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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-03-28T13:19:00
Accounting firm Friedman agreed to pay a $100,000 penalty to settle charges by the Public Company Accounting Oversight Board (PCAOB) it over-relied on the work of unregistered Chinese firms across 12 public company audits.
The PCAOB announced Monday it found Friedman allowed unregistered firms Peking Certified Public Accountants (CPAs) and Beijing Baijielai Financial Consulting Co. to play a substantial role—either performing more than 20 percent of total audit hours or incurring more than 20 percent of total audit fees—in its work during fiscal years 2017 and 2018. The regulator faulted Friedman for failing to establish and implement adequate quality control policies and procedures regarding the use of other accounting firms.
Without admitting or denying the PCAOB’s findings, Friedman agreed to be censured.
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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.
2023-10-25T13:58:00Z By Kyle Brasseur
Canada-based accounting firm Smythe agreed to pay a $175,000 penalty in settling with the Public Company Accounting Oversight Board regarding its use of unregistered firms across four issuer audits.
2023-09-19T18:53:00Z By Kyle Brasseur
Rule amendments proposed by the Public Company Accounting Oversight Board would enable the agency to penalize individual auditors more easily when their conduct is deemed to have contributed to violations by their firms.
2023-08-11T18:03:00Z By Kyle Brasseur
The Public Company Accounting Oversight Board continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.
2024-11-20T18:15:00Z By Aaron Nicodemus
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
2024-11-19T21:05:00Z
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
2024-11-19T19:26:00Z By Aaron Nicodemus
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
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