PCAOB Sanctions CohnReznick for Late Disclosure of SEC Settlement

PCAOB has hit New York-based CohnReznick LLP (FY23 net revenue of $920 million) with a $20,000 fine for allegedly disclosing late a penalty it received from the SEC.

PCAOB alleges the firm did not make required disclosures about a $1.9 million settlement it had reached in an SEC disciplinary proceeding regarding alleged improper conduct during the course of two client audits until roughly five months after the deadline for doing so. Without admitting or denying the findings, CohnReznick settled for the civil money penalty and has agreed to comply with its PCAOB reporting policies and procedures in a timely and complete manner going forward.

“Registered firms must report qualifying events on Form 3 on a timely basis so that such information is available to investors and can be used as part of the board’s oversight of those firms,” noted PCAOB director of enforcement and investigations Robert Rice in a statement.

 

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