Financial Services Industry
Industry: Email Alert RSS FeedSEC issues tough warning to accountants.
Financial News, December, 2002
The highest-ranking enforcement official at the Securities and Exchange Commission on Thursday issued a chilling warning to the accountancy profession that entire firms faced lawsuits unless they co-operated better with investigations.Stephen Cutler, director of enforcement at the SEC, the US![macron]s chief financial regulator, said the agency had historically pursued only individual auditors for wrong-doing at public companies.
He argued forcefully for that enforcement culture to change, for whole firms to face SEC penalties in the future. ![degrees]It is time to adopt a new enforcement model...one that holds an accounting firm responsible for the actions of its partners; one that reverses the current presumption against suing firms for an audit failure.![ or -]
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