PwC Withdraws Yukos Audit Reports

Law360, New York (June 25, 2007, 12:00 AM EDT) -- PricewaterhouseCoopers has withdrawn its audit opinions for bankrupt Russian oil giant Yukos, saying it now believes that information provided to it by Yukos' former management may have been inaccurate.

In a letter to Yukos' management board, PwC said its audit reports between 1996 and 2004 should “no longer be relied upon or associated with Yukos' financial statements.”

“PwC decided to withdraw its audit opinions for Yukos when it became aware of new information which had it been known at the time may have affected Yukos’s audit...
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