- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
A proposed update to auditor independence rules relaxes restraints on affiliate relationships and initial public offerings.
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The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.
PwC will pay approximately $8 million in monetary relief to settle charges with the SEC for allegedly violating auditor independence rules and engaging in improper professional conduct.
SEC Chairman Jay Clayton has instructed staff to follow up on concerns raised in public comments with respect to auditor independence requirements.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
