- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-08-09T19:29:00
The Public Company Accounting Oversight Board (PCAOB) announced a $125,000 penalty against India-based audit firm K G Somani & Co. (KGS) for alleged violations of quality control standards.
The firm failed to put in place policies and procedures to provide reasonable assurance its personnel would comply with standards regarding audit performance, supervision, and documentation, according to the PCAOB’s order. These apparent deficiencies were exacerbated by the alleged misconduct of Anuj Somani, an engagement partner at KGS accused of failing to perform audit procedures and document work regarding the firm’s opinion on the internal control over financial reporting of software provider Ebix.
Somani was fined $50,000 and suspended from associating with a registered public accounting firm for one year, the PCAOB announced Tuesday.
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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.
2023-08-30T14:03:00Z By Kyle Brasseur
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 regarding auditor independence violations related to a firm’s membership in an accounting alliance.
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.
2025-03-27T13:11:00Z By Jeff Dale
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
2025-03-27T12:49:00Z By Aaron Nicodemus
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
2025-03-26T18:48:00Z By Oscar Gonzalez
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.
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