© D.L. Crumbley
Assistance of Forensic Accountants
S-O requires principal executives and financial officer to personally certify annual and quarterly reports.[Section 302]. Effective August 202.
Certification must cover internal controls, disclosure controls, and fraud. Need for a Chief Forensic Officer? The SEC suggests the entity assign the duties of monitoring internal controls to a specific individual. SEC suggests a disclosure committee, also.
Officers and directors are prohibited from influencing, coercing, manipulating, or misleading the accountant performing the independent audit.
Civil and criminal penalties against officers for violations of S-O.
Auditors workpaper retentions for five years.
PCAOB shall adopt auditing standards.
SEC may censure auditors.