These reports examine trends in accounting and auditing enforcement actions that were publicly disclosed by the U.S. Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB).
Accounting and Auditing Enforcement Activity
2025 Year in Review
SEC Accounting and Auditing Enforcement Activity
Accounting and auditing enforcement actions (Actions) plummeted to their lowest level in nine years during the first year of Paul Atkins’s tenure as Chair of the SEC. A 68% year-over-year decline compared to 2024, the number of actions in 2025 were just one fifth of the annual average of the prior eight years.
2025 Year in Review
PCAOB Enforcement Activity
In 2025, the PCAOB finalized the fewest number of enforcement actions (Total Actions) since 2021. Actions involving the performance of an audit (Auditing Actions) decreased by 18% from 2024. In 73% of the 2025 Auditing Actions, the PCAOB alleged violations of Quality Control Standards.
Year in Review: FY 2024
SEC Accounting and Auditing Enforcement Activity
The SEC drastically reduced its accounting and auditing enforcement activity in fiscal year 2024, the final year of Gary Gensler’s administration, ending two consecutive years of annual increases. At the same time, monetary penalties reached their highest level since 2021.
2024 YEAR IN REVIEW
PCAOB Enforcement Activity
The PCAOB continued to expand its enforcement in the final year of the Biden administration, reaching the highest level of enforcement actions since 2017. Monetary penalties imposed by the PCAOB reached a new record for the third consecutive year.
2023 YEAR IN REVIEW
PCAOB Enforcement Activity
The Public Company Accounting Oversight Board (PCAOB) expanded its enforcement activity to the highest level since 2017. Monetary penalties imposed by the PCAOB nearly doubled compared to the record set in 2022.
Year in Review: FY 2023
SEC Accounting and Auditing Enforcement Activity
The SEC expanded its accounting and auditing enforcement activity in fiscal year 2023, while monetary settlements dropped for the second consecutive year.
Year in Review: FY 2022
SEC Accounting and Auditing Enforcement Activity
In fiscal year 2022, the SEC publicly disclosed 68 accounting and auditing enforcement actions, a 55% increase from the prior fiscal year, but still below pre-pandemic levels.
2022 Year in Review
PCAOB Enforcement Activity
The PCAOB increased its enforcement activity sharply in 2022, disclosing the most enforcement actions in five years, and handing down the highest monetary penalties since its establishment in 2002.
2021 Review and Analysis
Accounting and Auditing Enforcement Activity
In a year characterized by leadership transitions at the SEC and the PCAOB, overall accounting and auditing enforcement activity decreased.
2020 Review and Analysis
Accounting and Auditing Enforcement Activity
SEC accounting and auditing enforcement activity remained strong, but PCAOB auditing-related activity declined to a new low as 2020 saw pandemic-related challenges and the potential for a change in U.S. presidential administration.
Authors
Chicago 
Contact Us
If you have any questions about this research or are looking for a previous version of this report, contact us for assistance.