Audit regulators have disciplined seven small audit firms and individuals within those firms for lapses in internal reviews of audit engagement reviews.
The Public Company Accounting Oversight Board censured the seven firms, scattered from New York to California to Texas, as well as seven individuals with each of the firms for their violations of Auditing Standard No. 7: Engagement Quality Review. The board assessed fines of $37,500 against four of the seven firms and suspended registrations for three of seven firms.
