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| Price Waterhouse Coopers | |
|---|---|
| Name | Price Waterhouse Coopers |
| Type | Multinational professional services network |
| Industry | Accounting |
| Founded | 1998 (merger year) |
| Headquarters | London, United Kingdom |
| Revenue | Multibillion-dollar (global) |
| Employees | Hundreds of thousands (global) |
Price Waterhouse Coopers is a multinational professional services network providing audit, assurance, tax, consulting, and advisory services across industries. The firm operates through a global network of member firms and maintains offices in major financial centers such as London, New York City, Tokyo, Frankfurt, and Sydney. Its work intersects with major organizations and institutions including International Monetary Fund, World Bank, United Nations, European Commission, and national regulatory bodies like the Financial Conduct Authority and the Securities and Exchange Commission.
The firm traces roots to prominent legacy firms including Coopers & Lybrand and Price Waterhouse and inherits historical ties to accounting practices shaped during events like the Industrial Revolution, the formation of the Bank of England, and the expansion of transatlantic trade. Key historical milestones parallel major institutional developments involving entities such as Lloyd's of London, London Stock Exchange, New York Stock Exchange, United States Department of the Treasury, and regulatory reforms following episodes like the Enron scandal and the passage of the Sarbanes–Oxley Act. The merger that created the modern network aligned with global trends seen in mergers among firms like Deloitte, KPMG, and Ernst & Young. Over time leadership changes have connected the firm with figures who previously worked with organizations including Barclays, HSBC, Goldman Sachs, and Morgan Stanley.
The member firm network model resembles structures used by Deloitte Touche Tohmatsu, Ernst & Young Global Limited, and KPMG International. Governance mechanisms include a global board and regional leadership similar to boards in European Commission institutions and corporate governance frameworks used by Royal Dutch Shell and BP. The firm coordinates with standard-setters such as the International Accounting Standards Board and audit regulators including the Public Company Accounting Oversight Board and national agencies like the Australian Securities and Investments Commission. Executive appointments, partner admissions, and risk committees are informed by oversight practices seen at Citigroup, Barclays, and HSBC Holdings.
Service offerings map to lines common across networks like Deloitte, KPMG, and Ernst & Young: audit and assurance, tax advisory, deals and transactions, risk assurance, strategy consulting, digital transformation, and forensics. Clients seek assistance related to standards from the International Financial Reporting Standards Foundation, regulatory compliance tied to Securities and Exchange Commission rules, and transactional support involving counterparts such as BlackRock, Vanguard Group, Berkshire Hathaway, JP Morgan Chase, and Credit Suisse. Technology services engage platforms from SAP SE, Oracle Corporation, Microsoft Corporation, Amazon Web Services, and Google Cloud Platform.
The network spans member firms across continents including offices in financial hubs like London, New York City, Hong Kong, Singapore, Dubai, Frankfurt, Paris, Mumbai, Beijing, and São Paulo. Regional hubs coordinate with trade organizations such as ASEAN, European Union, African Union, Mercosur, and multinational initiatives like the Belt and Road Initiative. The firm’s cross-border engagements interface with national regulators such as the China Securities Regulatory Commission, Japan Financial Services Agency, Financial Services Agency (Brazil), and supra-national entities like the International Monetary Fund and World Bank Group.
The network has engaged with large corporations and institutions across sectors including Apple Inc., Microsoft Corporation, Amazon, Alphabet Inc., ExxonMobil, Royal Dutch Shell, BP, Toyota Motor Corporation, Volkswagen Group, Walmart, Procter & Gamble, Coca-Cola Company, Siemens, Boeing, Airbus, GlaxoSmithKline, Pfizer, Johnson & Johnson, Novartis, HSBC, Barclays, Goldman Sachs, Morgan Stanley, BlackRock, Vanguard Group, State Grid Corporation of China, Tencent, Alibaba Group, Samsung Electronics, Sony, Nestlé, Unilever, PepsiCo, Intel Corporation, International Olympic Committee, FIFA, United Nations Development Programme, and national ministries of finance. Notable engagements have involved restructurings, initial public offerings tied to exchanges like Nasdaq and London Stock Exchange, cross-border mergers with counsel from firms linked to Skadden, Arps, Slate, Meagher & Flom LLP, Freshfields Bruckhaus Deringer, and Linklaters, and advisory roles during crises similar to those managed for institutions like Lehman Brothers and General Motors.
The firm has been involved in regulatory investigations and litigation comparable to matters faced by Deloitte, KPMG, and Ernst & Young, including disputes before courts in jurisdictions such as United Kingdom, United States, Australia, and India. Cases have intersected with probes by regulators like the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Competition and Markets Authority, and national audit regulators. High-profile engagements have prompted scrutiny in the wake of corporate failures and financial scandals akin to Enron and Parmalat, and led to settlements, fines, and reforms similar to enforcement actions involving PricewaterhouseCoopers LLP counterpart firms. Legal matters have involved claims around audit quality, tax advice linked to cross-border structures used by multinational corporations including Amazon and Google, and consulting engagements scrutinized in parliamentary inquiries similar to those conducted by the United Kingdom Parliament and United States Congress.
Corporate responsibility initiatives align with frameworks like the United Nations Global Compact, the Sustainable Development Goals, and reporting standards from the Global Reporting Initiative and the Task Force on Climate-related Financial Disclosures. Sustainability advisory work assists clients in areas related to carbon accounting under regimes influenced by the Paris Agreement, emissions trading schemes like the European Union Emissions Trading System, and investor expectations set by asset managers such as BlackRock and Vanguard Group. Philanthropic and pro bono collaborations have included partnerships with organizations like Red Cross, World Wildlife Fund, Oxfam, Save the Children, and educational institutions including Harvard University, University of Oxford, Stanford University, London School of Economics, and Massachusetts Institute of Technology.
Category:Accounting firms