PCAOB dings MaloneBailey $400K over ‘pervasive’ quality control violations
By 
Jeff Dale2024-05-23T16:35:00
Audit firm MaloneBailey agreed to pay a $400,000 fine to settle allegations levied by the Public Company Accounting Oversight Board (PCAOB) over “pervasive” quality control violations.
The firm agreed to be censured, engage an independent consultant, and conduct certain training for all audit staff, the PCAOB announced in a press release Tuesday.
“Effective quality control systems are critical to high-quality audits, and the PCAOB will not tolerate failures to maintain those systems and properly protect investors,” said Erica Williams, PCAOB chair, in the release.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefFive firms fined by PCAOB for alleged communications, reporting failures
The Public Company Accounting Oversight Board fined five consultancies, including Ernst & Young, as the agency continues its crackdown on firms violating audit committee communications rules and reporting requirements.
-
News BriefPCAOB Chair Williams appointed to second term
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
-
News BriefPCAOB reestablishes its fundamentals with new standards
The Public Company Accounting Oversight Board adopted two new standards that address key audit areas upon which it was relying on benchmarks established more than 20 years ago.
More from Regulatory Enforcement
-
ArticleCMA holds companies responsible for false claims, fake reviews ‘throughout supply chain’
Companies face large fines if they spread false marketing claims or fake reviews about their products and services—as well as those by suppliers—under a toughened competition regime in the U.K. aimed at enhancing consumer protection.
-
ArticleFTC warns VISA and other processors that company policies may lead to debanking
Visa, Mastercard, PayPal, and Stripe have received letters from the Federal Trade Commission, warning the companies to end any policies or terms of service that may result in the “debanking” of customers.
-
ArticleDOJ makes good on corporate-friendly enforcement policy with Balt resolution
The ink was barely dry on the U.S. Department of Justice’s new corporate enforcement policy (CEP) when the agency announced it would not prosecute Balt SAS for alleged bribery violations.