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.

MANAGEMENT ACCOUNTING

Developing finance leaders

A good leader recognizes that part of the job is developing the next generation of leaders. Veronica McCann, CGMA, a former division CFO at Commerzbank in Singapore, shares tips on developing future finance leaders.

PROFESSIONAL ISSUES

Belicia Cespedes: A CPA at 17

Through hard work and determination, Belicia Cespedes earned the credential before she was even eligible to vote.

SPONSORED REPORT

How to audit high risk areas

Revenue recognition, internal control over financial reporting, accounting estimates and going concern are areas of audit that have emerged as particularly challenging and complex.