The Public Company Accounting Oversight Board sanctioned CohnReznick LLP, a Top 25 Firm based in New York, for failing to disclose disciplinary proceedings from the Securities and Exchange Commission within five months as required.
The PCAOB released a
The initiation and conclusion of the SEC's proceeding against CohnReznick constituted reportable events under Form 3, according to the PCAOB, but CohnReznick failed to file a Form 3 reporting either event until Dec. 12, 2022. CohnReznick did not immediately reply to a request for comment.
As part of the PCAOB's efforts to strengthen its enforcement efforts in recent years, it has increased its vigilance when it comes to firms failing to disclose required events on Form 3, or to do so by the deadline.
"Registered firms must report qualifying events on Form 3 on a timely basis so that such information is available to investors and can be used as part of the board's oversight of those firms," said PCAOB director of enforcement and investigations Robert E. Rice in a statement.
Without admitting or denying the findings, CohnReznick settled with the PCAOB and agreed to a disciplinary order that censures the firm and imposes a $20,000 penalty. The order also requires the firm to comply with its PCAOB reporting policies and procedures, including those pertaining to providing reasonable assurance that reportable events are reported on the applicable PCAOB form in a timely and complete manner.