PCAOB Fines PwC $2.75 Million for Quality Control Violations Relating to Independence
The Public Company Accounting Oversight Board (PCAOB) has issued a disciplinary order against PricewaterhouseCoopers LLP (PwC), imposing a civil money penalty of $2.75 million for violations of PCAOB quality control standards concerning auditor independence. This decision follows an investigation into deficiencies in PwC's quality control policies and procedures, which failed to ensure timely consultation on complex independence issues.