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.
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton
Colin responds to the call for 'Darwinism' in accountancy
A new partner, Dermot Callinan, has joined Saffery Champness from KPMG where he was recently the head of the UK private client advisory team