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PwC Wants the PCAOB To Get Better

PwC's November just got more annoying. According to the PCAOB's latest inspection, 41 percent of the 60 PwC audits inspected were not up to snuff, up from 37 percent last year. Issues called out by the PCAOB included failures to identify, or to address appropriately, financial statement misstatements, including failures to comply with disclosure requirements, as […]

Which One of You Was Sending Out Bogus PwC Checks?

Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for pwclogo.thumbnail.jpgRight before the holidays even! The worst part of the scam is that they forged the timeless P. Dubs logo. As in the KPMG Letterheadgate case, this calls for a complete rehaul of the firm’s image. Your suggestions are encouraged. Our preference would obviously involve something around this.
Sounds like the entire firm is at DEFCON 1 so if you happen upon one of these checks, we suggest you notify someone in your office that handles these things after you take a picture of it and send it to us of course.
The firm issued a press release today giving us details about the scam, you can read it after the jump.

The checks began arriving in people’s mail boxes just before the Christmas holidays. They looked so good, they could have been real. But they weren’t.
In a new twist on an old crime, scam artists created bogus checks bearing the logo of PricewaterhouseCoopers. Accompanying the checks was a letter advising the recipients that they had been selected to be “secret shoppers.” The letters guided the potential scam victims to cash the checks at specific banks, then wire the funds to another address for use by a second “secret shopper.”
As soon as the first report about the checks surfaced, PwC’s US Security team began working with the banking community and law enforcement agencies to shut down the scam. “Besides working with law enforcement, we put all of our local offices on alert. We prepared our telephone operators and receptionists to provide guidance for anyone who might call,” said Rose Littlejohn, head of US Security. “We put all of our people on notice, in case they saw or heard anything.”
The checks were dated December 21, 2009. Because the scam took advantage of the US Postal Service, a Postal Inspector has been assigned to the investigation. Anyone who has received one of the solicitations should contact Doug Smith, Postal Inspector at (813) 281-5228. If they have the capability to fax information, they should fax a copy of the bogus check and any instructions they received with it to 813-375-8047. They should then keep the originals as law enforcement will have separate instructions for what to do with them.
“Since the first batch of checks went out in December, we suspect those recipients have either reported the issue or thrown out the materials,” said Littlejohn. “But right now there is nothing to prevent the scammers from making another attempt. We hope people will be skeptical about any kind of offer like this they receive in the mail. Meanwhile, we’ll keep trying to track down and bring to justice the perpetrators of this scam.”