backOn August 1, 2025, the AICPA published a settled agreement with James S. Adducci of Adducci Vega Financial Group LLC for alleged violations of the codes of professional conduct of AICPA and the Illinois CPA Society in connection with the audit of the financial statements of an employee benefits plan for the fiscal year ended December 31, 2022.
The AICPA alleged, among other things, that Mr. Adducci failed to develop firm quality control policies to confirm audit reports were appropriately issued under the circumstances; failed to obtain sufficient appropriate evidence of opening balances and certain compliance tests; did not document considerations for determining sample sizes for certain items; failed to prepare appropriate audit documentation; and failed to properly plan the audit. Under the settlement agreement, Mr. Adducci neither admitted nor denied the allegations.
The settlement agreement admonishes Mr. Adducci and requires him to immediately comply with professional standards, to complete 21.5 hours of continuing professional education, and to hire an outside party to perform a pre-issuance review of the reports, financial statements, and working papers on two employee benefit plan audits performed by him for one year.
The Disciplinary Publication can be found here. A copy of the settlement agreement can be found here.