The Public Company Accounting Oversight Board has proposed rule changes that would make it easier for the Board to hold individual auditors accountable for negligent behavior that contributes to violations at audit firms and that put investors at risk. The PCAOB proposal would amend Rule 3502, Responsibility Not to Knowingly Read More
View, a California-based maker of “smart” windows for office buildings, has settled charges with the Securities and Exchange Commission for failing to disclose $28 million in projected warranty-related liabilities to address a particular defect in its windows, the SEC announced. The regulatory agency said it decided not to impose any Read More
The Public Company Accounting Oversight Board (PCAOB) announced that it has censured Friedman, a New York-based accounting firm, and imposed a $100,000 civil penalty for the firm’s failure to reasonably supervise two unregistered Chinese firms in audits of 12 different public companies with operations in China. Friedman consented to the Read More
Shipping and logistics company Roadrunner has settled charges brought by the Securities and Exchange Commission resulting from its engagement in a multi-year accounting fraud scheme. According to the SEC’s Feb. 14 cease-and-desist order, from at least July 2013 through January 2017, Roadrunner manipulated its financial reports to hit prior earnings guidance Read More
Manufacturing company Gentex agreed to a cease-and-desist order and to pay a $4 million civil penalty in a settlement with the Securities and Exchange Commission resulting from deficiencies in Gentex’s accounting for its executive and employee bonus compensation programs, the SEC announced. Charges were also brought against Gentex Chief Financial Read More
Mattel has agreed to a cease-and-desist order and will pay a $3.5 million civil penalty to settle charges brought by the Securities and Exchange Commission relating to misstatements the U.S. multinational toy company made in its third and fourth quarter 2017 financial statements. The SEC separately has initiated litigation against Read More
The Public Company Accounting Oversight Board (PCAOB) has imposed the largest civil money penalty in its history when it hit a former audit partner with a $150,000 fine. It says the auditor, Jonathan Taylor, repeatedly misled PCAOB inspectors and investigators during two inspections and a subsequent investigation. It also barred Read More
The Public Company Accounting Oversight Board (PCAOB) has fined four audit firms for failing to file Form APs and, thus, failing to disclose who led specific audits for the firm and whether any other firms were involved in those audits. Failure to file Form APs in a timely manner is Read More
Chinese companies seeking to retain a new accounting firm based in the United States so as to not be delisted from U.S. securities exchanges must remain mindful of their compliance regulatory obligations, the Securities and Exchange Commission’s acting chief accountant warned in a recent statement. According to SEC data, more Read More
The top U.S. audit regulator has signed an agreement with China that marks the first step toward gaining access to complete inspections and investigations of public accounting firms headquartered in mainland China and Hong Kong. The Public Company Accounting Oversight Board inspects and investigates public accounting firms in more than Read More
