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

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.