PCAOB Sanctions PwC Australia for Violations Related to Reporting and Quality Control Monitoring Requirements | PCAOB

The Public Company Accounting Oversight Board (PCAOB) today announced a settled disciplinary order(PDF) sanctioning PricewaterhouseCoopers LLP (“PwC Australia” or the “Firm”) for violations of PCAOB rules and quality control standards. Specifically, the sanctions address the Firm’s failure to timely report the initiation and conclusion of proceedings against the Firm by the Australian Tax Practitioners Board (TPB).

The TPB proceedings related to failures on the part of the Firm to properly manage conflicts of interest that arose from the participation of certain partners in confidential consultations with the Australian government, and concerns that confidential information was impermissibly shared by certain partners with others, including existing and prospective clients. PCAOB Rule 2203, Special Reports, requires registered public accounting firms to file Form 3s to disclose reportable events, including the initiation and conclusion of disciplinary proceedings against the firm, no later than thirty days after the occurrence of the event.

Source: PCAOB Sanctions PwC Australia for Violations Related to Reporting and Quality Control Monitoring Requirements | PCAOB