A publicly traded special purpose acquisition company settled SEC charges relating to internal control failures that allowed its CFO to control and access its operating account with "little or no oversight."
News & Insights
SEC Commissioner Mark T. Uyeda warned that "any failure by the International Accounting Standards Board to adapt and update International Financial Reporting Standards to keep pace with complicated and evolving financial transactions could have profound implications on the global markets."
The SEC Division of Corporation Finance and Division of Trading and Markets reminded issuers of the potential imposition of trading prohibitions on the securities of issuers that have been identified as using auditors from a PCAOB-identified problematic jurisdiction.
The SEC filed charges against a water technology company and a former finance director for fraudulent accounting practices that resulted in material misstatements on its reported revenue at the time of the Company’s initial public offering.
A Canadian cannabis company settled SEC charges for filing financial statements with the SEC containing material accounting errors, and failing to maintain adequate internal accounting controls.