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You are the accountant at Viewpoint Accounting, a global accounting firm. During last week’s departmental meeting,...

You are the accountant at Viewpoint Accounting, a global accounting firm. During last week’s departmental meeting, you were assigned to investigate recently released enforcement cases cited by the Securities and Exchange Commission (SEC). Visit the Securities and Exchange Commission (SEC) website at www.sec.gov. Go to the Accounting and Auditing Enforcement Releases section. Identify an enforcement case that SEC released recently and discuss the following: The major facts of the case especially the accounting issue(s) that was(were) violated The SEC’s reaction Your opinion about the case. That is, do you agree or disagree with the SEC and why or why not? Provide examples to support your opinion.

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Answer #1

As per the resent case, one CA firm Delloite Zimbambe is an firm which sign the financial statements of an issuer. Which has been ordered to pay certain past amount that is imposed on the issuer in the past panelty. Which the issuer not paid till date. And the financial statements are not showing this amount so these financial statements are false. So, now the SEC imposed the panelty as well as Intrest on them. And discharge the Delloite Zimbambe as an auditor.

This is as per the public interest so it is correct in my point of view

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