UC Regents Hear about PricewaterhouseBLOOPERS
On November 15, 2017, Quinton Silket gave a speech on behalf of UNITE HERE Local 11 at the University of California Board of Regents meeting. Quinton spoke about a settlement that New York state regulators reached with PwC in 2014 after PwC helped its client, a Japanese bank, downplay concerns about the banks’ transactions with individuals and companies subject to US sanctions in Iran, Sudan, and Myanmar. For more information about this incident, please read our report: "Lacking 'Objectivity, Integrity, and Autonomy': PwC Downplayed Sanctions Violations and Paid for It," the first in a series of reports that will describe lawsuits and settlements between PwC and public agencies in recent years.
As Quinton mentioned in the speech, given that UC management’s 2013 search committee for a new auditor reported that working with PwC would cost $6.6 million more over a 5 year contract than working with a competitor, it is strange to see the UC system working with PwC. We encouraged them to find a new auditor at the end of their contract. Let’s hope the UC Regents make the right choice!