Regulatory Enforcement

Five firms fined by PCAOB for alleged communications, reporting failures

By 2024-09-26T16:13:00

Accounting

The Public Company Accounting Oversight Board (PCAOB) fined five consultancies, including Ernst & Young (EY), as the agency continues its crackdown on firms violating audit committee communications rules and reporting requirements.

Public company auditors are required to provide certain reports to their audit committees but four firms failed to do so, the PCAOB said in a press release Tuesday. The agency began shining a light on audit committee communications in July 2023, and has now sanctioned a total of 17 firms.

The firms in the recent sweep agreed to take steps to come into compliance with PCAOB rules and pay the following penalties:

  • EY will pay a $45,000 fine;
  • Accell Audit & Compliance will pay a $40,000 fine; and
  • Crowe MacKay and Grant Thornton were each fined $30,000.

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