Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, September 13, 2007

SEC Charges Auditors with Not Registering with PCAOB

The SEC charged 69 auditors with issuing audit reports on the financial statements of public companies while they were not registered with the Public Company Accounting Oversight Board. The SEC administrative orders name 37 unregistered audit firms and 32 audit partners who participated in the preparation and issuance of their unregistered firms’ audit reports. These firms and partners did not comply with a fundamental requirement of the Sarbanes-Oxley Act of 2002 — that accounting firms that prepare and issue audit reports on the financial statements of public companies must be registered with the PCAOB. The SEC issued 29 settled and ten contested orders. The 69 firms and partners named in today’s actions were collectively responsible for issuing 60 audit reports for 53 companies between November 2003 and October 2005.

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