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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-09-26T22:02:00Z By Kyle Brasseur
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.
2023-08-30T14:03:00Z By Kyle Brasseur
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.
2023-08-18T18:41:00Z By Jeff Dale
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.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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