Malvern Bancorp and its former chief financial officer agreed to pay a combined $390,000 to settle allegations levied by the Securities and Exchange Commission regarding antifraud, reporting, books and records, and internal accounting control violations.
Accounting & Auditing
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Ault Alliance fined $700K over disclosure lapses
Diversified holding company Ault Alliance agreed to pay $700,000 as part of a settlement with the Securities and Exchange Commission addressing allegations of misleading disclosures and reporting violations.
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SEC fines Crowe U.K. $750K over deficient Akazoo audit
The U.K. arm of audit firm Crowe agreed to pay $750,000 as part of a settlement with the Securities and Exchange Commission for alleged professional care and skepticism failures regarding its 2018 audit of music streaming subscription company Akazoo.
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PCAOB fines three in latest reporting requirement sweep
The Public Company Accounting Oversight Board continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.
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PCAOB fines K G Somani over audit quality lapses
The Public Company Accounting Oversight Board announced a $125,000 penalty against India-based audit firm K G Somani & Co. for alleged violations of quality control standards.
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Canoo to pay $1.5M over misstatements, disclosure lapses
Electric vehicle manufacturer Canoo agreed to pay $1.5 million as part of a settlement with the Securities and Exchange Commission for alleged material misrepresentations regarding revenue and failing to properly disclose executive compensation.
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AA report: Inflation helps drive audit fees to all-time high
Average audit fees paid to external auditors by Securities and Exchange Commission registrants reached record totals in fiscal year 2022, according to the latest annual study.
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PCAOB fines five in audit committee communications sweep
The Public Company Accounting Oversight Board announced penalties ranging from $30,000-$50,000 against five firms for violations regarding communications with audit committees as part of its latest enforcement sweep.
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PCAOB chair: Rising audit deficiency rates ‘completely unacceptable’
A steady increase in the rate of deficiencies observed by the Public Company Accounting Oversight Board during audit inspections the past three years has the head of the agency calling on firms to “make changes to turn things around.”
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Booz Allen to pay $377.5M in improper billing case
Booz Allen Hamilton agreed to pay approximately $377.5 million as part of a settlement with the Department of Justice regarding alleged False Claims Act violations stemming from improper billing of commercial and international costs in government contracts.