Auditing

BDO USA was fined $2 million and two of the firm’s partners were fined a total of $60,000 for failures in the 2017 audit of AAC Holdings.

These additions are designed to both improve the way accounting teams work and enhance their professional development.

However, the nearly 4% increase in audit fees over FY 2021 was less than the year-over-year inflation rate in 2022 of 6.5% in the U.S.

The proposal would hold auditors and others more accountable when they negligently cause their firm to violate auditing standards.