Just over a year ago the Securities and Exchange Commission announced the formation of a Financial Reporting and Audit Task Force to focus on strengthening and expanding the SEC’s abilities to identify and to prosecute instances of fraudulent, false, or misleading financial reporting by issuers and audit failures by independent auditors.
The Task Force includes enforcement attorneys and accountants from the SEC’s headquarters and regional offices, bringing together capabilities across a number of the SEC’s divisions and offices, and it includes on-going review of restatements of financial statements, analysis of industry trends, and use of data analytic tools such as the SEC’s Accounting Quality Model.
