The inability of the Securities and Exchange Commission (SEC) to keep up with
high-tech changes in USA’s financial industry has been blamed for its failure to
stop complex operators such as Madoff despite repeated warnings.
The agency was reportedly warned several times of Madoff’s alleged fraud, but
nothing happened, according to
‘It’s not a 21st century institution; they’re all living on their past glory,
which was great, but it’s gone,’ said Isaac Hunt, an agency commissioner from
1996 to 2002.
Regulating USA’s 10,800 financial advisers is only one small part of SEC’s
responsibilities. Numbering 3567 employees, including clerical workers, it is a
relatively small bureaucracy overwhelmed by its workload, others told AP.
Plans to tackle criminals defrauding London’s councils have taken a major step forward with the appointment of CIPFA to provide data analytics for the London Counter Fraud Hu
Government services will be decimated if proposed reforms to IR35 in the public sector go ahead, a study has warned
CIPFA and EY form partnership to produce fully compliant accounts for local authorities
Head of editorial Kevin Reed discusses this week's important accountancy news, including Brexit and audit market evolution