The SEC is turning its attention back to accounting and auditing cases after the financial crisis forced it to focus on insider trading cases, Ponzi schemes, and the like, reports AccountingToday. The SEC recently announced two high-profile cases against BDO and Grant Thornton. In the Grant Thornton case, one of the issues was over the timing of a client’s $58 million impairment charge. The audit firm failed to obtain adequate audit evidence to support management’s conclusion that the impairment had occurred after a significant public offering by the client.
Please let us know
if you have any comments about this article or enhancements you would like to see.