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.
Related articles
-
News BriefBDO fined $2M by PCAOB for estimate evaluation lapses
BDO was assessed a $2 million penalty as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in the firm’s audit work at defunct healthcare services provider AAC Holdings.
-
News BriefPCAOB fines Warren Averett $200K over BDO alliance ties
Accounting firm Warren Averett agreed to pay a penalty of $200,000 in resolving the first case brought by the Public Company Accounting Oversight Board regarding auditor independence violations related to a firm’s membership in an accounting alliance.
-
News BriefPCAOB fines AJ Robbins CPA, owner $150K for audit misconduct
The Public Company Accounting Oversight Board fined Colorado-based audit firm AJ Robbins CPA and its founding partner a total of $150,000 for alleged professional skepticism failures and improperly altering audit documentation.
More from Regulatory Enforcement
-
ArticleSeven years in, GDPR faces growing challenges from AI and ‘consent or pay’ models
Europe’s pioneering data protection legislation turned seven years old in May, but the compliance and enforcement difficulties that have dogged the rules since they came into force look set to present both companies and data regulators with fresh headaches for some time to come.
-
News BriefDOJ charges crypto executive with laundering $530M for sanctioned Russian banks
The Department of Justice has charged the founder of cryptocurrency company Evita with 22 violations for allegedly laundering more than $500 million through U.S. banks and cryptocurrency exchanges, on behalf of sanctioned Russian entities.
-
News BriefSEC Chair Atkins signals end to ‘regulation by enforcement’ in line with Trump’s pro-crypto agenda
The Securities and Exchange Commission Chair Paul Atkins explained his agency’s shift on cryptocurrency regulation to a Senate committee as legislators bargain over President Donald Trump’s “One Big Beautiful Bill” and the GENIUS Act, which would have the federal government invest heavily in cryptocurrency.