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Marcum LLP Sanctioned for Audit Independence Violations

Sept. 10, 2019, 10:44 PM

Marcum LLP, and an affiliate, promoted 69 of its audit clients as good investment opportunities to potential investors at conferences sponsored by the firms, violating U.S. auditor independence rules.

The firms and Marcum’s audit practice leader agreed to a combined $525,000 settlement with the Public Company Accounting Oversight Board, the regulator said Sept. 10.

In addition, Marcum agreed to hire an outside consultant to help it improve its compliance with independence requirements.

The violations dated to 2012 and continued for multiple years, according to two PCAOB disciplinary orders censuring the firms and assurance leader Alfonse Giugliano.

Marcum also failed ...