A Firm failed to report to CPABC that it had been sanctioned by the Public Company Accounting Oversight Board of the United States of America. The Committee considered the Firm’s representation that it failed to advise CPABC due to an administrative oversight, and that the Firm has implemented internal controls to its procedures to prevent a recurrence in the future.
The Investigation Committee determined that the Firm contravened the following Rules of the CPABC Code of Professional Conduct:
102.3 - Matters to be reported to CPABC
The Investigation Committee and Firm agreed to the following recommendations:
- accept a reprimand;
- pay a fine of $10,000; and
- pay investigation expenses of $1,887;