The revocation was imposed on Gaynes in default when he did not respond to an order to show cause.
PCAOB Revokes New York Firm Registration
The Public Company Accounting Oversight Board has revoked the registration of CPA Paul Gaynes of New York and imposed a $5,000 civil money penalty upon the firm. The PCAOB made its initial decision on November 10, but the order did not become final until the period for Gaynes to petition for a review had elapsed.
The action was taken because the board found Gaynes did not file annual reports for 2010 and 2011 and failed to pay the 2011 fee. On Dec. 17, 2010, the PCAOB notified Gaynes about the failure to file the 2010 report and he responsed on December 21 by emall that the firm needed guidance in filing the report and that he would telephone. While Gaynes did not carry through on that, the firm issue audit reports on financial statements of four brroker-dealers in February 2011
