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PwC to pay 8 Million USD over charges of lack of independence and improper conduct

The Audit an consultancy firm PwC has reportedly settle an action by the Securities Exchange Commission in the USA to terminate investigations over improper conduct and breaches to independency rules.

The allegation refer to 19 engagements with 15 companies over a course of 3 years.

The firm appears to have breached the requirement to pre-approval from client’s audit committee for providing non-audit services.

The reported information noted that PwC mischaracterised the nature of the services.

Source

https://www.riskscreen.com/kyc360/news/pwc-to-pay-8-million-to-settle-sec-charges-over-auditor-independence-and-improper-conduct/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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