‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInPCAOB Board Member Kathleen Hamm to Complete Term
The Securities and Exchange Commission today announced that Kathleen M. Hamm will leave the Public Company Accounting Oversight Board (PCAOB) after completing her term as a Board member. Ms. Hamm’s term began in January 2018 and expires later this month. via SEC.gov | PCAOB Board Member Kathleen Hamm to Complete Term.
SEC, PCAOB actions against accountants declined steeply in 2018 | Accounting Today
The U.S. Securities and Exchange Commission and Public Company Accounting Oversight Board finalized 45 enforcement actions involving accountants in 2018, marking a significant decline from the 75 finalized actions involving accountants in 2017, according to a new Cornerstone Research report released Wednesday. According to the report, “Regulatory Actions Involving Accountants-2018,” the decrease in SEC actions […]
KPMG Partner, PCAOB Official Guilty Stealing Board Inspection Schedules – SEC ACTIONS
Former KPMG partner David Middendorf and former PCAOB official Jeffrey Wada were each found guilty of conspiring to steal secret Board inspection schedules for KPMG to give the firm an edge in the process. Each was found guilty of conspiracy to commit wire fraud and wire fraud but acquitted of conspiracy to defraud the government. […]
The Person At the PCAOB Who Auditors Feared the Most Is Now Their Friend – Going Concern
Modesti, who was the PCAOB’s first director of enforcement and investigations, has landed at Akin Gump as a partner in the firm’s white-collar defense and government investigations practice in Washington, DC. This is a big-time hire for Akin Gump. Not only did Modesti have a distinguished career at the PCAOB, where he brought the hammer […]
Claudius Modesti, Director of Enforcement and Investigations, to Leave PCAOB
The Public Company Accounting Oversight Board announced today that Claudius B. Modesti will leave the PCAOB this month after 14 years as the director of the Division of Enforcement and Investigations. Mr. Modesti joined the Board in May 2004 as the PCAOB’s first enforcement director and led the team that built the enforcement group from […]
SEC.gov | Six Accountants Charged with Using Leaked Confidential PCAOB Data in Quest to Improve Inspection Results for KPMG
The SEC’s Division of Enforcement and Office of the Chief Accountant allege that the former PCAOB officials made unauthorized disclosures of PCAOB plans for inspections of KPMG audits, enabling the former KPMG partners to analyze and revise audit workpapers in an effort to avoid negative findings by the PCAOB. Two of the former PCAOB officials had left […]
PCAOB Chairman Duhnke and Board Member Hamm Sworn in Today
The Public Company Accounting Oversight Board announced that William D. Duhnke III was sworn in today as Chairman and Kathleen M. Hamm was sworn in as a Board member. The ceremony took place at the Securities and Exchange Commission. via PCAOB Chairman Duhnke and Board Member Hamm Sworn in Today
PCAOB Announces $750,000 Settlement with Deloitte Turkey
The Public Company Accounting Oversight Board today announced that Turkey-based DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik A.?. (Deloitte Turkey) will pay a $750,000 civil money penalty to settle charges that it devised and implemented a plan to improperly alter documents in advance of a PCAOB inspection in 2014. The PCAOB also charged the […]
PCAOB Announces $1.5 Million Settlement with Grant Thornton for Quality Control Violations and Audit Failures
The Public Company Accounting Oversight Board today announced a $1.5 million civil penalty and censure against Grant Thornton LLP for violations of quality control standards and for audit failures. The quality control violations were in connection with the firm’s assignment, support, and monitoring of two engagement partners on 2013 audits performed in the financial services […]
SEC Appoints New Chairman and Board Members to PCAOB
The Securities and Exchange Commission today announced the appointment of William D. Duhnke III as Chairman and J. Robert Brown, Kathleen M. Hamm, James G. Kaiser, and Duane M. DesParte as Board members of the Public Company Accounting Oversight Board (PCAOB). The Sarbanes-Oxley Act of 2002 established the PCAOB to oversee the audits of public […]