37 firms and 32 audit partners in breach
Despite complaints that Sarbanes-Oxley is too rigorous and inflexible, US regulator, the SEC come down hard on those who have not met its requirements after charging charged 37 firms and 32 audit partners with violating a key portion of the corporate reform law.
Those charged were accused of issuing reports on public companies' financial statements without first registering with the Public Company Accounting Oversight Board, the independent audit watchdog.
The firms and partners charged have collectively issued 60 audits for 53 companies between November 2003 and October 2005, the SEC said.
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