PwC Blows its Lid

PwC blows its Lid on Tupperware Brands Corp 🤯 👀

That's right, Pdubs is walking away from the Audit engagement. Yikes!

🤑 It’s not everyday a public accounting firm turns away high paying recurring audit work. The engagement fee has to be substantial.

Here’s what we know:

◽ 2022 Financials were delayed and weren’t issued until October

◽ Material weaknesses over internal controls were noted

◽ Prior year financials were restated

◽ Substantial doubt about their ability to continue as a going concern

🤢 Ouch….that’s about as ugly as what you’ll find when you lift the lid on a forgotten container of leftovers that’s been hiding in the back of the fridge (I couldn’t help myself).

I have to imagine after going through a hellish 2022 audit, PwC was over it.

⚖ Thinking of the risk exposure, time suck and resource drain it would take to continue as their auditor, it must have not been worth it.

That had to be a pretty painful break up conversation, I wonder if PwC did the whole “It’s not you it’s me routine”.

🏀 Let’s see who Tupperware picks up on the rebound…

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