The SEC is investigating the Big Four accounting firms for potential conflicts of interest that could influence their audits, people familiar say
SEC has launched probe into how firms manage conflicts of interest caused by sale of nonaudit services
The Securities and Exchange Commission probe highlights the agency’s new focus on financial-market gatekeepers.Updated March 15, 2022 2:45 pm ET WASHINGTON—Regulators are carrying out a sweeping investigation of conflicts of interest at the nation’s largest accounting firms, asking whether consulting and other nonaudit services they sell undermine their ability to conduct independent reviews of public companies’ financials, according to people familiar with the matter.
The Securities and Exchange Commission probe highlights the agency’s new focus on financial-market gatekeepers such as accountants, bankers and lawyers. These firms help companies raise capital and communicate with shareholders, but also have duties under federal investor-protection laws. Auditors are a shareholder’s first line of defense against sloppy or dodgy accounting.
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