- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-08-30T14:03:00
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 (PCAOB) regarding auditor independence violations related to a firm’s membership in an accounting alliance.
Warren Averett ran afoul of PCAOB quality control standards when it audited valuations performed for an issuer by another accounting firm that sponsored an alliance of which Warren Averett was a member, the PCAOB said in a press release Tuesday. The relationship between the firms implied by the alliance could cause an investor to reasonably question the integrity of the work, the regulator noted.
“Independence violations put investors at risk by threatening the objectivity that’s essential to a high-quality audit,” said PCAOB Chair Erica Williams in the release. “The PCAOB is committed to using every tool in our enforcement toolbox to protect investors.”
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2023-10-03T14:21:00Z By Maria L. Murphy
The Public Company Accounting Oversight Board and Securities and Exchange Commission have emphasized in public statements auditor independence is a critical enforcement area, prompting the need for firms to reacquaint themselves with each agency’s requirements.
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.
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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.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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