As a result of an investigation of alleged violations of the AICPA and Illinois CPA Society’s codes of professional conduct, Mr. Maines with the firm of Maines & Associates, Inc., entered into a settlement agreement under the Joint Ethics Enforcement Program effective November 19, 2016.
Information came to the attention of the Ethics Charging Authority (“ECA”) (comprised of the AICPA Professional Ethics Executive Committee and the Illinois CPA Society’s Professional Ethics Committee) alleging a potential disciplinary matter with respect to Mr. Maines’ failure to ensure his firm obtained an appropriate peer review.
The ECA reviewed the allegations in the referral and information publicly available on the United States Department of Labor’s EFAST website and Mr. Maines’ responses to its inquiries. The ECA charged Mr. Maines with violations of the AICPA and Illinois CPA Society’s codes of professional conduct as follows:
Rule 501, Interpretation 501-5 – Failure to follow requirements of governmental bodies, commissions, or other regulatory agencies
As the partner responsible for his firm’s peer review compliance, Mr. Maines failed to ensure it complied with state board requirements and those of the AICPA to undergo a peer review.
In consideration of the ECA forgoing further investigation of Mr. Maines’ conduct as described above and in consideration of the ECA forgoing any further proceedings in the matter, Mr. Maines agreed as follows:
a. To waive his right to a hearing under AICPA bylaws section 7.4 and Illinois CPA Society bylaws section 7.3.
b. To neither admit nor deny the above specified charges.
c. To his suspension from membership in the AICPA and Illinois CPA Society for a period of two years from the effective date of this agreement.
d. That the ECA shall publish his name, the name of his firm, the charges, and the terms of this settlement agreement.