SEC Using MicroStrategy as Example of Auditor Independence Violations
Whether or not there was any impropriety with MicroStrategy's financial reporting and their subsequent audits remains to be seen. The bigger issue, however, is how the SEC is going to rule when it comes to auditor independence.
Public hearings on the proposed guidelines to limit the ability of public accounting firms to perform consulting services are set for next week and representatives from all the major accounting firms are lining up to have their say. Stay tuned as we continue to report this story which will have an impact on accountants everywhere.