backOn January 18, 2024, the SEC announced it had filed administrative and cease-and-desist proceedings against certified public accountant Edward F. Hackert, an engagement partner at Marcum LLP, for violating PCAOB audit standards.
According to the SEC’s order instituting disciplinary proceedings, the engagement partner is alleged to have (1) failed to supervise the work of the engagement team and to document his review by the report release date in approximately 85% of the audit engagements he led; (2) failed to assemble complete and final audit documentation within 45 days of the report release date; and (3) failed to exercise due professional care, which requires an auditor to exercise “professional skepticism.”
The SEC press release and copy of the order are available here.