PCAOB sanctions Fruci & Associates and Jennifer Crofoot for audit breaches

The Public Company Accounting Oversight Board (PCAOB) has settled disciplinary measures against Fruci & Associates II and its erstwhile audit spouse Jennifer Ann Crofoot, pursuing inquiries into audits performed for 4 Nevada-based companies.

These PCAOB sanctions for audit violations travel findings that some the steadfast and Crofoot breached auditing regulations and standards.

Fruci & Associates II, based successful Spokane, Washington, unneurotic with certified nationalist accountant Jennifer Ann Crofoot, were progressive successful audits of Clean Vision Corp, Hammer Fiber Optics Holdings Corp, LeeWay Services, and Zeuus.

During the play examined by the PCAOB, Crofoot was the designated audit spouse astatine Fruci & Associates II and served arsenic engagement spouse connected these audits.

The PCAOB stated that Jennifer Ann Crofoot authorised audit reports giving unqualified opinions adjacent though indispensable audit procedures for worldly accounts were either insufficient or, successful definite cases, not conducted astatine all.

Additionally, these audit reports were issued without receiving the required concurring support from an engagement prime reviewer, arsenic outlined successful PCAOB standards.

Regarding Fruci & Associates II, the PCAOB recovered that the steadfast failed to uphold due prime power during these 4 audits.

Issues included weaknesses successful maintaining audit documentation and successful carrying retired engagement show requirements.

Such deficiencies meant the steadfast could not efficaciously forestall oregon place the behaviour committed by Crofoot.

As a effect of these findings, Jennifer Ann Crofoot received a ceremonial censure and has been barred from moving with immoderate registered nationalist accounting firm.

She whitethorn use to re-enter the assemblage aft 3 years from the order’s day but indispensable archetypal implicit 40 hours of continuing nonrecreational acquisition connected PCAOB auditing standards earlier submitting immoderate petition for reinstatement.

The bid directed astatine Fruci & Associates II besides includes a censure arsenic good arsenic a $50,000 civilian penalty.

The steadfast volition request to transportation retired remedial measures to code the lapses identified by the Board and amended compliance going forward.

Earlier this month, the PCAOB fined Florida-based nationalist accounting steadfast Beckles & Co for repeated delays successful filing Form APs successful accordance with regulatory requirements.

"PCAOB sanctions Fruci & Associates and Jennifer Crofoot for audit breaches " was primitively created and published by International Accounting Bulletin, a GlobalData owned brand.

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