Anonymous Audit Firm Sues PCAOB to Block ‘Excessively Intrusive and Burdensome’ Investigative Demand

An audit firm subject to a PCAOB investigation over the auditing of crypto assets on March 27, 2024, sued the board in US district court to halt what it framed as an ‘excessively intrusive and burdensome’ document demand.

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The complaint describes the plaintiff as a registered public accounting firm that has received six accounting board demands (ABDs) from the PCAOB “requiring them to produce tens of thousands of pages of documents in an onerous format not even required by the SEC, and to sit for seven full days of formal, on-the-record sworn testimony so far.”

It added that the PCAOB’s Division of Enforcement and Investigations (DEI)’s most recent demand seeks “audit documentation and information from an entirely different year’s audit than what had consumed the preceding two-and-one-half years of investigation.”

Source: Anonymous Audit Firm Sues PCAOB to Block ‘Excessively Intrusive and Burdensome’ Investigative Demand