All articles tagged with #audit standards
The chief US audit regulator, Erica Williams of the PCAOB, was asked to resign by SEC Chair Paul Atkins, who has been replacing leadership to align with his deregulatory approach, raising concerns about the impact on audit standards and investor protection.
The SEC and PCAOB have fined Marcum LLP $13 million for systemic quality control failures and violations of audit standards, mainly in connection with its audits of SPAC clients. The PCAOB also required Marcum to make functional changes to its supervisory structure related to the firm's quality control system. Marcum agreed to make changes in response to the charges and is working with an independent consultant to ensure that it fully meets PCAOB audit standards. The SEC and PCAOB have been cracking down more on auditing firms in recent years, but the Marcum case goes further than most.