Tag: PwC

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Daily Compliance News

January 22, 2020, the Heads Will Roll edition


In today’s edition of the Daily Compliance News:

  • PwC CEO warns ‘heads may roll’ over the firm’s work for Isabel Dos Santos. (The Guardian)
  • Dos Santos banned from her own back. (NYT)
  • Vale ex-CEO charged with homicide over dam collapses. (WSJ)
  • Warren wants DOJ task force to investigate Trump administration corruption. (com)
Categories
Compliance Into the Weeds

PwC Spanked Edition

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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