PwC Greece fined $3M for due care, skepticism failures

The Greece-based branch of Big Four audit firm PwC agreed to pay $3 million as part of a settlement with the Public Company Accounting Oversight Board (PCAOB) addressing alleged failures in due professional care and appropriate skepticism regarding an audit of a marine fuel logistics company.

The PCAOB disciplined the firm for its 2016 work at Aegean Marine Petroleum Network, the agency announced in a press release Tuesday. Nicos George Komodromos, the engagement partner for PwC Greece on the audit, was fined $80,000 and barred from being an associated person of a registered public accounting firm for two years.

Aegean’s records indicated it both purchased fuel from and sold fuel to four counterparties located in the United Arab Emirates. The company recorded it sold fuel to the counterparties at a higher price than it paid for its purchases, according to the PCAOB’s order.