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The Daily

SEC Enforcement on Financial Reporting and Audit Fraud Doubled in Two Years

Chris Gaetano
Published Date:
Oct 23, 2015
SECURITIES-AND-EXCHANGE-COMMISSION-facebookSecurities and Exchange Commission enforcement actions on financial statement fraud and audit fraud have doubled over the past two years, two years after the formation of a task force devoted specifically to those issues, according to the Wall Street Journal. The SEC filed 68 cases in this area in 2013, when the Financial Reporting and Audit Task Force was first formed. This then grew to 98 in 2014. As of Sept. 30 this year, the commission has filed 134 cases on financial reporting and audit fraud, said the Journal, usually in either federal court or before an administrative law judge. This trend is part of an overall upward swing in enforcement on the part of the commission, having filed 807 enforcement actions last year, compared with 755 the year before, said the Journal.