PCAOB

Edward Hackert is accused of improper conduct by repeatedly not following U.S. auditing standards over a 10-year period.

The top 100 firm and two current and two former partners were sanctioned for subpar auditing and quality control failures.

The PCAOB has doled out a record $20 million in total fines so far in 2023, almost doubling the previous high mark of $11 million last year.

The new standard on confirmations is the first project the board saw through from start to finish with Williams as PCAOB chair.

BDO USA was fined $2 million and two of the firm’s partners were fined a total of $60,000 for failures in the 2017 audit of AAC Holdings.

The proposal would hold auditors and others more accountable when they negligently cause their firm to violate auditing standards.

Marcum audit partner Alfonse Gregory Giugliano was slapped with a $75,000 fine for failing to fix problems in the firm's QC system.

Organizations need to focus on areas including data governance, change management and upskilling when pursuing these new technologies.