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PwC Agrees to Pay $7.9 Million to Resolve SEC’s Conflict Claims

Sept. 23, 2019, 5:37 PM

PricewaterhouseCoopers LLP will pay more than $7.9 million to resolve U.S. Securities and Exchange Commission claims that it violated conflict of interest rules designed to keep accounting firms from being too cozy with their clients.

The accounting giant engaged in prohibited activity by doing consulting work for one company at the same time it was auditing the client’s financial statements, the SEC said in a statement Sept. 23. PwC also failed to properly describe its work, discuss potential conflicts, and document its independence in 19 cases involving 15 firms, according to the regulator. The SEC also settled related claims against...

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