PricewaterhouseCoopers Aarata inaugurates business on 1st July

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PricewaterhouseCoopers Aarata inaugurates business on 1st July
Aiming to secure the trust of the public, markets and clients

Date:

PricewaterhouseCoopers Aarata today announced that it launched its operations on 1st July 2006. The firm brings together the best auditing talent from throughout Japan and, by always retaining a fresh and innovative perspective, strives to become Japan's market leading accounting and auditing firm. PricewaterhouseCoopers Aarata aims to secure the trust of the public, markets and clients by sustaining its fresh and innovative characteristics.

1. The PricewaterhouseCoopers Aarata mission

PricewaterhouseCoopers Aarata's mission as a group of professionals is to provide an unrivalled level of service and to contribute to the healthy growth of the economy through the execution of vigorous, fair, and high quality auditing. In order to fulfil this mission, PricewaterhouseCoopers Aarata has settled upon the following three "In's" as its operating principles – Integrity, Intelligence and Innovation

2. The profile of PricewaterhouseCoopers Aarata

The basic details of PricewaterhouseCoopers Aarata during its initial phase of operation are as follows:

Organization Name: PricewaterhouseCoopers Aarata
Date of Establishment: 1st June 2006
Representative (interim): Kazutaka Iwashita, Representative Partner
Address (interim): Sumitomo Mita Building, 5-37-8 Shiba, Minato-ku, Tokyo
(From 1st September: East Tower, Mita Twin Building, 4-chome, Shibaura, Minato-ku)
Staffing: "Shain": 8
CPAs and Assistant CPAs: 67
U.S. CPAs and other professionals: 63*
Clerks: 16
Total: 154
*Includes four partners seconded from PwC
Key Business Areas: Audit services conforming to Japanese or overseas accounting standards as well as voluntary audit, and other assurance and assurance-related services, including regulatory advisory services, internal audit support, advice relating to internal controls and risk management and due diligence services, etc.

3.Planned Future Activities

In order to respond to the expectations and needs of the public, PricewaterhouseCoopers Aarata plans to actively serve both domestic and international companies. The company will provide a full range of auditing and accounting services, as well as advice relating to Sarbanes Oxley 404 reporting and internal controls.

To achieve this objective, PricewaterhouseCoopers Aarata will continue its efforts to reinforce its staffing and to establish its management and organizational structure. Preparation is underway to appoint a new management board and to officially determine a new organizational structure. The firm is committed to continue expanding through an intensified recruiting campaign, aiming to increase the number of staff members to 800, including 80 "Shain", by December 2006. In addition to the current office in Tokyo, PricewaterhouseCoopers Aarata plans to expand its domestic network in the future in response to regional client needs.

As a member firm of the PricewaterhouseCoopers global network, PricewaterhouseCoopers Aarata will adopt international best practices in accounting and auditing which fully conform to PricewaterhouseCoopers methodologies. The firm draws upon the experience, know-how and resources of the PricewaterhouseCoopers global network, and provides domestic and international companies in Japan with high quality audit services that meet international standards. At the same time, PricewaterhouseCoopers Aarata is committed to actively participating in the operations of the PricewaterhouseCoopers global network.

Contact:
Mitsunobu Higashi, Makiko Imai
Gavin Anderson Japan
Tel: +813-5404-0640