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SEC, PCAOB Deliver Fresh Warnings on Auditor Independence

Tammy Whitehouse | December 9, 2014

Public companies and their auditors got a not-so-subtle reminder from regulators to pay close attention to auditor independence requirements as the Securities and Exchange Commission and the Public Company Accounting Oversight Board delivered more than a dozen enforcement actions against auditors of broker-dealers.

The SEC handed out sanctions to eight small audit firms with fines totaling $140,000 for violating auditor independence rules because they prepared financial statements of brokerage firms whose financial statements the auditors were also auditing. At the same time, the PCAOB disciplined seven different small firms with fines of $2,500 each for the same offense, preparing financial statements or portions of statements for audit clients. The SEC and PCAOB announced the actions in...

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