Thursday, Jul 18, 2002
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The agreements with the SEC will outline accounting violations involving two audit clients, Pinnacle Holdings Inc. and Avon Products Inc. A third case involves independence violations by the firm's broker-dealer, PwC Securities.
In a letter dated yesterday, PricewaterhouseCoopers Chairman, Dennis Nally, disclosed to the firms' partners that the SEC settlement was imminent and that the firm, without admitting or denying the allegations, had agreed to pay a fine and make improvements to audit procedures.
"Despite the potential for unfavourable publicity,'' Mr. Nally wrote, "we believe that settling these issues now is in the best interest of our firm and our clients.''
The SEC, said the Wall Street Journal believes the settlements are highly significant because they demonstrate how consulting-fee arrangements allegedly led directly to the audit clients' improper accounting. PTI
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