The resignation of a top British PricewaterhouseCoopers partner has been forced by the American Securities and Exchange Commission's crackdown on errant accounting firms, according to reports this weekend.
Sunday Business reported that Geoff Westmore, PwC’s head of transation services and its strategic mergers and acquisitions initiative, will leave the firm this week.
The SEC, it said, informed Westmore before Christmas that PwC was in breach of its independence rules because this brother-in-law had been appointed financial controller of one of PwC’s SEC-registered clients.
Westmore was required, said the SEC, to move his place of work and residence to at least 500 miles from any PwC office where a material part of the audit of the client in question was carried out.
Westmore is said to have decided that this made it difficult to do his jobs effectively and that he had no alternative but to leave the firm.
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