backOn June 18, 2024, the PCAOB issued a settled order against Canada-based CPA firm De Visser Gray LLP. The PCAOB found that De Visser Gray’s quality control systems failed to provide reasonable assurance that the firm would (1) comply with PCAOB professional standards and regulatory requirements; (2) perform sufficient procedures to determine critical audit matters; (3) comply with independence-related pre-approval requirements before providing tax services to an audit client; (4) make required audit committee communications; and (5) file Form APs on time.
De Visser Gray consented to a disciplinary order with the PCAOB that (1) imposed a civil penalty of $60,000; (2) required De Visser Gray to establish and/or revise its quality control policies to assure that the work performed by engagement personnel meets applicable audit requirements; and (3) required the firm to train its personnel on certain PCAOB rules and standards. De Visser Gray did not admit or deny the Board’s findings.
The PCAOB press release is available here, and the settled order is available here.