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Does the SEC Still Care About Financial Reporting Cases?
In recent years, the U.S. Securities & Exchange Commission (SEC) has brought far fewer revenue recognition and other financial reporting cases than it had historically. That leads us naturally to wonder whether this trend will continue in the future. Not likely.
There are many reasons to expect a renewed SEC focus on financial reporting and accounting matters. We should also expect the new regime at the SEC ' including Chairman Mary Jo White and two new co-heads of the Division of Enforcement, George Canellos and Andrew Ceresney ' to rely on their extensive federal prosecutorial backgrounds in informing their approach at the the agency. Indeed, in nominating Chairman White, President Obama referred to her as “not someone to be messed with.” Given the expectation of an aggressive enforcement agenda and a return to more traditional financial reporting and accounting matters, companies should prepare now by proactively examining their policies and procedures, as well as their accounting departments.
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