PwC fined $2.75M by PCAOB for independence process breakdowns
By 
Kyle Brasseur2024-03-29T15:39:00
Big Four audit firm PwC was assessed a $2.75 million penalty by the Public Company Accounting Oversight Board (PCAOB) for failures in its auditor independence processes related to a 2018 engagement.
The PCAOB announced the penalty Thursday, along with a separate $600,000 fine against PwC Australia for not timely disclosing a matter with the country’s Tax Practitioners Board.
In the PwC independence case, the PCAOB said the firm failed to implement a system of quality control to provide reasonable assurance that its personnel maintain independence.
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