Call us now:
UK audit firm Crowe UK LLP, its CEO Nigel Bostock and seniors auditor Matthew Stallabrass has been charged by the SEC for the firm’s deficient audit of music streaming company Akazoo Limited.
Crowe issued a clean audit of Akazoo 2018 financial statement, claiming it followed PCAOB standards when its audit team had almost no experience of training in PCAOB standards, it failed exercise an appropriate level of due professional care or professional skepticism and made false statements in its audit report.
Crowe U.K., Bostock, and Stallabrass have agreed to settle the SEC’s charges.
The SEC is exercising the long arm of regulatory oversight. One wonders how this will play out for cybersecurity?
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #financialaudit #professionalstandards
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