The Public Company Accounting Oversight Board sanctioned an audit firm and its owner for multiple violations of PCAOB rules and standards related to inadequate audit evidence, failure in engagement quality reviews and non-compliance with reporting requirements and quality control standards.
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In an administrative ruling, FinCEN clarified that broker-dealers were required to collect information when opening new accounts for customers who receive assets as the beneficiary of an estate.
The U.S. District Court for the Northern District of Alabama held the Corporate Transparency Act unconstitutional.
An international commodities trading company pled guilty and paid monetary penalties to resolve DOJ charges for violating the Foreign Corrupt Practices Act. The company had been charged with bribing then-public officials of an Ecuadorian state-owned oil company to secure business advantages and contracts.
The SEC charged a motor company for misleading investors about the company's plans to develop the first full-size electric pickup truck and separately charged the company's accounting firm for violating auditor independence rules.