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The PCAOB issued a policy statement regarding its enforcement investigations, in that it will consider extraordinary cooperation, including voluntary and timely self-reporting, remedial or corrective action, and providing substantial assistance during the investigative process. This type of cooperation may result in reduced charges and/or sanctions. The settlement documents may also indicate the cooperation, or there may be no disciplinary action at all.
The PCAOB believes this policy will encourage firms and associated persons to self-report, correct and remediate. Although the PCAOB, generally, requires cooperation, the form of cooperation must be greater, and may include discovery of potential violations earlier and conclude investigations sooner. However, the PCAOB is the final arbiter of the meaning of cooperation, and it will also consider the conduct of supervisors, management, and associated persons. In particular, it will look at supervision and training before acknowledging cooperation.
In sum, the PCAOB is following other agencies on the subject of cooperation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
