By Dean Seal
The U.S. Securities and Exchange Commission is fining a former Marcum auditor $75,000 over alleged deficiencies in the accounting firm’s quality control system.
The Wall Street regulator said Tuesday that it has filed an enforcement action against Alfonse Gregory Giugliano, the former National Assurance Services Leader at Marcum.
The complaint claims Giugliano oversaw quality control for the firm’s public company practice as it experienced exponential growth that exposed deficiencies within Marcum’s quality control functions.
Giugliano was aware that inspections from both Marcum and the Public Company Accounting Oversight Board had revealed these deficiencies, but he didn’t sufficiently address the issues, causing standard violations throughout Marcum’s audit work, according to the SEC.
Without admitting or denying the allegations, Giugliano has agreed to pay a $75,000 fine and be barred from taking a leadership role at a public accounting firm for three years.
The SEC reached a $13 million settlement with Marcum earlier this year to resolve allegations of quality control failures tied to its auditing work for hundreds of special-purpose acquisition companies.
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