From our private database of 31,100+ case briefs...
In the Matter of PricewaterhouseCoopers LLP’s Quality Control Remediation Submissions
Public Company Accounting Oversight Board
PCAOB Release No. 104-2013-054 (2013)
In 2002 Congress enacted the Sarbanes-Oxley Act, which placed record-keeping and reporting requirements on corporations in order to prevent fraudulent activity that could harm investors. The Sarbanes-Oxley Act established the Public Company Accounting Oversight Board (the board) (plaintiff) to oversee audits of public companies. The board was empowered to establish auditing standards, inspect audits for quality control, investigate allegations of misconduct, and impose sanctions on firms that violated auditing rules. PricewaterhouseCoopers LLP (PwC) (defendant) was a public accounting firm that conducted audits of public companies. In 2009 and 2010, the board inspected PwC’s auditing practices and found several deficiencies. According to the board, PwC relied too heavily on work generated by the corporations it was auditing and failed to adequately deal with red flags discovered through its audits. Although the board’s reports on PwC were initially private, the board publicly disclosed PwC’s quality-control deficiencies after PwC failed to adequately address the deficiencies within a 12-month period after the board’s reports were handed down.
Rule of Law
Holding and Reasoning (Per curiam)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 557,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead our student testimonials
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.Learn about our approachRead more about Quimbee
Here's why 557,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 31,100 briefs, keyed to 984 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.