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.
2023-10-03T14:21:00Z By Maria L. Murphy
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.
2023-09-28T17:44:00Z By Kyle Brasseur
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.
2025-08-27T14:11:00Z By Adrianne Appel and Oscar Gonzalez
Synapse Financial Technologies, the troubled California fintech software provider, has agreed to let the Consumer Financial Protection Bureau (CFPB) eventually file a claim on its bankrupt estate.
2025-08-25T20:49:00Z By Adrianne Appel
JPMorgan Chase has agreed to pay $330 million to settle allegations about its role in the massive, decades-long theft of Malaysian’s 1MDB state investment fund, the bank says. An estimated $4.5 billion was robbed from the 1MDB fund, from 2009-2014, in a scheme led by Malaysian financier, Jho Low, former ...
2025-08-25T18:24:00Z By Adrianne Appel
Crypto platform Anchorage Digital has been freed of a consent order originally issued by the Treasury Department for anti-money laundering failures.
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