For example, Leighton is alleged to have misrepresented to pool participants that a regulatory audit prevented him from making any distributions or payments to pool participants or returning participant funds upon request, when, in fact, no such audit had occurred.
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Several audit firm professionals tried to convince the SEC and PCAOB staff that they were mistaken in the belief that broker-dealer auditors could not sign the broker-dealer audit opinion as well as help implement accounting software, prepare period-end journal entries and compile those same financial statements and regulatory reports that they would audit.
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"The options exchanges have, and thus ORSA has, audit trails with which to perform their regulatory functions, " she said.
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The FTC seeks to strengthen its oversight of the approved self-regulatory "safe harbor programs" by requiring them to audit their members and report annually to the Commission the aggregated results of those audits.
Speedy Congressional action will be necessary to reestablish the PCAOB or a comparable regulatory authority within the SEC, if we want to continue independent regulation of the audit firms.
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Regulations supporting effective disclosure, as well as improved audit, accounting and risk-rating standards, should be preferred to restrictive regulatory controls that block innovation and growth.
The audit giants might decide that their dwindling numbers make them increasingly visible targets for regulatory interventions and litigation, and they might become more risk averse.
This regulatory oversight, supplemented by private liability deemed appropriate under local law, provides powerful incentives for audit firms to comply with, and even exceed, applicable professional standards.
Firms openly flout the prohibitions regarding audit partner compensation tied to business development and still struggle mightily with enforcement of legal and regulatory compliance activities such as independence and rules against insider trading.
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