There has been a proliferation of constituencies targeting the accounting profession. In civil actions, accounting firms face increasingly large claims by a variety of plaintiffs, including shareholders, bondholders, lenders and other creditors, litigation and bankruptcy trustees, and clients.
In criminal prosecutions, accountants have been charged with a host of crimes, including conspiracy, bribery, perjury, mail fraud, wire fraud and forgery. These actions and prosecutions are arising from myriad sources, including federal and state securities laws, Securities and Exchange Commission enforcement actions, Internal Revenue Service rules and regulations, Department of Labor regulations, and state licensing boards. The heightened enforcement standards of the SEC and the Public Company Accounting Oversight Board have created a new environment for auditors.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access