August 10, 2022

The SEC Put Out Its 2015 Highlight Reel

The SEC's fiscal year wrapped on September 30, so naturally, they wanted to take a victory lap with their enforcements results.

Among the accounting and auditing highlights brought up are:

There's loads of other non-accounting enforcement actions against firms like KKR, BlackRock, Morgan Stanley, Goldman Sachs, Standard & Poor's, Goodyear, Avon, BNY Mellon. It goes on ad nauseum. All told, the SEC had 507 independent enforcement actions and $4.19 billion in disgorgement and penalties.

Not bad! But it's hard to get too excited when insider trading violations and their punishment are ludicrously inconsistent, clawback regulations are rarely enforced and the Chair has a ridiculous number of conflicts. There's even a petition out there calling on Mary Jo White to recuse herself from picking the next PCAOB chair. And Elizabeth Warren isn't happy, which is never good for you.

Hopefully, they put those on the ol' to-do list for 2016. But, for my sake, they do need to keep up the pace on accounting and auditing enforcement. I like to stay busy.

[SEC]

 

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

A Petition to Fire SEC Chair Gary Gensler Has Almost 25,000 Signatures

“Al from Boston” and 23,919 other individuals would like to see SEC Chairman Gary Gensler gone, namely for obstruction of justice, incompetence, and screwing over retail investors. From the change.org petition: SEC Chairman Gary Gensler is complicit in criminal activities perpetrated by Citadel Securities, Citadel the Market Maker in naked short selling and dark pool […]

large dollar signs in a field

Big 4 Firms Are Fighting Engineers Over the Right to Bill Clients For Climate Disclosure Audits

Interesting piece over at the Wall Street Journal this morning about environmental disclosures or, more significantly, who gets to charge clients for auditing this data under SEC climate disclosure rules proposed in March. Read: Firms that verify businesses’ climate data are at odds over who is qualified to perform the work, a pivotal and potentially […]