The move forms part of a bid by the SEC to step up its attempts to understand and crack down on accounting disclosure made by US corporations.
An SEC statement, said it would focus on disclosures that seemed critical to understanding a company’s results, but would also look at those that seem to ‘conflict significantly with generally accepted accounting principles or commission rules, or to be materially deficient in explanation or clarity.’
SEC chairman, Harvey Pitt, recently stated bogus pro forma financial statements that make a loss look like a profit, without explaining this clearly, would almost certainly be viewed as fraudulent or confusing.
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process