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Danny McCance 10 Aug 2017 01:01pm

Toshiba receives long-awaited accounts sign off

Big Four firm PwC has signed off on the electronics giant’s financial results, despite including "adverse opinion"

While agreeing generally with the financial results of Toshiba, the sign off from PwC did come with a caveat.

While the firm gave a “qualified opinion” on the financial results for the year ending in March, along with the first quarter results for the 2017 financial year (between April and June), the auditor also included an “adverse opinion” over the company’s internal controls.

“Toshiba considers that its internal controls on processes for financial results worked effectively, allowing it to submit its Internal Controls Report to he Kanto Finance Bureau today, but PwC Arata nonetheless expressed and Adverse Opinion,” a statement from Toshiba read.

The adverse opinion was over what Toshiba describes as a failure to reach and agreement on the timing of a loss recognition, which related to one of the company'sformer subsidiaries, Westinghouse's, acquisition of CB&I Stone & Webster.

In May, 45 days after its close for the financial year, Toshiba announced that it was still closing its financial results.

A month before that, the company caused concerns by filing its results without approval from its auditor PwC.

In July 2015, an independent report into accounting irregularities at Toshiba found that the Japanese tech giant overstated its operating profit by a total of 151.8bn yen (£1.06bn) over a six-year period.

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