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- 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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News and analysis for the well-informed compliance or audit exec.
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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.
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.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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