PWC CEO, Peter Nyllinge. Photo: Press photo & amp; Pontus Lundahl / TT
There is an almost unique relationship between a Swedish large cap and an audit firm that goes into the grave when the SCA replace the auditing firm at the spring meeting on 14 April. PWC has revised SCA since the time of Kreugerkrashen, when Handelsbanken sphere in 1933 took power over the forest company.
In the same year founded the PO Öhrling the firm which until now managed the audit, now under the name of PWC.
But when SCA and PWC now go their separate ways after all these years it does not come under particularly amicable. There has been a huge dissatisfaction with the way the audit took place, including several of SCA’s major shareholders.
– We think of course it is sad to lose the mission, but otherwise it is nothing that we want comment but you may ask, SCA, says PWC Sweden CEO Peter Nyllinge grimly.
Looking ahead, nor no audit firm to maintain a mission as long as PWC made of SCA.
In June, the new EU rules to make that public companies such as SCA forced to change auditors at least every twenty years. So far the rules have been the principal auditor should be replaced every seven years, however, nothing of that will change its name.
It is also the reason that two auditors represented PWC on SCA’s hunts.
Just as industry association FAR Peter Nyllinge and PWC critical of the new EU rules, and Peter Nyllinge consider that an audit firm to retain its mandate beyond that. After 83 years, SCA’s auditor, he liked to PWC had to manage SCA’s audit a few years.
– There are a number of problems with the new rules, and we like the current one is better said Peter Nyllinge.
– It may involve an encroachment on property rights, which the owners can not make their own choices. There is a cost aspect, it is expensive to change auditors. A compelling replacement can come at an inopportune time. It can also affect audit quality that you have to change its name.
There has been criticism against PWC been too close to the previous leadership of SCA, and participated in the hunts as now led to the Supervisory Board warned two of the PWC auditors. Reportedly SvD Business SCA via the auditors asked the question to the PWC CEO of hunting participation, something that is now rejected by Peter Nyllinge.
– According to our auditors, we have not received any such question from SCA. It is, on its own initiative that they put the question to me.
Both SvD Näringsliv sources of SCA and Peter Nyllinge agree, however, that Peter Nyllinge gave the green light to travel, as evidenced by the PWC’s response to the Supervisory Board .
– we are responsible, we can not extricate ourselves from, so there is no difference, says Peter Nyllinge.
– at the time, there was no discussion of the issue in the media, and possibly we took a little too easy question. But then I thought workshop with elements of hunting was well in line with what we are doing, and nothing I reacted to.
According to Peter Nyllinge PWC auditors not participated in any similar activity with any other company audit group works with.
– no, not as far as I know.
This would make Peter Nyllinge himself never participated in any similar activity.
– I have not done, he observes.
Although PWC now officially ceased to participate in activities like SCA’s hunting, and that the company now admits that it took some too lightly the question then PWC appeal Auditor Board warnings.
– we Auditor Board warnings very seriously, but we still want to raise the issue. We do not see that it affected our independence.
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