A former audit partner at PricewaterhouseCoopers was barred from auditing public companies after regulators accused him of mishandling the audit of medical device maker ArthroCare Corp.
The Public Company Accounting Oversight Board announced its decision on Monday, claiming that Randall Stone either ignored or failed to properly address signs suggesting that ArthroCare improperly recognized revenue with respect to its sales of medical devices to another company, DiscoCare Inc., back in 2007, according to The Wall Street Journal. The move allowed ArthroCare to meet its revenue forecasts.
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