Tag Archives: SEC

State Board Report January 2013 On December 14, 2012, Mary L. Shapiro stepped down as Chairman of the Securities and Exchange Commission after nearly four years in office, and President Barack Obama named SEC Commissioner Elisse B. Walter to step up and become the 30th SEC Chairman. Ms. Walter had been an SEC Commissioner since…

State Board Report September 2012 The kinds of information that investors find useful in making their investment decisions are identified in a study released by the Securities and Exchange Commission on August 30, 2012, entitled “SEC Staff Study Regarding Financial Literacy Among Investors.” The study was mandated by the 2010 Dodd-Frank Wall Street Reform and…

State Board Report June 2012 The U.S. Securities and Exchange Commission brought an enforcement action against Deloitte Touche Tohmatsu CPA Ltd. (D&T Shanghai) on May 9, 2012, which was followed by Chinese regulators issuing rules that require the Chinese affiliates of the large international accounting firms to move control of those affiliates to partners who…

State Board Report February 2012 Christopher J. Kelly and Margaret Hebb, both associated chartered accountants in the United Kingdom, have been suspended from appearing or practicing before the SEC as accountants for at least two years as a result of their part in the Ernst & Young, LLP UK’s audits of Thornton Precision Components (TPC)…

State Board Report January 2012 The Securities and Exchange Commission summarized the enforcement actions it took from April 2009 through mid-December 2011 addressing misconduct that led to, or arose from, the financial crisis. These involved 87 individuals or entities charged, including 45 senior corporate officers. Twenty-five received officer and director bars, industry bars or SEC…

State Board Report December 2011 Legislation that would open to the public the Public Company Accounting Oversight Board’s disciplinary hearings of accountants and accounting firms was introduced on November 18, 2011 by Senators Chuck Grassley (R-Iowa) and Jack Reed (D-RI) , S.1907 the “PCAOB Enforcement Transparency Act of 2011.” This would modify the Sarbanes-Oxley Act…

State Board Report October 2011 The Securities and Exchange Commission on September 8 filed an enforcement action against Deloitte Touche Tohmatsu Ltd. for failing to produce documents related to Longtop Financial Technologies Limited. DTTL Shanghai has been Longtop’s auditor since 2007 and resigned on May 22, 2011 after it discovered numerous improprieties during an audit for…

State Board Report July 2011 GAAP is integral to the State Boards’ complaint-based enforcement system, the yardstick for enforcement, NASBA Director-at-Large Gaylen Hansen reminded the Securities and Exchange Commission’s July 7, 2011 roundtable discussion on the potential impact of U.S. adoption of International Financial Reporting Standards. The more sets of standards there are, the more…

Washington, D.C., July 7, 2011 – NASBA Director-at-Large, Gaylen Hansen, recently served as a panelist for the U.S. Securities and Exchange Commission’s (SEC) Roundtable on International Financial Reporting Standards in the United States. An excerpt from Mr. Hansen’s statement is posted below. “…There are extremely high risks in the ‘condorsement’ approach suggested by the [SEC]…

State Board Report July 2010 How NASBA, the AICPA and Prometric are working together to build a continually improving examination process was discussed at the Eastern and Western Regional Meetings. Walter Davenport (NC), chairman of NASBA’s CPA Licensing Examination Committee (CLEC) , reported that through NASBA’s proposed Guam Customer Service Center, candidates will be able…