Williams & Webster PS, a CPA and business advisory firm with offices in Seattle and Spokane, has been censured by the Public Company Accounting Oversight Board for violations stemming from a 2004 client audit.
The audit overseer said the audit failure came during W&W’s audit of Diatect International Corp., a Heber City, Utah-based insect control products manufacturer.
Specifically, the board cited lead engagement partner Kevin Williams as failing to “exercise professional skepticism” with regard to the client’s reported gain on the sale of mining rights, and reported revenue with respect to products for which a right of return existed.
The board barred Williams from working with a registered public accounting firm and suspended partner John G. Webster from working with a registered firm for one year. The PCAOB said Webster may file a petition for reinstatement in two years.
