ADMINISTRATIVE PROCEEDING v PROCEEDINGS


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Keywords & Phrases

CaseNo: 40945, Defendant: PROCEEDINGS, Plaintiff: ADMINISTRATIVE PROCEEDING, State: OR Oregon, UniqueCaseRef: SEC>40945, Audit Clients, Professionals, Securities, Publicly-held, Independence, Commission, Manager, Pwc, Firm, Professional Services, Fund Manager, Tampa Tax, Public Accounting, Investments, Regulation S-x, Standards, Requiring, Engagement, Pension Department, Report, Pursuant, Gaas, Respondent, Respecting, Contravention, Retirement Plan, Staff, Commit, Purchases , ContentID: 120244541

Case Documents

1999-01-14

SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below ] ItemID: 111275

14 pages
TXT

Total Documents: 1 document , 14 pages

Price: $ 19.95

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1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS

PROFESSIONALS
SECURITIES
PUBLICLY-HELD
INDEPENDENCE
COMMISSION
MANAGER
PWC
FIRM
PROFESSIONAL SERVICES
PARTNERS
FUND MANAGER
TAMPA TAX
PUBLIC ACCOUNTING
INVESTMENTS
REGULATION S-X
STANDARDS
REQUIRING
ENGAGEMENT
PENSION DEPARTMENT
REPORT
PURSUANT
GAAS
RESPONDENT
RESPECTING
CONTRAVENTION
RETIREMENT PLAN
STAFF
COMMIT
PURCHASES

                              UNITED STATES OF AMERICA
                                     Before the
                         SECURITIES AND EXCHANGE COMMISSION


          SECURITIES EXCHANGE ACT OF 1934
          Release No.  40945  /  January 14, 1999

          ACCOUNTING AND AUDITING ENFORCEMENT
          Release No.  1098  /  January 14, 1999

          ADMINISTRATIVE PROCEEDING
          File No.  3-9809

                                          :
          In the Matter of                :  ORDER INSTITUTING
                                          :  PROCEEDINGS AND OPINION AND
          PricewaterhouseCoopers LLP,     :  ORDER PURSUANT TO RULE 102(e)
                                          :  OF THE COMMISSION’S RULES OF
                    Respondent.           :  PRACTICE
                                          :


                                         I.

               The Securities and Exchange Commission ("Commission") deems
          it appropriate and in the public interest to institute public
          administrative proceedings pursuant to Rule 102(e) of the
          Commission’s Rules of Practice[1] against PricewaterhouseCoopers
          LLP ("PwC" or "Respondent").

                                         II.

               In anticipation of the institution of these administrative
          proceedings, PwC has submitted an Offer of Settlement which the
          Commission has determined to accept.  Solely for the purpose of
          these proceedings and any other proceedings brought by or on
          behalf of the Commission, or to which the Commission is a party,
          and without admitting or denying the facts, findings, or
          conclusions herein, except as to the Commission’s jurisdiction
          over it and the subject matter of these proceedings, which are
          admitted, PwC consents to the entry of this Order Instituting
          Proceedings and Opinion and Order Pursuant to Rule 102(e) of the
          Commission’s Rules of Practice ("Order").

               Accordingly, it is ordered that proceedings pursuant to Rule
          102(e) of the Commission’s Rules of Practice be, and hereby are,
          instituted.

SNIPPETS:

SECURITIES AND EXCHANGE COMMISSION

The Securities and Exchange Commission deems it appropriate and in the public interest to

In anticipation of the institution of these administrative proceedings, PwC has submitted an

PricewaterhouseCoopers LLP is a public accounting firm

During the period 1996 through 1998, C&L’s procedures for ensuring its compliance with

* In 31 instances, individual partners owned securities

provided no professional services and individual

C&L’s retirement plan owned securities

Each of these instances was contrary to Rule 2-01of Regulation S-X and generally accepted

First, in December 1996, a senior tax associate of C&L’s Tampa office ("Tampa Tax Associate")

These investments occurred in three types of instances.