In 2022 — its first full year under a new chair and with an almost completely new set of board members — the Public Company Accounting Oversight Board increased its enforcement activity significantly and levied record-setting penalties of $11 million.
And then in 2023, it broke those records again.
By mid-November it had issued almost $12 million, with more still come.
"Last year through our enforcement program we imposed the highest penalties in PCAOB history against those who put investors at risk," said Chair Erica Williams
And 2024 looks set to be another strong year for enforcement, with the board planning to review more audit engagements, to expand its inspection procedures, and to get its inspection reports out faster.
To get a sense of its inspection and penalty priorities, see the collection below of enforcement actions from the past year or so; for more on how the regulatory environment for accountants, auditors and tax professionals is getting stricter,