Fraud


SEC enforcement actions resulted in a record $3.4 billion in monetary sanctions in fiscal year 2013, the commission announced.

The total was 10% higher than in FY 2012 and 22% higher than in FY 2011, when the SEC filed the most actions in agency history. The SEC filed 686 enforcement actions in FY 2013, fewer than in FY 2012 (734) or FY 2011 (735). The SEC’s fiscal year ends Sept. 30.

For the third straight year, investment advisers and investment companies were the most common subjects of SEC enforcement, with 140 actions taken against them. Delinquent filings, with 132 actions, were the second most common activity targeted for SEC enforcement.

The number of Foreign Corrupt Practices Act enforcement actions dropped to five, down from 15 in 2012 and 20 in 2011.

SPONSORED REPORT

Post-busy season checklist

Now that tax season is over, pause for some introspection to guarantee that next year’s busy season is even better. Bonus: “Dirty dozen” scams list to share with your clients. Sponsored by Thomson Reuters, Bloomberg BNA, Bloomberg BNA // Software and Wolters Kluwer.

QUIZ

News quiz: Risks are top of mind in finance

Americans are worried about risks to their financial security. Accountants also see risks to their organizations and their careers. See how much you know about recent news and reports with this quiz.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.