The PCAOB has significantly increased its enforcement activities in 2024, reaching the highest level since 2017, as detailed in a report by Cornerstone Research.
The PCAOB imposed $35.7 million in penalties, marking a 78% rise from 2023. Since its inception in 2004, PCAOB enforcement has resulted in $94 million in total monetary penalties, 38% of which were imposed in 2024.
“The PCAOB continued aggressive enforcement in 2024, finalizing 30 auditing actions in the first half of 2024, more than triple the number of actions finalized in the first half of 2023,” said Jean-Philippe Poissant, a report co-author and co-head of Cornerstone Research’s accounting practice. See more key findings.