Another CPA firm is de-registered from the PCAOB and charged with fraud. Issuers should be careful when selecting a PCAOB registered auditor. Selecting the "low priced" auditor will often result in low quality service, issuer restatements and issuer reaudits costing the issuer more money in the long run and possibly damaging trading prices of the issuers capital stock. Below is the summary disciplinary proceeding posted yesterday by the PCAOB and a link to the PCAOB website with the full story.
ORDER INSTITUTING DISCIPLINARY PROCEEDINGS,
MAKING FINDINGS, AND IMPOSING SANCTIONS
In the Matter of The Blackwing Group, LLC and Sara L. Jenkins, CPA, Respondents.
PCAOB Release No. 105-2009-007
December 22, 2009
http://www.pcaobus.org/Enforcement/Disciplinary_Proceedings/2009/12-22_Blackwing.pdf
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