US Audit Board Imposes Record Fine, Raises Stakes for Violations

The US audit regulator said Tuesday that it has handed down a $150,000 fine against an audit partner who backdated work papers and misled agency staff, a record individual penalty as the agency looks to more aggressively police its rules.

Jonathan Taylor, an audit partner with Spielman Koenigsberg & Parker LLP, agreed to the fine and to a permanent professional bar from appearing before the regulator, according to a settlement order from the Public Company Accounting Oversight Board.

The PCAOB also revoked the registration of Spielman Koenigsberg & Parker for five years and fined the New York-based firm $150,000, ...