A top U.S. accounting watchdog has brought only 18 enforcement actions and levie...
WASHINGTON - A top U.S. accounting watchdog has brought only 18 enforcement actions and levied just $6.5 million in fines against the Big Four accounting firms in its 16-year existence, according to a study published on Thursday.
The report could increase pressure on the agency, which in recent years has been criticized for being too close to the industry it oversees and slow to ensure the industry performed its job. “The Project on Government Oversight chooses to focus only on our enforcement program, giving the impression that it is the sole means by which we fulfill our statutory mandate. This is incorrect,” said PCAOB spokeswoman Torrie Matous in a statement
POGO’s report did not provide any breakdown of enforcement actions taken when Doty was the chairman and after he was replaced. The Securities and Exchange Commission oversees the PCAOB and also has the authority to inspect and fine auditors in breach of the rules. It has brought steep fines in the past.
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