A recent case involving auditor Grant Thornton and two of its affiliates is making it clear that the SEC is watching auditing firms closely and underscoring the need for securities firms to independently verify the data they get from them. In this latest legal action, the SEC’s findings led to Grant Thornton admitting wrongdoing and… Read More >>
The SEC’s ‘Broken Windows’ Policy
Given some of the recent actions by the SEC, it’s reasonable to ask if the regulator may be enforcing a kind of “broken windows policing” effort. When put into practice, the broken windows theory as applied to non-Wall Street crime by police officers involves acting upon “small crimes such as vandalism, public drinking, and toll-jumping,”… Read More >>
SEC Charges Two Grant Thornton Firms with Independence Violations
U.S. markets regulator the SEC has charged two member firms of Grant Thornton International (GTI), Grant Thornton India LLP and Australia-based Grant Thornton Audit Pty Limited, with auditor independence violations. Specifically, the two GTI member firms “represented in audit reports that they were independent of their respective audit clients when the audit clients paid fees… Read More >>
Mary Schapiro Goes Private as Barclays Bolsters its Cash Management Team
Mary Schapiro Crosses the Aisle to Join Promontory Mary Schapiro, the former chairman of the SEC, has crossed the aisle to the private sector and joined consultancy Promontory Financial Group as managing director and chairman of the governance and markets practice, say officials.The Washington, D.C.-based Promontory, which offers strategy, risk management, regulatory, and compliance consulting,… Read More >>
