PwC Aarata issues draft audit report to Toshiba

Jiji Press TOKYO (Jiji Press) — PricewaterhouseCoopers Aarata LLC on Wednesday put forward a draft auditing report to Toshiba Corp., including a “qualified opinion” on the firm’s earnings figures for fiscal 2016, which ended in March this year, informed sources said.

Toshiba is now set to avoid an “adverse opinion” on its fiscal 2016 earnings report from the auditor, which could lead to delisting of its stock from the Tokyo Stock Exchange. But the TSE is continuing work to decide whether to delist shares of Toshiba over its past accounting irregularities.

Toshiba stock was demoted to the TSE second section from the first on Aug. 1 due to the electronics and machinery maker’s financial problems.

Meanwhile, PwC Aarata informed Toshiba of its readiness to give an “adverse opinion” on the troubled company’s internal control system for preventing accounting wrongdoing, keeping alive concerns about its possible delisting, the sources said.

Toshiba plans to submit mandatory financial statements with the auditor’s opinion to the Kanto Local Finance Bureau on Thursday.

The company said on Wednesday that it will release its financial results for fiscal 2016 and the April-June first quarter of fiscal 2017 on Thursday.

A “qualified opinion” is issued when an auditor finds a client company’s earnings report to be partially inappropriate but understands that this does not significantly affect the overall earnings report.Speech

Click to play


+ -

Generating speech. Please wait...

Become a Premium Member to use this service.

Become a Premium Member to use this service.

Offline error: please try again.