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Pastimes : Investment Chat Board Lawsuits
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From: StockDung4/18/2006 4:57:49 PM
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PCAOB Censures California Accounting Firm

By SIOBHAN HUGHES
April 18, 2006 4:21 p.m.
Of DOW JONES NEWSWIRES

WASHINGTON -- The U.S. audit oversight board on Tuesday publicly reprimanded Reuben E. Price & Co. Public Accountancy Corp., saying that the firm had failed to take prompt and appropriate steps after a client allegedly claimed the firm had fully audited its financial statements.

The Public Company Accounting Oversight Board said that Universal Communication Systems Inc. (UCSY) in 2004 filed annual report accompanied by a document it claimed was an audit report issued by Reuben E. Price. Although the San Francisco firm had provided Universal with a draft audit report, it had neither issued the audit report nor completed the audit, audit overseers said.

Reuben E. Price complained to Universal's management and a member of the company's board of directors, but the PCAOB said that the firm was obligated to take further action after Universal failed to take the proper remedial steps. The auditing firm should have resigned from the engagement and told Universal's board as soon as possible that filing the unapproved audit report would have a material effect on Universal's financial statements, the board said.

No financial penalties were imposed.

Reuben E. Price and Universal couldn't immediately be reached for comment.

-By Siobhan Hughes, Dow Jones Newswires; 202-862-6654; siobhan.hughes@dowjones.com

URL for this article:
online.wsj.com
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