Through July 31, 2022, the PCAOB has levied penalties against registered accounting firms and individuals totaling $1.36 million. While this figure does not appear significant in comparison to other regulatory agencies’ reporting metrics, it is significant for the PCAOB, which has signaled it is ramping up financial penalties in enforcement settlements. At this rate, 2022 penalties will eclipse annual penalties levied in 2019, 2020 and 2021. For Accounting Today, Ellen Graper shares perspectives on the data trends, and what this means for firm under the PCAOB’s purview.
The Public Company Accounting Oversight Board is on pace for a record-setting year for civil monetary penalties. However, financial penalties are only one of many sanctions available to the board.