The PCAOB, the IRS, state tax authorities and other regulators are getting more serious about cracking down on accountants and tax preparers. What does this mean for your firm?
Enforcement actions are ramping up across the accounting profession, as regulators turn up the heat on accountants and tax preparers. This has likely left many firms wondering what the crackdown means for their practice and how they can avoid the hot seat in the interrogation room.
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.
