices of PricewaterhouseCoopers, Tages-Anzeiger reported, citing Lukas Imark, the company’s head of legal services in Switzerland.

A team of 10 officials from the Public Company Accounting Oversight Board spent two weeks at PwC in mid-May and another two in mid-June, the Swiss newspaper said. While they were accompanied by eight Swiss officials, the exercise was a “parallel inspection,” not a joint initiative, with the Swiss ensuring their U.S. counterparts didn’t break local data laws, Tages-Anzeiger quoted Frank Schneider, director of Switzerland’s Federal Audit Oversight Authority, as saying.

More U.S. inspections will follow in “a few weeks” at Ernst & Young, Switzerland’s second-biggest auditor after PwC, and later at KPMG, the report said.

--Editor: Matthias Wabl

To contact the reporter on this story: Leigh Baldwin in Zurich at lbaldwin3@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net.


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