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An important read. Strong words from SEC commissionaire Hester Peirce, following the announcement to fine E&Y $100m for its unethical behavior in managing audit professional continuing education and the material misleading response made to the SEC following its requests for information.
This is a very detailed assessment of the oversight provided by the SEC, conducted on E&Y. In this case the original approach followed a settlement by a separate audit firm on CPA examine cheating in 2019, that led to a wider examination.
It highlights the role of the various regulators, in this case that of the SEC and E&Ys reporting and discloser obligations to the SEC. Ahead of internal investigations and PCAOB reporting. That opened up the role of audit firms, ethics and their credibility to oversight, assure and attest client financial statements, and more.
One suspects these is more work to be done, that may for example add further justification to the UK governments plans to put in place an independent regulator to provide closer scrutiny of audit firms.
Ted Dziekanowski
#audit #ethics #compliance #regulation #reporting
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