Friedman to pay $1.5M for missed red flags in 2 audits
By 
Adrianne Appel2022-09-26T17:03:00
Accounting firm Friedman will pay more than $1.5 million to settle charges it failed to comply with the standards of the Public Company Accounting Oversight Board (PCAOB) while auditing two companies, the Securities and Exchange Commission (SEC) announced Friday.
Friedman exhibited improper conduct while auditing the companies, including iFresh for fiscal years 2017-20, the SEC alleged in its order. The second firm, unnamed by the agency, was audited by Friedman for fiscal years 2016-20.
The SEC previously charged iFresh, a wholesale grocery business with retail stores in Florida, Massachusetts, and New York, with repeatedly filing materially inaccurate financial statements. iFresh and its chief executive officer, Long Deng, engaged in undisclosed transactions with entities controlled by Deng or that were owned by Deng’s brother, the agency alleged.
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