The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between two audit regulators after discovering widespread cheating among employees taking internal exams.
PwC Canada was fined $750,000 and censured by the Public Company Accounting Oversight Board (PCAOB) in the United States in addition to being fined $200,000 and censured by the Canadian Public Accountability Board (CPAB). Both regulators in orders published Friday credited PwC Canada for its cooperation in their investigations, including self-reporting the alleged violations.
