PCAOB fines 4 firms for failing to identify who led, participated in audits

The Public Company Accounting Oversight Board (PCAOB) penalized four audit firms for failing to disclose who led specific audits for their firms and whether any other firms were involved in those audits.

The lapses were discovered by the PCAOB during a sweep, where the regulator collected information regarding potential violations from multiple firms at the same time. The PCAOB found the four firms failed to file Form AP within 35 days after the date an audit report is first included in a document filed with the Securities and Exchange Commission.

All four firms have since filed their Form APs, but only after the PCAOB took action, the regulator said Tuesday in a press release.