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| PwC to Face Tribunal for JP Morgan Audits |
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By
The Accountancy & Actuarial Discipline Board ("AADB")
Aug 23, 2011 |
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In September 2010 the AADB commenced an investigation into the conduct of PricewaterhouseCoopers LLP, auditors to JP Morgan Securities Limited (JPMSL), in relation to the preparation of reports to the FSA in respect of JPMSLs compliance with the FSA's Client Asset Rules (the CASS Rules) for the periods ended 31st December 2001 to 31st December 2008.
Following the conclusion of the investigation, with which PwC has fully co-operated, the Executive Counsel has filed a disciplinary Formal Complaint with the AADB in relation to the conduct of PricewaterhouseCoopers LLP (PwC).
The Formal Complaint, which is admitted by PwC, relates to the reports prepared by PwC and submitted to the FSA for the years ended 31 December 2002 to 31 December 2008. In particular, the Formal Complaint alleges that PwC did not carry out its professional work in relation to these reports with due skill, care and diligence and with proper regard for the applicable technical and professional standards expected of it and consequently did not report that client money held by JPMSLís Futures and Options business was not segregated at all times in accordance with the CASS Rules in force at that time.
An independent Disciplinary Tribunal will be appointed to consider the Formal Complaint and to decide upon any sanctions to be imposed.
The Accountancy & Actuarial Discipline Board ("AADB") is the independent, investigative and disciplinary body for accountants and actuaries in the UK. It has up to eleven members.
The AADB is responsible for operating and administering an independent disciplinary scheme (the Accountancy Scheme) covering members of the following accountants' professional bodies:- the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy and the Institute of Chartered Accountants in England and Wales; The Institute of Chartered Accountants of Ireland and the Institute of Chartered Accountants of Scotland.
http://www.frc.org.uk/aadb/press/pub2625.html
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