Bloomberg Tax
May 12, 2020, 8:51 PM

SEC Watching for Signs Companies May Blame Old Problems on Virus

Amanda Iacone
Amanda Iacone

SEC investigators are closely examining corporate disclosures and non-standard financial metrics to see if companies are using the coronavirus pandemic as an excuse to cover up overdue writedowns or lingering performance problems.

“We’re all very aware of the challenges that companies and individuals are facing during this time with regard to financial reporting, accounting, and auditing. We’re also very much aware of the history of economic downturns and how these situations can reveal past errors or frauds,” said Matt Jacques, chief accountant for the Division of Enforcement at the Securities and Exchange Commission, during a securities enforcement web event ...

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