The total number of accounting and auditing actions initiated by the SEC declined 32% from 50 in 2020 to 34 in 2021.SEC Actions Involving Accounting and Auditing Reached the Lowest Level in Recent Years These settlements totaled approximately $1.1 million. The PCAOB publicly disclosed 18 enforcement actions involving auditing in 2021, a 38% increase from the 13 actions disclosed in 2020.1 Of the 26 individual and firm respondents that settled with the PCAOB in 2021, monetary settlements were imposed on 21 (81%). In 2021, PCAOB activity remained below pre-pandemic levels. In 11 of the 49 settlements, the SEC reported that it took into account the respondent’s self-reporting, cooperation, and/or remedial efforts as it set penalties and other remedies. Monetary settlements were imposed on 44 (90%) of those respondents and totaled approximately $158 million. In 2021, 49 respondents settled charges that the SEC had brought in 2021 or prior years. All of these enforcement actions were initiated as administrative proceedings. SEC Overviewĭuring the first year of the new administration, the SEC initiated 34 enforcement actions involving 26 individuals and 20 firms, a decrease in enforcement activity for the third consecutive year. Monetary settlements totaled approximately $159 million, almost all of which were imposed by the SEC, a decline of nearly 90% from $1.4 billion in 2020. Together, the SEC and PCAOB publicly disclosed 52 accounting and auditing enforcement actions in 2021, nearly two-thirds of which were SEC actions. Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB), accounting and auditing enforcement activity decreased and monetary settlements fell sharply. In 2021, a year characterized by the continued challenges of the COVID-19 pandemic and changes in leadership at both the U.S.
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