The Public Company Accounting Oversight Board sanctioned a CPA and her former audit firm for quality control violations.
The board found that Jennifer Crofoot, a CPA then working as an audit partner at Fruci & Associates II, violated PCAOB rules and standards in connection with four audits.
Crofoot authorized the issuance of a report containing an unqualified opinion in the audits without performing adequate — or sometimes any — procedures on material accounts, and without receiving concurring approval from an engagement quality reviewer, as PCAOB standards require.
The PCAOB censured Crofoot, barred her from being an associated person at a registered public accounting firm with the ability to petition for board consent to associate after three years, and required her to complete 40 hours of continuing professional education related to auditing standards.
The board also censured the firm, imposed a $50,000 civil money penalty and required the firm to undertake certain remedial actions.
