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Government Enforcement Exposed - "The GEE"
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31 Jan 2014 Securities Regulators’ Increasing Use of Real-Time Monitoring Systems – Is Skynet Next?

By Anne DePrez |   While the Department of Health and Human Services may have become jaded in the past few months about computer programs, the Securities Exchange Commission (SEC) has not been scared off from computers. It is instead dramatically expanding its use of computer-based tools to assist in their enforcement activities.   First it was the Accounting Quality Model (“AQM”), announced at the end of 2012.  AQM (or “Robocop” to some) rummages through the SEC EDGAR XBRL filings of more than 8000 registrants to spot red flags that might indicate questionable accrual, reserving and other accounting practices.  This information will be particularly useful for the newly-formed Financial Reporting and Audit Task force which is focusing on disclosure issues.   Then, earlier this month,…

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02 Jan 2014 SEC Highlights 2013 Accomplishments and Outlines 2014 Enforcement Priorities

By Brian E. Casey |   The SEC recently published its annual agency financial report which, among other things, provides a peek into the Commission’s priorities for the coming year and outlines its enforcement accomplishments in 2013.   According to the SEC, in the past year, it took steps to “further enhance” its already “robust” enforcement program with the goal of “ensur[ing] that its enforcement and examinations programs continue to be as vigorous and aggressive as possible.” Among its actions, the agency: (1) “began to demand admissions of wrongdoing in certain cases where an added measure of accountability was considered necessary”; (2) it “broadened [its] coverage of market participants, pursuing actions against a range of individuals and entities, including gatekeepers, like accountants and fund directors;…

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