SEC accuses Prager Metis of hundreds of auditor independence violations
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.
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