PwC and partner violated auditor independence rules
The SEC
charged PricewaterhouseCoopers LLP and one of its partners Monday with violating auditor independence rules for running a project to upgrade the client’s enterprise software while doing its audit work.
PwC
was also charged with engaging in “improper professional conduct” on engagements for 15 public companies.
PwC and partner Brandon Sprankle
settled the charges without admitting or denying the SEC’s findings.
The Big Four firm
agreed to pay over $7.9 million in total penalties.
It disgorged $3.83 million plus prejudgment interest of about $614,000, and paid a civil penalty of $3.5 million. The SEC also censured the firm.
Sprankle, 42,
agreed to pay a civil penalty of $25,000. He was suspended from appearing or practicing before the SEC, with a right to reapply for reinstatement after four years. He lives in San Jose, California.
The FCPA Blog
https://www.fcpablog.com/blog/2019/9/25/pwc-and-partner-violated-auditor-independence-rules.html