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News Release: Statement On SEC Auditing Decision

Submitted by on May 9, 2019 – 11:32 am

FOR IMMEDIATE RELEASE

May 9, 2018

CONTACT:
Carter Dougherty, carter@ourfinancialsecurity.org, (202) 251-6700

AFR Statement on SEC Auditing Decision

Statement by Heather Slavkin Corzo, senior fellow at Americans for Financial Reform:

“Everyone who lived through the ENRON debacle, the 2008 financial crisis, or high school math class knows that when it comes to complex calculations, it’s good practice to have someone else check your work to confirm that you got it right. Today, the Securities and Exchange Commission proposed to remove the requirement that outside auditors confirm the adequacy of small companies’ internal controls to ensure accurate financial reports. This policy would remove critical protections that investors rely on to confirm the integrity of companies’ financial reports, understand the value of their investments, and prevent fraud. We commend SEC Commissioner Robert Jackson for opposing this proposal and urge the Commission to reconsider its approach.”

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