- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-11T18:03:00
The Public Company Accounting Oversight Board (PCAOB) continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.
BDO Taiwan was fined $35,000, while Jendrach Accounting and Professional Services and Brazil-based Moore MSLL Lima Lucchesi Auditores e Contadores were each assessed $25,000 penalties, the PCAOB announced Friday. Each firm agreed to be censured in reaching settlement.
The PCAOB accused BDO and Jendrach of failing to timely disclose their respective roles regarding audits of issuers or broker-dealers on the required annual form. BDO was faulted for not reporting its apparent work at China United Insurance Service, while Jendrach similarly did not disclose it issued an audit report for broker-dealer GM Securities.
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The Japanese affiliate of Big Four audit firm KPMG was assessed a $500,000 penalty by the Public Company Accounting Oversight Board for quality control deficiencies regarding journal entry testing.
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.
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.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
