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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-03-28T13:19:00
Accounting firm Friedman agreed to pay a $100,000 penalty to settle charges by the Public Company Accounting Oversight Board (PCAOB) it over-relied on the work of unregistered Chinese firms across 12 public company audits.
The PCAOB announced Monday it found Friedman allowed unregistered firms Peking Certified Public Accountants (CPAs) and Beijing Baijielai Financial Consulting Co. to play a substantial role—either performing more than 20 percent of total audit hours or incurring more than 20 percent of total audit fees—in its work during fiscal years 2017 and 2018. The regulator faulted Friedman for failing to establish and implement adequate quality control policies and procedures regarding the use of other accounting firms.
Without admitting or denying the PCAOB’s findings, Friedman agreed to be censured.
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News and analysis for the well-informed compliance or audit exec.
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2023-10-25T13:58:00Z By Kyle Brasseur
Canada-based accounting firm Smythe agreed to pay a $175,000 penalty in settling with the Public Company Accounting Oversight Board regarding its use of unregistered firms across four issuer audits.
2023-09-19T18:53:00Z By Kyle Brasseur
Rule amendments proposed by the Public Company Accounting Oversight Board would enable the agency to penalize individual auditors more easily when their conduct is deemed to have contributed to violations by their firms.
2023-08-11T18:03:00Z By Kyle Brasseur
The Public Company Accounting Oversight Board continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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