Whistleblowers are reporting that accounting and disclosure fraud is still occurring and probably happening more than any other financial crime.
FORBES: The SEC And Accounting Fraud Enforcement: No "There" There
Companies are subject to different rules on accounting, information disclosure and the treatment of minority shareholders.
What did the numbers look like for fiscal 2012 for accounting fraud and disclosure enforcement cases filed?
FORBES: The SEC And Accounting Fraud Enforcement: No "There" There
Only 79 accounting fraud and disclosure cases were filed, 11% less than in 2011 when there were 89.
FORBES: The SEC And Accounting Fraud Enforcement: No "There" There
Eighty-nine SEC enforcement cases for accounting fraud and disclosure violations in 2011 was the lowest number in ten years.
FORBES: The SEC And Accounting Fraud Enforcement: No "There" There
Now I know why Khuzami did not want to tell me about the statistics for accounting fraud and disclosure cases and whistleblower tips in advance.
FORBES: The SEC And Accounting Fraud Enforcement: No "There" There
Was the SEC seeing a lot of whistleblower tips for accounting fraud and disclosure or was there another category of crime that was more popular with whistleblowers?
FORBES: The SEC And Accounting Fraud Enforcement: No "There" There
Yet another Sarbox provision, absent vigorous SEC enforcement, may even be leading, perversely, to less disclosure of accounting problems.
FORBES: Is The SEC's Ponzi Crusade Enabling Companies To Cook The Books, Enron-Style?
Sarbanes-Oxley, the often-reviled law that requires enhanced disclosure of accounting practices, seems to have put a stop to the backdating practice after its passage in 2002.
In his State of the Union address Tuesday, the president also called for "stricter accounting standards and tougher disclosure requirements" to make corporate American "more accountable" to employees and shareholders.
Opaque company accounts remain an obstacle to a vigorous market for corporate control but next year the country is moving to international accounting standards which will improve disclosure.
Regulations supporting effective disclosure, as well as improved audit, accounting and risk-rating standards, should be preferred to restrictive regulatory controls that block innovation and growth.
Now, responding to investor outcry over accounting scandals, the SEC has proposed several new material events requiring immediate disclosure by public companies.
This is due to the fact that the Securities Law of 1933 mandated prohibitively high requirements for disclaimer, disclosure and reporting that made it nearly impossible for the average startup to raise money without incurring extremely high accounting and legal costs.
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