Company officers were named in 81 percent of the enforcement cases brought by the U.S. Securities and Exchange Commission in 2008, according to a study released Tuesday.
Financial executives such as chief financial officers and accounting officers accounted for 44 percent of the individuals alleged to have committed financial statement fraud last year, said the study by the Deloitte Forensic Center. Chief executive officers made up 24 percent of the total.
Deloitte said it analyzed 430 accounting and auditing enforcement releases related to 392 companies and issued by the SEC between January 2000 and December 2008. The study was limited to releases that concerned financial statement fraud, which includes improper disclosures and manipulation of assets and expenses.
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