SEC

A&A

Did Ernst & Young really assist financial fraud?

As the auditor of Lehman Brothers, Ernst & Young approved the use of Repo 105 transactions. These transactions were characterized as sales of assets and created a misleading picture of Lehman's financial position during the financial meltdown.
A&A

Department of Labor, SEC prepare to change definition of 'fiduciary' while AICPA balks

The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA), the government group responsible for educating Americans about how retirement and health and certain welfare plans work, has proposed that the definition of the term "fiduciary" be updated.
A&A

Censured accountant left a trail of violations

When the U.S. Securities and Exchange Commission tells a CPA, “Thou shalt not practice,” they don’t mean maybe. The SEC filed a settled enforcement action January 11 against Michael R. Drogin, of New York and New Jersey.
Tax

Alleged pump-and-dump scheme could mean 25 years in prison for accountant

Stephen Durland, a former Palm Beach, Florida, accountant made a fortune as an investor . . . sort of. He’s accused of operating a $30 million investment scam in California. If convicted, Durland could be looking at 25 years in prison, plus a $5 million fine.
A&A

SEC Shadow NAV rule means greater transparency for investors

The Securities and Exchange Commission (SEC) has announced that, for the first time, investors can access detailed information that money market funds file with the Commission.
A&A

James Doty to chair SEC accounting oversight board

James Doty, a partner at Washington, D.C.-based law firm Baker Botts LLP who served as general counsel for the SEC in the early 1990s, recently was appointed by SEC chairman Mary Schapiro to lead the agency’s Public Company Accounting Oversight Board.
A&A

Public companies must submit XBRL exhibits to SEC in 2011

The SEC in 2009 issued rules requiring public companies and foreign private issuers that prepare financial statements in accordance with US GAAP to attach an exhibit with all periodic filings that contains computer readable tags written in XBRL.
A&A

Ernst & Young charged with civil fraud for role in Lehman collapse

The New York Attorney General has filed a lawsuit against Ernst & Young, accusing the firm of helping Lehman Brothers hide its financial weakness from investors from 2001 until the investment bank collapsed in 2008.
A&A

AICPA recommends changes to SEC proposed ruling for family offices

A proposed ruling from the U.S. Securities and Exchange Commission exempts family offices from any requirement to register with the SEC under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
A&A

SEC has five prominent fraud cases in one month

July was a busy month for the SEC. Five of the enforcement cases charged or settled that month involved large, well-known companies, including KBR, Goldman Sachs, Dell, General Electric, and Citigroup.
Tax

SEC charges two Madoff employees with fraud

The Securities and Exchange Commission has charged a pair of longtime employees at Bernard L. Madoff Investment Securities LLC with playing key roles in the Madoff Ponzi scheme.
Tax

Increased motivation for whistle-blowing

New statutory and regulatory changes provide greater rewards to individuals who blow the whistle on fraudulent activities and to organizations that actively encourage an effective ethical culture.
Tax

SEC, Madoff associates settle civil charges

Associates of convicted fraudster Bernard Madoff and the U.S. Securities and Exchange Commission have agreed to settle civil charges.
A&A

Nearly half of executives anticipate SEC decision on IFRS in 2011

Most executives responsible for corporate financial reporting said their firms will be ready, but likely will not move to IFRS until mandated, even if an "early adoption" option is allowed, according to an IFRS convergence survey.
A&A

SEC wants public companies to disclose more info about short-term borrowing

The Securities and Exchange Commission has voted unanimously to propose measures that would require public companies to disclose additional information to investors about their short-term borrowing arrangements.
Tax

Wyly boys: Brothers with a golden touch, in trouble together

If the U.S. Securities and Exchange Commission is correct, billionaire brothers Samuel E. Wyly and Charles J. Wyly Jr. have more than savvy investing and brilliant business minds to thank for their wealth.
Tax

SEC charges former Deloitte partner, son with insider trading

The U.S. Securities and Exchange Commission last week charged a former Deloitte and Touche LLP partner and his son with insider trading in the securities of several of the firm's audit clients.
A&A

PCAOB addresses failure-to-supervise provision

The Public Company Accounting Oversight Board has issued its views regarding the provision of the Sarbanes-Oxley Act of 2002 that authorizes the PCAOB to impose sanctions on registered public accounting firms and their supervisory personnel for failing to reasonably supervise associated persons.
A&A

PCAOB adopts new auditing standards on risk assessment

The Public Company Accounting Oversight Board has adopted a suite of eight auditing standards related to the auditor's assessment of, and response to, risk in an audit.
A&A

Dell shareholders to consider SEC settlement

Dell Inc. appears to be closer to an agreement with the U.S. Securities and Exchange Commission, which has been investigating the computer maker and its founder over questionable arrangements with Intel.

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