Financial Express: London: Bad news about its 'ethical' approach to business is hounding PwC non-stop. Top auditor PricewaterhouseCoopers (PwC) has been fined a record 1.4 million pounds in Britain for wrongly telling local regulators for seven years that JPMorgan Securities was keeping client money safe. The successful case brought by the Accountancy and Actuarial Discipline Board (AADB) is the |
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latest sign of how regulators are taking a harder line on auditors, seen by policymakers as being too soft on banks in the run-up to the financial crisis. The AADB said PwC, one of the world's Big Four auditors, which check the books of nearly all blue-chip companies, admitted it failed to obtain sufficient appropriate evidence to report that JPMorgan Securities complied with strict client money rules spanning several years. Most of the client money from futures and options trading was being daily swept into interest-bearing, unsegregated accounts overnight at JPMorgan Chase bank, the firm's parent, the AADB...A In June 2010 the UK Financial Services Authority (FSA)slapped a record 33.32 million pound fine on JPMorgan Securities for failing to keep client money separate at all times from the firm's money over a seven-year period to July 2009. Sums ranging between $1.9 billion and $23 billion of client money were being held in unsegregated accounts that would have been at risk of loss had the lender become insolvent, the FSA said at the time. Read Full: wC hit with record fine for audit failure
