Poultry group gets first Sarbanes-Oxley fine

Poultry group gets first Sarbanes-Oxley fine

The US Securities and Exchange Commission has handed out its first penalties for breaches of the Sarbanes-Oxley Act, designed to improve corporate governance and financial reporting.

Link: Sarbanes-Oxley special area

The financial watchdog settled federal civil charges with poultry company Rica Foods Inc and two top executives over accusations that the business certified its financial statement despite not having a report from an external auditor.

The SEC said that Rica’s annual statement submitted in January claimed to have a report from Big Four firm Deloitte & Touche although at the time of filing no such report had been submitted. The statements also contained errors, according to the SEC.

Chief executive Calixto Chaves was fined £25,000, although no admission of guilt was made.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource