The PCAOB enforcement activity in 2024 reaches record high

The public society's accounting oversight board (PCAOB) recorded record activities in 2024 and, according to a report by the US Cornerstone Research, marked the highest level since 2017.

The report, PCAOB enforcement activity – 2024 year in reviewunderlines an increase in regulatory measures, with the total number of fines reaching an all -time high of USD 35.7 million compared to 78% compared to 2023.

These punishments made up almost 40% of all fines that have been imposed since the PCAOB was founded.

In 2024, the PCAOB announced 51 enforcement measures with 40 in connection with the examination performance.

Most measures occurred in the first half of the year. 30 were before the judgment of the Supreme Court of the United States in sec v. Jarkesy completed.

The Co-Head and the report of the Cornerstone Research by co-author Jean-Philippe Poissant said: “In 2024, PCAOB continued the aggressive enforcement and celebrated 30 exam actions in the first half of 2024, which more than tripled in the first half of 2023.

“In one of five examination campaigns, the PCAOB not only claimed violations of the examination standards, but also the quality control standards and ethics and independence.”

In the comparison of the enforcement under various administrations, the report found that the PCAOB has completed 160 measures in the context of the bidges administration (January 20, 2021–31 December 2024), including 124 examination campaigns.

This is in contrast to 126 total campaigns, including 101 exam campaigns during the Trump management.

The fines after Biden's term were almost seven times higher and reached around $ 68 million compared to over $ 10 million under Trump.

Russell Molter, co-author of Cornerstone Research, said: “The type of respondent in enforcement measures shifted from a majority of the individual respondents during the Trump administration to an almost even separation between individual and festivals during the bid administration.

“In addition, the percentage of the respondents who were fined in the examination campaigns rose from just more than half (59%) to almost all respondents (94%).”

One of the most important trends in 2024 were an increase in the examination campaigns in which the US sustainers were involved, while measures remained unchanged in which the respondents of the US respondents were involved.

For the first time in 2021, around 2024 measures referred to the disclosure of a material weakness of internal control by the company.

In addition, 52% of the 2024 examination measures were said to be violations of quality control standards.

In 2024, the need for companies surveyed to keep independent consultants fell to 11%, from 15% in 2023.

Since the PCAOB has celebrated its 20th anniversary since its first assumption measure, the non-profit company has completed 487 measures with 675 surveyed, with the majority of the majority to be killed in 344.

The PCAOob has imposed 94 million US dollars in terms of punishments since its foundation.

In February 2025, the PCAOB started a self -evaluation tool with which the auditors can assess their understanding of AS 2310.

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