Dubai's Drake & Scull registers lawsuit against PricewaterhouseCoopers | Markets – Gulf News
A lawsuit has been registered by the Dubai engineering firm Drake & Scull International against the audit firm PriceWaterhouseCoopers for shortcomings related to its handling of the company's audit. The case has been registered in the Dubai Court of First Instance.
This follows findings after Drake & Scull appointed an accounting expert from the accredited offices of the Dubai Courts. This revealed 'facts that were hidden throughout the previous years' when PwC was handling the audit.
"It was revealed that PWC violated the approved accounting standards," said the company. "And showing it in the budgets throughout the previous year’s period and by exaggerating the company’s financial position.
"The expert's report showed that the company incurred total losses for previous years amounting to Dh5.50 billion."
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