A pair of recent enforcement actions give audit committees some textbook reminders to keep tabs on auditors regarding their compliance with professional standards.
The Securities and Exchange Commission suspended three former BDO USA auditors over allegations of backdating audit work papers when an engagement team fell behind and couldn’t meet filing deadlines. Soon after the Public Company Accounting Oversight Board censured Deloitte Canada and fined the firm $350,000 when discovering the firm failed to comply with auditor independence rules in connection with mining company Banro.
