Filed in archive Accounting by leon on September 15, 2007

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.

Related Entries:

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Audit reform: the half-loaf solution - 21 December 2006
SEC-PCAOB arm wrestle on accounting rules - 04 April 2007
PCAOB slates audits of small firms - 26 October 2007
Bringing accounting firms to account - 11 June 2008

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Rating: 8.75 out of 4 vote(s) cast.

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The Securities and Exchange Commission has charged 69 accounting firms and individuals with violating Sarbanes-Oxley by failing by auditing public companies without registering with Public Company Accounting Oversight Board. Five years on, and you have...

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