PwC Consulting IPO set for August

PwC Consulting IPO set for August

PricewaterhouseCoopers will spin off its management and IT consulting unit via an initial public offering (IPO) in August, the latest planned move by a Big Five accounting firm to shed consulting services that might compromise the integrity of its core audit business.

PwC Consulting, as the unit is currently known, left no doubt in its IPO registration with the US Securities and Exchange Commission (SEC) that the issue of auditor independence was a big motivator for the move to become separate from PricewaterhouseCoopers.

"The primary purpose of this offering is to ensure that we will no longer be subject to the rules and regulations governing the independence of auditors from their clients and to eliminate any perceived conflicts of interest," reads the IPO registration filed last week.

"Because of our affiliation with the auditing practice of the PricewaterhouseCoopers network of firms, audit clients of PricewaterhouseCoopers firms are increasingly limiting or denying us opportunities to provide our services for them," the filing reads.

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