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Mix-Ansicht- Arthur Anderson an allem Schuld? Wer's glaubt. Gute nacht - XERXES, 17.07.2002, 22:51
- Re: Arthur Anderson an allem Schuld? Wer's glaubt. Gute nacht - Emerald, 18.07.2002, 07:35
Arthur Anderson an allem Schuld? Wer's glaubt. Gute nacht
PricewaterhouseCoopers fined $5 million record
Washington Post
WASHINGTON -- PricewaterhouseCoopers, the nation's largest accounting firm, has agreed to pay $5 million to settle Securities and Exchange Commission allegations that it failed to remain independent from companies it audits, sources familiar with the investigation said Tuesday.
The audit firm allowed two of those companies to understate costs by improperly accounting for fees paid for the firm's own consulting work, sources said.
The fine is the SEC's largest for independence violations, sources said. This settlement is the first, they said, in which the SEC found that a consulting relationship compromised an auditor's independence and led to a bad audit.
The SEC found that two companies audited by PricewaterhouseCoopers -- Avon Products, the cosmetics giant, and Pinnacle Holdings, a Florida company that owns cellular phone towers -- improperly accounted for the audit giant's consulting fees by classifying them as capital expenses. Unlike routine expenses, which are deducted from profits immediately, capital expenses, such as investments in plant and equipment, are spread out over time, reducing their impact on the bottom line.
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