Consequences of Ethical and Audit Violations: Evidence from the PCAOB Settled Disciplinary Orders.

Specifically, we find highly significant and negative coefficients on US and BOTH in relation to the number, severity, and likelihood of monetary sanctions, as per Columns 1 ( SANCTION_FREQUENCY ), 2 ( SANCTION_SEVERITY ), and 3 ( SANCTION_MONETARY ) of Table 7 , respectively. 7 Similarly, when more than one individual auditor is involved in the identified violations, we find that the PCAOB penalizes more severely.

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We observe an increasing trend in the number of audit firms and individuals sanctioned over the period 2012–2017.

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