Sep
15
In an historically significant move, the Securities and Exchange Commission has charged 69 accounting firms and individuals – 37 firms and 32 audit partners – with violating Sarbanes-Oxley by failing by auditing public companies without registering with Public Company Accounting Oversight Board.
According to the SEC, 50 of the firms and partners have settled with the the regulator and two firms have disgorged audit fees. They get off with a censure but no fine. The rest will have to explain themselves at a hearing.
Sarbanes-Oxley scrapped self-regulation in the accounting industry and firms now are required to register with the PCAOB.
Five years on, and this case really does raise questions whether Sarbanes-Oxley is that effective.
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