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The Securities and Echange Commission charged PWC with improper conduct on the 23.09.19. It relates to 15 engagements the firm ran with SEC registered companies, where they failed to maintain audit independence. Undertaking prohibited non-audit work during audit assignments. Including the design and implementation of software during financial audit.
In addition they violated PCAOB accounting rules, failing to disclose scope of work, independence and impact of independence during audit work, to audit committees.
For an accounting firm this has to be one of the 10 commandments ‘thou shall not break rules of independence, between my audit practice and consulting business’, you don’t break.
The fine was small, around $8Mn, I would assume much less than the fees made across the 15 companies. The company has to review its quality control practices and adhere to them.
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