Five firms fined by PCAOB for alleged communications, reporting failures
By 
Adrianne Appel2024-09-26T16:13:00
The Public Company Accounting Oversight Board (PCAOB) fined five consultancies, including Ernst & Young (EY), as the agency continues its crackdown on firms violating audit committee communications rules and reporting requirements.
Public company auditors are required to provide certain reports to their audit committees but four firms failed to do so, the PCAOB said in a press release Tuesday. The agency began shining a light on audit committee communications in July 2023, and has now sanctioned a total of 17 firms.
The firms in the recent sweep agreed to take steps to come into compliance with PCAOB rules and pay the following penalties:
- EY will pay a $45,000 fine;
- Accell Audit & Compliance will pay a $40,000 fine; and
- Crowe MacKay and Grant Thornton were each fined $30,000.
Related articles
-
News BriefPCAOB dings MaloneBailey $400K over ‘pervasive’ quality control violations
Audit firm MaloneBailey agreed to pay a $400,000 fine to settle allegations levied by the Public Company Accounting Oversight Board over “pervasive” quality control violations.
-
PremiumSEC chief accountant calls out audit leadership culture
Staff at the Securities and Exchange Commission have observed instances of audit firms setting poor examples for junior-level employees by failing to properly discipline senior leaders found to have breached ethical standards, according to Chief Accountant Paul Munter.
-
News Brief‘Sham audit mill’: SEC fines, permanently suspends BF Borgers
BF Borgers was all but shuttered by the Securities and Exchange Commission after the agency accused the firm of massive fraud impacting more than 1,500 SEC filings audited over a 2 1/2-year span.
More from Regulatory Enforcement
-
ArticleGeorgia Tech to pay $875,000 for allegations brought by compliance officers
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
-
ArticleTractor Supply Company hit with $1.35M fine for alleged California privacy violations
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
-
Basic PageLuminUltra fined $685K by BIS for illegal shipment to Iran
A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.