- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-05-23T16:35:00
Audit firm MaloneBailey agreed to pay a $400,000 fine to settle allegations levied by the Public Company Accounting Oversight Board (PCAOB) over “pervasive” quality control violations.
The firm agreed to be censured, engage an independent consultant, and conduct certain training for all audit staff, the PCAOB announced in a press release Tuesday.
“Effective quality control systems are critical to high-quality audits, and the PCAOB will not tolerate failures to maintain those systems and properly protect investors,” said Erica Williams, PCAOB chair, in the release.
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Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
The Public Company Accounting Oversight Board adopted two new standards that address key audit areas upon which it was relying on benchmarks established more than 20 years ago.
KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.
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.
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.
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.
