PwC fined $2.75M by PCAOB for independence process breakdowns

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.