A public accounting firm settled SEC charges for systemic quality control failures and professional standards violations for audit work performed on special purpose acquisition companies.
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SEC Chief Accountant Paul Munter described auditor’s supervisory responsibilities currently incorporated in the PCAOB standards, and provided "reminders on good practices for audit committees and issuers."
The SEC asked the U.S. District Court for the District of Columbia to order a law firm to comply with a subpoena to provide information pertaining to an ongoing investigation following a cyber attack on the law firm.
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.
SEC Acting Chief Accountant Paul Munter reminded independent auditors of their obligation to detect and prevent fraud in financial reporting.