ADMINISTRATIVE PROCEEDING
File No. 3-21486

June 9, 2023 - The Securities and Exchange Commission today announced settled administrative and cease-and-desist proceedings against certified public accountant Robert Allan Boyle (R. Boyle) and his audit firm, Boyle CPA, LLC (Boyle CPA), based in Red Bank, New Jersey, for failing to comply with Public Company Accounting Oversight Board standards while conducting audits of public companies. Both R. Boyle and Boyle CPA have agreed to settle the charges.

According to the SEC's order, R. Boyle and Boyle CPA failed to comply with PCAOB standards in conducting multiple audits for seven public issuers from 2019 through 2022. Specifically, for one or more of Boyle CPA's clients, the respondents failed to: (1) complete and maintain adequate audit documentation; (2) communicate with clients' boards of directors; (3) communicate with clients' predecessor auditors; (4) adequately audit inventory; (5) have adequate and timely engagement quality reviews conducted; and (6) exercise due professional care. The SEC's order further alleges that certain of these clients filed reports with the SEC that stated that their financial statements were audited by Boyle CPA in conformity with PCAOB standards when they were not.

The SEC's order finds that R. Boyle and Boyle CPA engaged in improper professional conduct within the meaning of Section 4C(a)(2) of the Securities Exchange Act of 1934 and Rule 102(e) of the SEC's Rules of Practice, that Boyle CPA violated Rule 2-02(b)(1) of Regulation S-X and that R. Boyle caused these violations, and that R. Boyle and Boyle CPA caused certain of their clients' violations of the reporting provisions of Section 13(a) of the Exchange Act and Rule 13a-1 and Section 15(d) of the Exchange Act and Rule 15d-1 thereunder. Without admitting or denying the SEC's findings, R. Boyle and Boyle CPA consented to pay, jointly and severally, $166,581 in disgorgement and $10,282 in prejudgment interest. Boyle CPA also agreed to pay a civil penalty of $50,000. R. Boyle and Boyle CPA further agreed to be suspended from appearing and practicing before the SEC as accountants, but can apply for reinstatement after three years.

The SEC's investigation was conducted by Jerrold H. Kohn and Larry Brannon and supervised by Ana D. Petrovic and Paul A. Montoya of the Chicago Regional Office.