PwC partner get life ban
A partner at PricewaterhouseCoopers in the US, who headed up the audit at infamous conglomerate Tyco, has been banned for life from auditing a public company.
Link: Tyco to restate last five years’ results
Richard Scalzo headed up the audits at Tyco for PwC from 1997 and 2001 and faced accusations from the Securities & Exchange commission that he ‘recklessly violated the anti-fraud provisions of federal laws’ and engaged in unprofessional conduct.
Scalzo settled the accusations without admitting or denying any wrongdoing.
At the same time investigations into the work done by PwC have been completed by the Manhattan District Attorney’s office, who said it would not bring any criminal charges against the firm.
Tyco itself is still under investigation by the SEC. Last month it restated accounts for the last five years, while Tyco founder Dennis Kozlowski – no longer at the company – is facing fraud and tax evasion charges.