Marcum Asia Settles US Communication Charge Over Gridsum Audit

Marcum Asia CPAs LLP agreed to pay a $100,000 fine to the US audit regulator in connection with botched audits for data analytics firm Gridsum Holding Inc.

Marcum Asia didn’t inform Gridsum’s subsequent auditor the extent to which the new firm could rely on Marcum Asia’s work, the Public Company Accounting Oversight Board said Tuesday. This was a violation of US rules for how current and incoming auditors communicate, PCAOB’s settlement order said.

Gridsum, headquartered in Beijing, hired Marcum Asia—formerly known as Marcum Bernstein & Pinchuk—to audit three years of its financial statements in 2018. Before the firm could finish ...