PwC suffered the latest blow to its reputation late on Thursday as Ukraines central bank pulled its bank auditing rights in the country for failing to identify alleged improprieties that led to a $5.5bn balance-sheet hole at PrivatBank, the countrys largest lender.
The big four accounting group, which denies fault, had audited PrivatBank from the mid-1990s until it was nationalised late last year after government claims of massive related-party lending.
Following months of media speculation about a decision, the National Bank of Ukraine in a statement said it had removed PwCs domestic subsidiary from the register of accounting firms authorised to audit banks.
The rationale behind this decision was PwC Audit LLCs verification of mis…
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