SEC Suspends Accountants for Poor Auditing
On Thursday the two audit firms and five accountants has suspended by SEC – the Security and Exchange Commission from working, as they have dishonored rules designed to safeguard the honesty of the system of financial reporting.
The Security and Exchange Commission suspended Charles Klein and his firm DKM Certified Public Accountants, Peter Messineo and s firm Messineo and Co., other accountants are Richard Confessore, Joseph Mohr and Robin Bigalke.
The Security and Exchange Commission orders organizations to establish managerial actions, the firm and accountants many times carried out poor audits of public companies, endangered the freedom of other audits, and backdated and inaccurate audit documents among other wrongdoing.
The Boston Regional Office of SEC’s Director, Paul G. Levenson said his one statement, “The auditors have to pursue the professional standards and keep away from clashes of interest when they speak out on the financial reports issued by public companies. The banned accountants and their firm proved total ignorance of the fundamental rules of their work. By keeping in mind these points, they are now banned from functioning on any matter related to SEC.”
The banned firms and accountants are giving their consent to the orders without rejecting or confessing the results. The Security and Exchange Commission permanently banned Messineo and his firm Messineo & Co. from working as accountants on behalf of any publicly dealing corporation or other body regulated by the Security and Exchange Commission. DKM, Confessor and Klein were also banned from coming into view or working before the Security and Exchange Commission as accountants for at least two years. The Security and Exchange Commission stopped from working Bigalke for at least three years and Mohr suspended for at least four years. They jointly have to pay $100,000 penalty for dishonored the rules of SEC and also to settle down the charges of SEC.