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Former PwC Auditor Censured for Missing Internal Control Lapses

Sept. 17, 2021, 10:04 PM

A former PwC LLP audit partner has agreed to a $10,000 penalty to settle disciplinary charges that she missed a series of internal control lapses and failed to cooperate with audit inspectors.

Sarah Martin didn’t ensure her audit team tested the internal controls for a Virginia-based audit client. And following a routine Public Company Accounting Oversight Board inspection, PwC would later identify 15 areas where the client’s controls didn’t meet muster, resulting in a pair of material weaknesses for revenue and cash flow forecasts that was reported to investors, according to the board’s order released Thursday.

  • Martin also didn’t ...