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PwC to pay $3.35 million for audit independence, reporting violations charged by US

By Neil Roland ( March 28, 2024, 21:07 GMT | Insight) -- PwC, the world’s second-largest accounting firm by revenue, and PwC Australia were fined a total of $3.35 million by US audit authorities today. PwC was penalized $2.75 million for deficient quality control policies that came to light while the firm was pursuing a tax deal with an audit client without consulting its independence office. Its Australia unit, which is part of the same global network but different legally and in governance, was fined $600,000 for failing to timely report conflict of interest proceedings against it by tax authorities. In November 2023, PwC was fined $7 million for audit deficiencies by its Hong Kong and China audits.PwC, the world’s second-largest accounting firm by revenue, and PwC Australia were fined a total of $3.35 million by US audit authorities today....

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