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US audit watchdog to criticise PwC
Thursday, March 07 15:33:01
The U.S. board that regulates corporate auditors is expected to release a report soon criticising quality controls at accounting firm PricewaterhouseCoopers, according to an internal PwC memo dated March 7 and obtained by Reuters.
The memo, signed by PwC's U.S. Chairman Robert Moritz, said the report from the Public Company Accounting Oversight Board will fault the audit firm for not promptly addressing quality control problems found during inspections of some of its 2007 and 2008 audits.
The memo defended PwC's efforts to improve quality controls and said it was disappointed with the watchdog's report.
A spokeswoman for PwC declined comment. (C ) Reuters
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