"Investors should not have to worry that their brokers' auditors are failing to perform appropriate work in examining the safeguards around their funds," said Claudius B. Modesti, Director of PCAOB Enforcement and Investigations. "Today's order demonstrates the enforcement division's commitment to using its authority to police and sanction those who place investors at risk."

PwC consented to the Board's order without admitting or denying the findings in the order. A spokesperson with PwC later contacted the Trusted Professional with the following statement: 

“We are pleased to have resolved the matter. Delivering quality is our top priority.”