PCAOB fines K G Somani over audit quality lapses
By 
Kyle Brasseur2023-08-09T19:29:00
The Public Company Accounting Oversight Board (PCAOB) announced a $125,000 penalty against India-based audit firm K G Somani & Co. (KGS) for alleged violations of quality control standards.
The firm failed to put in place policies and procedures to provide reasonable assurance its personnel would comply with standards regarding audit performance, supervision, and documentation, according to the PCAOB’s order. These apparent deficiencies were exacerbated by the alleged misconduct of Anuj Somani, an engagement partner at KGS accused of failing to perform audit procedures and document work regarding the firm’s opinion on the internal control over financial reporting of software provider Ebix.
Somani was fined $50,000 and suspended from associating with a registered public accounting firm for one year, the PCAOB announced Tuesday.
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