By Aaron Nicodemus2022-09-30T17:51:00
Audit firm RSM and three of its senior-level employees were charged with improper professional conduct by the Securities and Exchange Commission (SEC) for signing off on inflated revenues logged by a public company over four fiscal years of audits.
RSM failed to properly audit the financial statements of Connecticut-based Revolution Lighting Technology when the latter was violating generally accepted accounting principles (GAAP) from 2015-18 by improperly inflating its revenue with bill and hold sales, according to the SEC.
Without admitting or denying the agency’s findings, RSM will pay a fine of $3.75 million and hire an independent consultant to review its audit, review, and quality control policies and procedures.
2022-10-12T19:50:00Z By Kyle Brasseur
Paul Munter, acting chief accountant at the Securities and Exchange Commission, issued a statement highlighting auditors’ responsibilities in fighting fraud, including his office’s recent observations of shortcomings in the area.
2020-09-25T16:21:00Z By Aaron Nicodemus
A Connecticut industrial lighting company has been fined $1.25 million by the SEC for falsely booking $55 million worth of sales on its financial statements over four years. Four company executives have been fined as well.
2025-10-09T19:14:00Z By Neil Hodge
Whistleblowing hotlines are rightly championed as valuable tools for employees and even third parties to raise concerns about corporate conduct. But it seems some complaints may be acted upon more keenly than others, particularly if blame can be pinned to one individual and any potential fallout can be ring-fenced.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
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