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U.S. audit regulator levied only $6.5 million in fines in 16 years: study
Source: Reuters
BUSINESS NEWS SEPTEMBER 5, 2019 / 5:19 PM / UPDATED 2 HOURS AGO
U.S. audit regulator levied only $6.5 million in fines in 16 years: study
Katanga Johnson
4 MIN READ
WASHINGTON (Reuters) - A top U.S. accounting watchdog has brought only 18 enforcement actions and levied just $6.5 million in fines against the Big Four accounting firms in its 16-year existence, according to a study published on Thursday.
The report by the Project On Government Oversight (POGO) claims the Public Company Accounting Oversight Board (PCAOB), which oversees audit firms that are supposed to help keep publicly traded companies in check, is falling down on the job.
The report could increase pressure on the agency, which in recent years has been criticized for being too close to the industry it oversees and slow to ensure the industry performed its job.
The Washington-based group’s analysis of 16 years’ of PCAOB inspection reports on the U.S. arms of the Big Four audit firms - Deloitte & Touche, Ernst & Young, PricewaterhouseCoopers and KPMG - found the regulator identified 808 instances in which the firms issued defective audits.
-snip-
U.S. audit regulator levied only $6.5 million in fines in 16 years: study
Katanga Johnson
4 MIN READ
WASHINGTON (Reuters) - A top U.S. accounting watchdog has brought only 18 enforcement actions and levied just $6.5 million in fines against the Big Four accounting firms in its 16-year existence, according to a study published on Thursday.
The report by the Project On Government Oversight (POGO) claims the Public Company Accounting Oversight Board (PCAOB), which oversees audit firms that are supposed to help keep publicly traded companies in check, is falling down on the job.
The report could increase pressure on the agency, which in recent years has been criticized for being too close to the industry it oversees and slow to ensure the industry performed its job.
The Washington-based group’s analysis of 16 years’ of PCAOB inspection reports on the U.S. arms of the Big Four audit firms - Deloitte & Touche, Ernst & Young, PricewaterhouseCoopers and KPMG - found the regulator identified 808 instances in which the firms issued defective audits.
-snip-
Read more: https://www.reuters.com/article/us-usa-pcaob-enforcement/u-s-audit-regulator-levied-only-6-5-million-in-fines-in-16-years-study-idUSKCN1VQ2R0