The Securities and Exchange Commission has increased its enforcement efforts against lapses in accounting and financial reporting, while cracking down ever more on financial fraud, according to a new report.
The report, from the law firm Morrison & Foerster, studied SEC enforcement patterns in 2013. It noted that under the leadership of the SEC chair, Mary Jo White, and her Division of Enforcement co-directors George Canellos (who announced plans last month to step down) and Andrew Ceresney, the SEC recast its enforcement program in 2013. According to White, the changes are designed to highlight the SEC's “robust” enforcement program that is “aggressive and creative,” and that “continue[s] to focus on financial statement and accounting fraud.”
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