backOn November 28, 2023, the PCAOB announced settled orders sanctioning three audit firms for allegedly failing to file required Form APs, in violation of PCAOB Rule 3211, Auditor Reporting of Certain Audit Participants. Pursuant to PCAOB Rule 3211, registered public accounting firms must provide information about engagement partners and other accounting firms that participate in audits of issuers by filing a Form AP no later than the 35th day after the audit report is included in a document filed with the SEC. These three firms did not timely file required Form APs. The Board identified these alleged violations through a PCAOB sweep.
The PCAOB censured all three firms and imposed civil monetary penalties as follows: a $90,000 penalty to Olayinka Oyebola & Co, a $30,000 penalty to Victor Mokuolu, CPA PLLC, and a $25,000 penalty to MAH & Associates, LLP. Each firm also agreed to undertake measures to establish policies and procedures regarding compliance with PCAOB reporting requirements.
The PCAOB’s press release is available here. The settled orders are available here: Olayinka Oyebola & Co, Victor Mokuolu, CPA PLLC, MAH & Associates, LLP.