RSM consented to the SEC’s order without admitting or denying the findings and was ordered to cease and desist from future violations. The firm agreed to pay a $950,000 penalty and be censured. RSM additionally agreed to engage an independent consultant to evaluate its current quality controls for complying with auditor independence requirements for non-audit services. In determining to accept RSM’s offer of settlement, the SEC considered remedial acts undertaken by the firm.

“The SEC’s auditor independence rules specifically prohibit audit firms from providing certain non-audit services,” said Carolyn M. Welshhans, associate director of the SEC’s Division of Enforcement. “Audit firms must put in place procedures, training, and systems that provide a reasonable assurance of independence, and they must monitor for independence on an ongoing basis.”

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