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PwC Mexico Fined for Violating Auditor-Independence Rules

Aug. 2, 2019, 5:48 PM

PwC LLP’s Mexico affiliate will pay $100,000 to settle U.S. auditor independence violations.

The Public Company Accounting Oversight Board announced the settlement with the firm Aug. 2.

  • Six PwC Mexico audit partners were customers of one of Mexico’s largest banks when the firm accepted the bank as an audit client in 2016. The firm discovered some of those auditor-bank relationships soon after accepting the bank as a client, but failed to report the loans and mortgages to the bank’s audit committee until 2018.
  • It took two years for the partners to disentangle themselves entirely from the bank, which the PCAOB ...