Fraud


The SEC is investigating more Fortune 500 companies for financial fraud than ever before and the market impact of failed corporations is growing, said Charles Niemeier, chief accountant of the commission’s division of enforcement, at the annual AICPA conference on current SEC developments. Until recently, the SEC rarely investigated large companies for questionable accounting and financial reporting practices, he said. Niemeier also noted more informants are sending the SEC reports of potentially fraudulent financial activity, criminal authorities are working more closely with it on investigations and the commission is paying greater attention to the quality of audits accountants in foreign jurisdictions perform of U.S. companies’ overseas operations. ( www.sec.gov/news/speech/spch529.htm )

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A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

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