| UNITED STATES OF AMERICA | |
| Before the | |
| SECURITIES AND EXCHANGE COMMISSION | |
| SECURITIES EXCHANGE ACT OF 1934 | |
| Release No. 91536 / April 12, 2021 | |
| ACCOUNTING AND AUDITING ENFORCEMENT | |
| Release No. 4208 / April 12, 2021 | |
| ADMINISTRATIVE PROCEEDING | |
| File No. 3-17628 | |
| In the Matter of | |
| CRAIG R. | |
| FRONCKIEWICZ, CPA | |
| : | |
| : | |
| : | |
| : | |
| : | |
| : | |
| ORDER GRANTING APPLICATION FOR | |
| REINSTATEMENT TO APPEAR AND PRACTICE | |
| BEFORE THE COMMISSION AS AN ACCOUNTANT | |
| RESPONSIBLE FOR THE PREPARATION OR | |
| REVIEW OF FINANCIAL STATEMENTS REQUIRED | |
| TO BE FILED WITH THE COMMISSION | |
| On October 18, 2016, Craig R. Fronckiewicz, CPA (“Fronckiewicz”) was denied the | |
| privilege of appearing or practicing before the Commission as an accountant as a result of settled | |
| public administrative proceedings instituted by the Commission against him pursuant to Rule | |
| 102(e)(1) of the Commission’s Rules of Practice. 1 This order is issued in response to | |
| Fronckiewicz’s application for reinstatement to appear and practice before the Commission as an | |
| accountant responsible for the preparation or review of financial statements required to be filed | |
| with the Commission. | |
| The Commission found that Fronckiewicz caused Weatherford International Ltd.’s | |
| (“Weatherford”) violations of Section 13(a) of the Securities Exchange Act of 1934 and Rules | |
| 12b-20, 13a-1, and 13a-13 thereunder, and engaged in improper professional conduct under Rule | |
| 102(e)(1) of the Commission’s Rules of Practice between 2007 and the third quarter of 2010 (the | |
| “relevant period”). The Commission’s findings related to his work as the coordinating partner | |
| on the audits and reviews of Weatherford’s financial statements. During the relevant period, | |
| Weatherford improperly inflated its earnings and materially understated its effective tax rate and | |
| tax expense through the use of deceptive intercompany tax accounting. The Commission found | |
| that Fronckiewicz and others failed to comply with Public Company Accounting Oversight | |
| Board standards related to due professional care, professional skepticism, supervision, staffing, | |
| training, and documentation. | |
| 1 See Accounting and Auditing Enforcement Release No. 3814 dated October 18, 2016. Fronckiewicz was | |
| permitted, pursuant to the order, to apply for reinstatement after two years upon making certain showings. | |
| 2 | |
| In his capacity as a preparer or reviewer, or as a person responsible for the preparation or | |
| review, of financial statements of a public company to be filed with the Commission, | |
| Fronckiewicz attests that he will undertake to have his work reviewed by the independent audit | |
| committee of any company for which he works, or in some other manner acceptable to the | |
| Commission, while practicing before the Commission in this capacity. Fronckiewicz is not, at | |
| this time, seeking to appear or practice before the Commission as an independent accountant. If | |
| he should wish to resume appearing and practicing before the Commission as an independent | |
| accountant, he will be required to submit an application to the Commission showing that he has | |
| complied and will comply with the terms of the original suspension order in this regard. | |
| Therefore, Fronckiewicz’s suspension from practice before the Commission as an independent | |
| accountant continues in effect until the Commission determines that a sufficient showing has | |
| been made in this regard in accordance with the terms of the original suspension order. | |
| Rule 102(e)(5) of the Commission’s Rules of Practice governs applications for | |
| reinstatement, and provides that the Commission may reinstate the privilege to appear and | |
| practice before the Commission “for good cause shown.”2 This “good cause” determination is | |
| necessarily highly fact specific. | |
| On the basis of information supplied, representations made, and undertakings agreed to | |
| by Fronckiewicz, it appears that he has complied with the terms of the October 18, 2016 order | |
| suspending him from appearing or practicing before the Commission as an accountant, that no | |
| information has come to the attention of the Commission relating to his character, integrity, | |
| professional conduct or qualifications to practice before the Commission that would be a basis | |
| for adverse action against him pursuant to Rule 102(e) of the Commission's Rules of Practice, | |
| and that Fronckiewicz, by undertaking to have his work reviewed by the independent audit | |
| committee of any company for which he works, or in some other manner acceptable to the | |
| Commission, in his practice before the Commission as a preparer or reviewer of financial | |
| statements required to be filed with the Commission, has shown good cause for reinstatement. | |
| 2 Rule 102(e)(5)(i) provides: | |
| “An application for reinstatement of a person permanently suspended or disqualified under paragraph (e)(1) or (e)(3) | |
| of this rule may be made at any time, and the applicant may, in the Commission’s discretion, be afforded a hearing; | |
| however, the suspension or disqualification shall continue unless and until the applicant has been reinstated by the | |
| Commission for good cause shown.” 17 C.F.R. § 201.102(e)(5)(i). | |
| 3 | |
| Therefore, it is accordingly, ORDERED pursuant to Rule 102(e)(5)(i) of the | |
| Commission’s Rules of Practice that Craig R. Fronckiewicz, CPA is hereby reinstated to appear | |
| and practice before the Commission as an accountant responsible for the preparation or review of | |
| financial statements required to be filed with the Commission. | |
| By the Commission. | |
| Vanessa A. Countryman | |
| Secretary |