Since our Vibato® Internal Control Suite® tools are available in Mandarin and our products have been being sold in China for several years, we are always interested in news surrounding SEC audits there. It is unfortunate to see a US-based auditing firm failing their clients and helping to continue the negative press China companies often receive while trying to comply with SEC standards.
Tags: audit, Securities and Exchange Commission, financial reporting, Compliance in China, SEC, SEC fines, audit deficiency
This is a great article looking at the outcome of a recent SEC investigation into Medifast's financial reporting from 2006 through 2009. Medifast disclosed, without admitting or denying the SEC's findings, that under the terms of the settlement it has consented to a Cease-and-Desist Order and agreed to pay a $200,000 civil penalty.
Tags: Internal Controls, audit, 10k, White Collar Fraud, disclosure, SEC, SEC fines, audit deficiency, Internal Control Deficiency
The SEC has charged the former CEO of ChinaCast Education Corporation with stealing tens of millions of dollars from investors and the former president with illegally dumping stock after helping to steal company assets. Read more here.
Tags: Securities and Exchange Commission, fraud, SEC, insider trading
This is a great article from FEI today. This seems to only serve the purpose of letting everyone know how severe the pay inequalities may be at any one organization so it should prove interesting to see if this moves beyond just a proposed ruling phase...
Tags: Securities and Exchange Commission, disclosure, accounting, purposed rulings
