Charges against six accountants, including former staff of the U.S. audit regulator and audit firm KPMG LLP, were among the biggest accounting and auditing enforcement cases brought by the SEC in the past year.
The overall number of financial reporting related cases dropped by a quarter compared to 2017, however, according to the Securities and Exchange Commission’s annual enforcement report, released Nov. 2.
Fifty-four organizations and 94 individuals faced sanctions and penalties arising from 79 separate accounting-related cases. The commission brought 95 such cases the prior year, the report said.
The cases spanned revenue and expense recognition, valuation and impairment,...