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Article: In Desperate Times: More Savvy and Cooperation at the SEC.(Securities and Exchange Commission investigations)
- Article from:
- California CPA
- Article date:
- December 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 California Society of Certified Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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"Tempt not a desperate man," wrote Shakespeare in "Romeo and Juliet." In today's dog-eat-dog economy, burdened by daily dot-com failures and the increasing instability of the markets in the aftermath of the terrorist attacks of Sept. 11, temptations and "desperate companies" abound.
By honoring Shakespeare's admonition, the SEC is becoming more savvy at recognizing the fraudulent techniques of financially desperate companies, and at the same time, more understanding of the effects of desperate times, by offering a way out of prison terms and other harsh penalties for those who come clean and cooperate.
TRENDS IN FINANCIAL STATEMENT FRAUD
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