PCAOB Issues Settled Order Against Singapore-Based Audit Firm

On April 11, 2023, the PCAOB issued a settled order against Singapore-based audit firm RT LLP for its alleged failure to have a quality control system relating to the performance of audits under PCAOB standards, failure to assemble for retention a complete set of audit documentation, and failure to timely file required Form APs.  The matter arose in connection with RT LLP’s audit (and restatement audit) of the 2017 financial statements of a foreign issuer headquartered in China.  The order alleges that while RT LLP had a system of quality control based on local and international standards, it did not have policies and procedures related to performing audits under PCAOB standards.  The firm also allegedly failed to archive workpapers and timely file Form AP for these audits.

The Board censured the firm, revoked its registration with the right to reapply for registration after two years, and ordered it to pay a monetary penalty of $50,000.  Before it can reapply for registration, the firm is required to undertake remedial measures to establish PCAOB-based quality control policies and procedures.

The order is attached.