Marcum LLP, an auditor of a number of cannabis companies, violated rules of conduct, says Canadian Public Accountability Board
Canada’s top audit regulator has banned a U.S. accounting firm from taking on any new risky Canadian clients after it found problems in the firm’s examinations.
Marcum’s failures rose to the level of 10 distinct violations of the Rules or Professional Standards that govern audits, CPAB said, including “identifying and assessing the risks of material misstatement through understanding the entity and its environment.” The CPAB ban prohibits Marcum from accepting new “high risk” Canadian reporting issuer clients, including those resulting from initial public offerings, reverse takeovers or other transactions. CPAB says it and Marcum have agreed on a definition of “high risk” for the purposes of the ban.
CPAB said Marcum, which does not have an office in Canada, had 21 Canadian audit clients who were “reporting issuers,” which means they file audited financial statements with securities regulators. CPAB is not naming the two public-company clients of Marcum whose audits it inspected.
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