At the time, the exchange also expressed concerns about internal control issues related to Bodisen's accounting and financial reporting obligations.

WSJ: FBI Search Offices of 'Reverse Merger' Player

Grill the chief accounting officer about core accounting policies and financial reporting systems.

FORBES: Surviving America's Worst Job

The prospects and desirability of convergence between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) have been much debated, but the SEC has not yet decided whether and how to proceed.

FORBES: U.S. Exceptionalism and Accounting Standards: Investors' Viewpoint

It was well reported that PwC was instrumental in helping Refco to address these financial reporting and accounting deficiencies.

FORBES: MF Global: It's Not Over Until It's Over

The Commission has been repeatedly criticized by the Government Accountability Office for material weaknesses in its financial reporting and accounting processes, an extraordinary embarrassment for the agency responsible for evaluating the financial statements of all companies whose shares are sold to the public.

FORBES: The SEC -- A Troubled Agency

Summary: Although convergence between US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) has been the subject of much debate and collaborative effort, it is still unclear when the US Securities and Exchange Commission (SEC) will make a determination about how to proceed, or what its final decision is likely to be.

FORBES: Finance

Whistleblowers are reporting that accounting and disclosure fraud is still occurring and probably happening more than any other financial crime.

FORBES: The SEC And Accounting Fraud Enforcement: No "There" There

Arthur Fellow in the Accounting and Management unit at Harvard Business School, where he studies the political economy of corporate accountability and financial reporting.

FORBES: Are the 'Big Four' Audit Firms Too Big to Fail?