Earlier this week, the US Public Company Accounting Oversight Board (PCAOB) announced a settlement with Baker Tilly, which censures the firm for ongoing deficiencies in its audit quality control systems and mandates that it engage an independent consultant to review and make recommendations on how to resolve them.
"Deficient quality control systems put investors at risk," said PCAOB Chair Erica Y. Williams. “The PCAOB will hold firms accountable for failures to maintain appropriate quality control systems and protect investors.”
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