Disciplinary proceedings were brought by the Public Company Accounting Oversight Board (PCAOB) in the United States against the Firm when the Firm did not comply with various PCAOB rules.
PCAOB issued an order in which the Firm agreed to:
- A censure;
- Pay a fine of US$60,000; and
- Amend certain of its procedures regarding audits of public companies which trade in the United States.
The Investigation Committee determined that the Firm contravened the following Rules of the CPABC Code of Professional Conduct:
501 - Policies and procedures for compliance with professional standards
502 - Policies and procedures for the conduct of a practice
The Committee recommended that the Firm:
- accept a reprimand; and
- pay partial investigation expenses of $2,688.