Media reports have indicated that the SEC alerted 52 of PricewaterhouseCoopers’ (PwC) clients about independence infractions that could affect the integrity of financial statements issued by the Big 5 firm. According to PwC, reports like this cause their clients "undue harm" and are "factually inaccurate."
A press release issued by PwC states that no one has questioned the reliability of clients’ financial statements. While the SEC released an official report in January about the 52 company audits in question, no remarks have been made by the SEC on financial statements for those companies.
The global accounting firm continues to work closely with the SEC. The governmental body asked Compaq to retain another auditor for 2000, but PwC will complete the 1999 audit. The SEC has not ordered prior years to be re-audited for Compaq.