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The Public Company Accounting Oversight Board sanctioned three partners of a China-based audit firm for audit failures that preceded a significant restatement of a company's reported revenue and net accounts receivable.

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.

Commentary by Eamonn K. Moran

In a partially redacted Order in a "Supervisory Designation Proceeding," the CFPB determined that it has supervisory authority over an installment lender after concluding that the lender met the legal standard for supervision under the Consumer Financial Protection Act.