Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the recent SEC enforcement action against PwC and its partner Brandon Sprankle for  violating audit firm independence rules,  including PwC implementing a GRC software system for one of its audit clients.

Some of the highlights include:

  • What was the conduct which led to the $8.9MM fine against PwC?
  • Why do audit firm independence rules exist?
  • Why ethical norms did PwC partner Brandon Sprankle violate?
  • Should an audit partner who engages in material misrepresentations be trusted to perform an audit?
  • What internal controls at PwC were violated by Sprankle’s actions?
  • What does a CCO need to pay attention to audit firm independence rules?

For additional reading see the following:

Matt’s blog post, SEC Dings PwC on GRC Deal, on Radical Compliance.

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