The U.S. Public Company Accounting Oversight Board (PCAOB) on Tuesday sanctioned five audit firms for allegedly preparing financial statements for broker-dealer firms that they also audited, thereby violating auditor independence requirements.

All five of the firms consented to the orders against them, without admitting or denying the PCAOB’s findings.

The orders censure each of the firms, impose a US$2,500 civil penalty, and require them to take remedial measures.

“The PCAOB has a responsibility to serve the investing public by promoting high quality, independent audits,” said James Doty, chairman of the PCAOB. “These orders reflect the board’s continued commitment to enforcing basic independence requirements that are critical to transparency, investor protection and the public interest.”

At the same time, the board says that it decided not to sanction a sixth audit firm based on the firm’s extraordinary cooperation, including self-reporting and voluntarily taking remedial action.