Among the issues were Cronin's audits of the financial statements for Baltia Airlines, a startup business undergoing government regulatory approval. The PCAOB report found that for 2007 and 2009 that company's financial statements said  company officers had received no compensation and that there were no related-party transactions.

Cronin became aware that in 2007 and 2009 Baltia officers had received certain payments. The SEC document does not address the amount or nature of the payments, only that Cronin failed to examine them and determine if they should have been reported as related-party transactions.

The only employee at his firm, Cronin was also fell afoul of rules barring an auditor from providing services to the same client for more than five consecutive years. That issue was cited for four different clients, including Baltia. He also failed to get an independent firm to serve as to perform a quality review of his the 2011 financial statements of his client, Odyssey Pictures.

Although Cronin hired a firm to perform that task he did not notify the partner of the other business in time to have the review conducted before the 2011 statements were issued.