PwC Greece to Pay $3 Million Fine to Settle US Audit Violations

PwC Greece must submit its audits for third-party review for two years, among other penalties, after the firm failed to respond to fraud warnings involving a fuel supplier led by a convicted smuggler.

PricewaterhouseCoopers Auditing Company SA, which neither admitted nor denied the findings, also agreed to pay a $3 million civil penalty and to provide additional training to staff, according to a settlement order the Public Company Accounting Oversight Board released on Tuesday.

Nicos GeorgeKomodromos, who led the audit of the fuel supplier, agreed to an $80,000 penalty and a two-year professional bar, the board said.