Enforcement Activity Involving Auditors – 2025 Q3 Update
A recent report from The Brattle Group analyzes enforcement activity against auditors by the Public Company Accounting Oversight Board (PCAOB) and the US Securities and Exchange Commission (SEC) in the first three quarters of 2025. It also highlights notable developments in the third quarter of 2025 (Q3 2025) – including leadership changes, constitutional uncertainty, and new initiatives – that may impact the enforcement landscape.
“Enforcement Activity Involving Auditors – 2025 Q3 Update” was authored by Principal Alison Forman and Associate Adam Karageorge and serves as a follow-up to their previous reports analyzing SEC and PCAOB enforcement activity, including “Enforcement Activity Involving Auditors – 2024 Mid-Year Update” and “2024 Enforcement Activity Involving Auditors.” In the Q3 2025 report, data from the first nine months of 2025 is compared to the regulators’ previous administrations from 2018–2024.
Notable Q3 2025 developments discussed in the report include the appointment of SEC Enforcement Director Judge Margaret Ryan; the establishment of the SEC’s Cross-Border Task Force; the threat to the PCAOB’s existence in President Trump’s budget bill; a pending complete PCAOB board refresh, including the forced resignation of Chair Erica Williams; and the delay of the adoption of the PCAOB’s new quality control standard, QC 1000.
