News & Analysis as of September 19, 2024

Securities Exchange Act › Accounting Controls

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

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SEC Expands Scope of Internal Accounting Controls in Cybersecurity Breach Settlement

Holland & Knight LLP on 7/9/2024

The SEC continues to expand its cybersecurity enforcement authority to include allegations that a company's failure to monitor its managed security service providers (MSSP) amounts to violations of federal securities laws....more

SEC’S Expansive View of “Accounting Controls” Draws Unusual Dissent from Two Commissioners

King & Spalding on 12/17/2020

On October 15, 2020, the Securities and Exchange Commission issued a settled administrative order charging Andeavor LLC with failing to devise and maintain adequate internal controls surrounding its buyback of company stock...more

SEC Remains Focused on Cybersecurity

Epiq on 4/3/2019

After a long silence since guidance was last issued a year ago, there’s now widespread expectation that the Securities and Exchange Commission will get much more specific this year about new cybersecurity disclosures for...more

SEC Cautions That Cyber-Related Fraud Could Evidence Failed Internal Accounting Controls

Brownstein Hyatt Farber Schreck on 10/30/2018

On Oct. 16, 2018, the Securities and Exchange Commission (the “SEC”) released a cautionary report discussing whether certain public companies that had become victims of cyber-related fraud may have violated federal securities...more

SEC Warns Companies of Potential Internal Accounting Control Violations with Business Email Compromise

Akin Gump Strauss Hauer & Feld LLP on 10/19/2018

• The SEC issued guidance in the form of a rare “21(a) report” this week after investigating a series of email frauds impacting 9 unnamed companies. • These email-based frauds, referred to as “CEO scams” or “vendor scams,”...more

SEC Grants Broker-Dealers Relief under New Lease Accounting Standard

Stinson - Corporate & Securities Law Blog on 11/14/2016

To perhaps oversimplify things greatly, the new GAAP for lease accounting will require operating leases to be recorded on the balance sheet much like the current treatment for capital leases. This shift in GAAP could wreak...more

Enforcement at the Gates: SEC Action against Big Four Firm and New International Standards Highlight the Role of Accountants as...

Cadwalader, Wickersham & Taft LLP on 11/7/2016

In late September 2016, Andrew Ceresney, Director of Enforcement of the Securities and Exchange Commission (“SEC”), signaled the SEC’s renewed focus on the key role played by audit committee members and external auditors as...more

SEC Files Settled Action Tied To Restatement

Dorsey & Whitney LLP on 10/7/2015

The SEC filed another action centered on a restatement resulting from improper accounting and internal controls. In this instance the firm lacked procedures for dealing with related party transactions despite contrary...more

Stinging Dissent By Commissioner Aguilar: Is The SEC Making Fraudulent Behavior Look Like An Innocent Mistake?

Cooley LLP on 9/5/2014

Following on the heels of a case, discussed in this post, in which a CEO and CFO were charged with internal control and books and records violations (but no typical financial statement fraud allegation), comes another case...more

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Securities Exchange Act › Accounting Controls

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