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Financial Reporting and Audit Task Force Struggles in First Year

With July marking its first anniversary, the U.S. Securities and Exchange Commission’s (“SEC”) Financial Reporting and Audit Task Force is reflecting on the past year’s accomplishments. Unfortunately, the group has little to celebrate. To this point, task force investigations have not led SEC lawyers to charge anyone for fraud. Despite the slow start, SEC officials have discovered companies with faulty financial reporting controls and fragile application of accounting standards in areas that are usually sources of fraud like revenue recognition and expense recording. At a June 11th question-and-answer session in Washington, D.C., SEC Enforcement Division head Andrew Ceresney also acknowledged. Read More.

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Ceresney Praises SEC’s Division of Enforcement Accomplishments

As the keynote speaker at Compliance Week 2014, U.S. Securities and Exchange Commission (“SEC”) official Andrew Ceresney reflected on the Division of Enforcement’s (“the Division”) achievements from the past year. Ceresney, the Director of the SEC’s Division of Enforcement, highlighted successes including: Creating specialized units within the Division to concentrate on areas of significant concern; Ensuring fair trading and equal information access within the securities markets; Creating task forces within the Division to focus on areas outside of the ones covered by specialized units; and A new method to settlements that creates the effective settlement of cases while fulfilling accountability. Read More.

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