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Audit firms "forget" to register
This news seems almost fit for The Onion: Nearly 70 accounting firms and partners, which are charged with carrying out Sarbanes Oxley ethics reforms, have "forgotten" to register with the board that supervises the industry. "Oh yeah. That was, uh, a top priority," says one partner who was censured. "But let's face it, some summer interns just seem less diligent than others. Overall, we still see ourselves as detail oriented and a stickler for rules." The SEC is not laughing. But it settled the cases without fining any of the offenders. These firms aren't exactly moonshine outfits or unregulated betting parlors. Still, while unregistered, they conducted 53 audits for public companies. Some of them had previously agreed to return fees to clients. None of the big four firms forgot to register.
For more:
- here's an AP article via the New York Times
Related article:
- Accountants and firms charged with Sarbanes Oxley violations
- Sarbanes Oxley Act of 2002
-What's going on at the SEC?
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