PCAOB penalizes Israeli audit firm with $200K fine.

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TLDR: PCAOB fines Israeli audit firm $200K for violations

Key points:

  • The PCAOB fined Israeli auditor Ilanit Halperin and her firm $200,000 for violating rules during several audits.
  • Violations included failure to obtain engagement quality reviews, file timely and accurate forms, and maintain quality control standards.

The Public Company Accounting Oversight Board sanctioned Halperin and her firm Halperin Ilanit CPA for various violations in connection with audits on three clients. These violations included not obtaining proper engagement quality reviews, failing to file required forms on time and accurately, and not maintaining quality control standards. Halperin, the firm’s owner and sole partner, directly contributed to these violations. The audits involved companies in Miami Beach, San Francisco, and Tel Aviv focusing on mobile and e-commerce services, blockchain technology, and digital identification, tracking, monitoring, and cybersecurity products, respectively.

Without admitting or denying the findings, Halperin and her firm agreed to a censure, a $200,000 penalty, revocation of firm registration with a right to reapply after three years, and a bar on Halperin with a right to petition for termination after three years. Additionally, the firm must improve its quality control system before reapplying and Halperin must complete additional continuing professional education before reinstatement.

“Deficient quality control systems put investors at risk,” said PCAOB chair Erica Williams in response to the sanctions. The board has been cracking down on auditors for almost two years now, imposing several fines and penalties on violators.

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