PracticeAccounting FirmsPwC reaches $1m settlement with SEC

PwC reaches $1m settlement with SEC

PricewaterhouseCoopers has agreed to make a $1m (£611,000) payment to the US Securities and Exchange Commission as settlement over accusations of improper professional conduct.

Link:

SEC hands down $5m fine to PwC

The payment, which means that PwC do not have to admit responsibility for the charges, relate to an SEC investigation of the 1997 audit of telecoms company SmarTalk TeleServices.

PwC has been accused of signing off the annual report of the now bankrupt company ‘which contained materially false and misleading financial statements’ involving a $25m reserve fund.

This is the second time in the last year that PwC has been forced to pay out to the SEC. Last July the Big Four firm payed $5m and accepted an official reprimand over the audits of 16 companies from 1996 to 2001.

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

3d Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

4d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

2w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

3w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

3w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

3w Emma Smith, Managing Editor