The U.S. regulator of corporate auditors will soon release a report criticizing quality controls at PricewaterhouseCoopers, according to an internal PwC memo obtained by Reuters. The report from the Public Company Accounting Oversight Board (PCAOB) will fault PwC for not promptly addressing quality control problems found during inspections of some of its 2007 and 2008 audits, according to the memo. The March 7 memo was signed by PwC U.S. Chairman Robert Moritz. In the memo, PwC defended its efforts to improve quality controls and said it was disappointed with the watchdog's report. It said the PCAOB's criticisms "relate to some of the most complex, broad, judgmental and evolving areas of auditing." Spokeswomen for PwC and the PCAOB declined to comment on the memo. Only once before has the PCAOB made public a report criticizing quality controls at a Big Four audit firm. In October 2011, it faulted Deloitte for not doing enough to promptly improve audit
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