PCAOB santions five firms for not preserving independence

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Financial Reporting and Analysis, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, the Public Company Accounting Oversight Board has disciplined five auditing firms for violating its rules and standards when communicating with audit committees.

Questions

  1. What was the reason for sanctions for three of the firms?
  2. What was the reason for the remaining two firms?
  3. With respect to the PCAOB order and disciplinary action, what did each firm do?

Source:

Cohn, M. (2023) PCAOB sanctions firms over audit committee communications. Accounting Today, July 28 (Retrievable online at https://www.accountingtoday.com/news/pcaob-sanctions-firms-over-audit-committee-communications?)