The Securities and Exchange Commission has settled charges with RSM for “improper professional conduct” after the firm assigned unqualified staff to audit a series of private investment funds managed by SBB Research Group, an SEC-registered investment adviser charged with securities fraud last year.
According to the SEC’s order, the underlying matter involved deficiencies in RSM’s system of quality control for staffing certain private investment fund financial statement audits for the calendar years ended 2013, 2014, and 2015. For each of those years, RSM performed audits of a series of private funds managed by SBB Research Group.
