By Adrianne Appel2023-09-29T21:45:00
Accounting firm Prager Metis violated auditor independence rules hundreds of times during a period of nearly three years, the Securities and Exchange Commission (SEC) charged.
The agency filed its lawsuit Friday in U.S. District Court for the Southern District of Florida. The complaint seeks a permanent injunction, disgorgement, and a penalty against Prager.
Between December 2017 and October 2020, Prager included indemnification provisions in its engagement letters for more than 200 audits, reviews, and exams, which meant the firm was not independent from its clients as required by the SEC, the agency said in its complaint.
2023-10-18T17:00:00Z By Adrianne Appel
Audit firms should carefully weigh the pros and cons of indemnity clauses in light of the Securities and Exchange Commission’s recent complaint against Prager Metis, according to a legal expert.
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The Public Company Accounting Oversight Board and Securities and Exchange Commission have emphasized in public statements auditor independence is a critical enforcement area, prompting the need for firms to reacquaint themselves with each agency’s requirements.
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A former engagement quality review partner at Marcum agreed to pay a $30,000 penalty and be suspended as part of a settlement with the Securities and Exchange Commission addressing alleged violations of audit standards in his work at diversified holding company Ault Alliance.
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A delayed product hazard report cost one company criminal and civil penalties—and a mother her life. This case shows why timely reporting and executive accountability are non-negotiable for compliance teams.
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The Trump administration declawed the Consumer Financial Protection Bureau from the very beginning of his second term. It now appears the agency might be running out of money.
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The Securities and Exchange Commission and Department of Justice ended a seven-year review of GE HealthCare Technologies’ China unit for possible violations of the Foreign Corrupt Practices Act.
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