Monday, September 17, 2007
US accountants charged in probe
US financial regulators have charged 69 firms for breaking new corporate laws brought in after a wave of scandals.
The companies were charged with failing to register with the Public Company Accounting Board (PCAB) as required under the 2002 Sarbanes-Oxley law.
The Securities and Exchange Commission (SEC) added that 50 of the companies had already settled their cases.
Sarbanes-Oxley was passed after the financial scandal that brought about the collapse of energy giant Enron.
In total, 37 accounting firms and 32 partner groups were brought to book by the SEC.
See full Article.