PCAOB imposes penalty on TPS Thayer for audit failures

The Public Company Accounting Oversight Board (PCAOB) has issued a penalty against US accounting firm TPS Thayer for lapses during five audits involving two companies with main operations in China. PCAOB found that TPS Thayer did not sufficiently plan the five audits of these two companies or supervise a public accounting firm (Firm A), which is also in China. Firm A’s work formed a significant part of these audit engagements for the two companies that have their “principal place of business” in China. ...