On December 3, 2024, the PCAOB issued a settled order against Tel Aviv-based accounting firm Weinstein International CPA (“Firm”) and its sole partner Idan Weinstein (“Weinstein” and collectively with the Firm, “Respondents”) for violating PCAOB rules and standards in connection with three audits for three separate issuers between 2020 and 2021.

The PCAOB found that Respondents failed to exercise due professional care and professional skepticism and failed to obtain sufficient audit evidence with respect to (1) related party transactions in one issuer audit and (2) the existence and valuation of intangible assets in the other two issuer audits.  The PCAOB further found that (1) the Firm violated PCAOB quality control standards by failing to design, implement, and monitor policies and procedures to provide reasonable assurance that Firm personnel would comply with professional standards and receive appropriate training and (2) Weinstein directly and substantially contributed to the Firm’s quality control violations.

Respondents consented to a disciplinary order that (1) censured them; (2) revoked the Firm’s registration with a right to reapply for registration after three years; (3) required the Firm to review and certify its quality control policies before submitting any future registration application; and (4) barred Weinstein from being an associated person of a registered public accounting firm with a right to petition to re-associate after three years.

The settled order is available here.