Baker Tilly to Pay $500,000 Fine Over Repeated Audit Shortfalls

Baker Tilly US LLP agreed to pay $500,000 to settle US audit board charges that it failed to correct repeated lapses uncovered during routine regulatory inspections.

The firm didn’t correct shortfalls in its internal reviews of its audit work and didn’t address failures with its testing of corporate clients’ accounting estimates and internal controls over financial reporting, according to an order the Public Company Accounting Oversight Board released on Tuesday.

Baker Tilly, which neither admitted nor denied the board’s findings, also will hire a consultant to help bolster its quality controls and to provide training to its audit staff under ...