Litigation, Censures, and Fines Involving National Public Accounting Companies

Litigation, Censures, and Fines Involving National Public Accounting Companies

Considering various examples of litigation, censures, and fines involving national public accounting firms, such as fines by regulatory authorities and professional societies, various recommendations can be made to deter the firm from repeating violations. First, regulatory oversight should be strengthened by regulators. Regular audits, inspections, and investigations should be done to detect any potential violations through a proactive approach. Second, disclosure requirements should be enhanced by regulators. Aspects such as conflicts of interest, non-compliance, or irregularities should be subjected to disclosure requirements, emphasizing the protection of whistleblowers (Pittroff, 2021). Lastly, significant penalties and fines should be imposed on firms found guilty of conduct violations. The rationale for the three recommendations is based on a strong belief that a long-lasting impact can be attained through combined efforts of a transparent environment, swift disciplinary actions, and substantial penalties. Implementing these measures by regulators and professional societies will likely foster a culture of compliance, accountability, and integrity.

References

Pittroff, E. (2021). The legitimacy of global accounting rules: A note on the challenges from path-dependence theory. Journal of Management and Governance, 25(2), 379-396.

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Research the Internet or Strayer Library for examples from the past two years of litigation, censures, and fines involving national public accounting firms, such as fines by regulatory authorities and censures by professional societies.
Make a recommendation as to how regulators and professional societies may deter firms and organizations from making similar violations.
Provide support for your rationale.