Cynthia C. Reinhart, who was a partner at KPMG LLP, a registered public accounting firm, had appealed disciplinary action by the Public Company Accounting Oversight Board (PCAOB). In a rare move, the Securities & Exchange Commission (SEC) has now overturned the PCAOB’s ruling.
She had originally been found in violation of PCAOB Rules 31001 and 3200T2 by not adhering to professional auditing standards during the audit of a public company’s 2007 financial statements.
The PCAOB further found that those violations constituted “repeated instances of negligent conduct,” which supported the imposition of Reinhart being barred from associating with a registered public accounting firm and limiting the type of role she could undertake.
However, following an independent review of the case, the SEC has ruled that ‘the record does not support the PCAOB’s finding that Reinhart engaged in repeated instances of negligent conduct as required by Sarbanes-Oxley to support the sanctions PCAOB imposed, and we cancel the PCAOB’s sanctions on that basis’.
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