- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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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Audit firm MaloneBailey agreed to pay a $400,000 fine to settle allegations levied by the Public Company Accounting Oversight Board over “pervasive” quality control violations.
The Public Company Accounting Oversight Board imposed collective fines totaling $150,000 against three partners at KPMG China for violations of standards related to their audit work at education service provider Tarena International.
Three of the Big Four audit firms saw increases to the deficiency rates observed in their latest Public Company Accounting Oversight Board inspection reports, while KPMG had its results redacted.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
