KIEV, July 21 – The National Bank of Ukraine has removed the Ukrainian subsidiary of PricewaterhouseCoopers from the list companies authorized to audit banks after a recent Privatbank debacle.

The decision was made by the NBU board on Thursday under an application of the NBU bank audit committee.

The rationale behind this decision was PricewaterhouseCoopers Audit LLC’s verification of misrepresented financial information in the financial statements of PrivatBank. In particular, this concerns information on credit exposure and regulatory capital reported by the bank.