General counsel who ignore the rapidly changing risks of financial fraud at their companies could find themselves in trouble with the Securities and Exchange Commission, a study released Tuesday by the Deloitte Forensic Center shows.
The center’s third annual study of SEC Accounting and Auditing Enforcement Releases reviewed more than 1,700 accounting and auditing enforcement actions taken by the SEC between 2000 and 2008. It found that in 2008, nearly a third of those who allegedly committed financial statement fraud were not CEOs or financial executives. They were directors, general counsel, and managers.
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