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
)
Fraud
