PwC: PrivatBank’s Financial condition deteriorated after the audit

PwC: Финансовое состояние Приватбанка ухудшилось после аудита

At PwC, explained the claims of the national Bank

In the audit of the company answered the statement of the national Bank.

PwC Ukraine has published a response to the decision of the national Bank of Ukraine from July 20, 2017. Earlier, the national Bank excluded, OOO PricewaterhouseCoopers (PwC Ukrainian division) from the Registry of audit firms eligible for auditing banks.

“We are very disappointed by the decision of the National Bank of Ukraine… We do not consider that the reasons provided by the NBU, justify this decision and consider all the options for a review of the decision,” the company said.

PwC also explained why the audit the company provided “inaccurate information”.

“In the financial statements of PrivatBank for 2016 the new management has not made adjustments to any figures relating to 2015, including the amounts of loans or collateral, or the disclosure of transactions with related persons, or regulatory capital. Financial statements for 2016 also shows that the events that happened after we released the audit report for the year 2015, could have a significant impact on the financial position of PrivatBank,” said the company.

The auditors also said that PwC audited the financial statements of PrivatBank in 2015 in accordance with International standards on auditing.

NBU has accused PwC of fraud with the assets of PrivatBank