SEC Fines William Giugliano and Charges Marcum for Audit Quality Control Deficiencies

In this case, the Securities Exchange Commission (SEC) has charged partner Vincent Giugliano with improper professional conduct related to his work as the quality control leader in Marcum’s public company practice. According to the order, Giugliano failed to sufficiently address and remediate deficiencies in Marcum's quality control system relating to client acceptance, engagement partner supervision and review, audit documentation, and technical consultations, leading to violations of quality control and audit standards set by the Public Company Accounting Oversight Board (PCAOB). Without admitting or denying the findings, Giugliano consented to pay a $75,000 fine, cease from any future violations, be censured, and comply with certain undertakings for a period of three years.