PwC admits mistakes at JP Morgan

PricewaterhouseCoopers faces a disciplinary tribunal after accepting the validity of a complaint brought by the Accountancy and Actuarial Discipline Board (AADB) arising from its audits of JP Morgan Securities between 2001 and 2008. The AADB undertook an investigation into PwC’s work on the JP Morgan subsidiary’s compliance reports in October 2010. PwC co-operated with the probe, which was officially concluded when the AADB executive counsel filed a formal complaint with the AADB on Monday 15 August. Unusually, the firm indicated to the disciplinary board that it accepted mistakes had been made. The complaint alleged that PwC did not carry out its professional work in relation to the Financial Services Authority’s compliance reports with due skill, care and diligence and with proper regard for the applicable technical and professional standards, most notably the FSA’s Client Asset Rules (CASS).

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