SEC hits Prager Metis with hundreds of audit violations
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The SEC charged Prager Metis CPAs LLP, a Top 100 Firm based in New York and its California affiliate, with violating auditor independence rules on hundreds of occasions, and more of today’s top stories.?
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The SEC complaint accused the firm of improperly including indemnification provisions in engagement letters for hundreds of audits, reviews and examinations.?
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MANAGER OF GLORY CATH CENTER OF HEART
1 年https://youtu.be/S2NHCWTG6ak?si=I5FObQFjHuuMoTZ3
Chief Financial Officer
1 年Pretty basic stuff!
Business Accountant | Higher National Diploma in Banking, Corporate, Finance
1 年those are the congressmen
Financial Executive for US Based Manufacturing, Logistics and Technology Companies.
1 年These are obvious serious charges, but I have a little bit of a different take. From reading the details, it looks like the fact pattern is PM acquired a firm performing public company work (for which PM had little prior experience), internally identified the issue of indemnification clauses in engagement letters, and subsequently remediated the issue. It seems it took longer than optimal to remediate, but it seems to have been nonetheless fixed. What I find troubling is this fact pattern sounds very similar to the internal quality control issues found at the SEC itself, yet the charges and proposed penalties are far worse than the SEC imposed upon itself. It isn't even close. I don't have an issue with accountability, but if we are going to have accountability, everyone needs to be accountable.