SEC Pursues Reporting Glitches in Silicon Valley

Posted by accountingweb on Jan 3 2000 120 printer friendly

Companies who specialize in providing Internet services and applications are one in a million, but one mark that distinguishes them from many companies is a potential lack of reporting practices.

On the West coast, the Securities and Exchange Commission (SEC) has announced that it is investigating auditors and those who work in financial services for any reporting mishaps because the agency believes these specialists are the primary ones to blame.

For example, the SEC reports that they believe auditors and others have purposely misapplied GAAP, and instead, believed their reports were in compliance because reported irregularities were not "material."

This latest round of investigations come in the wake of December's wake-up call to dot.coms, who were strongly counseled by the SEC to remain compliant on recognition of revenue.

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?

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