When President Obama stated, “You don’t want to mess with Mary Jo,” he wasn’t kidding.
Sworn into her new position just a few months ago, SEC Chairwoman Mary Jo White is leading the charge against fraudulent SEC filings with a new Accounting Quality Model dubbed “RoboCop”, report Forbes. The completely automated analytical tool flags filings with high risk indicators and high risk inducers.
It’s time to cozy up to the accounting department to make sure everyone is on the same page when it comes to compliance. Here’s an abbreviated list of the factors Forbes suggested as ways to avoid an SEC audit:
This is just a short cheat sheet of some of the potential red-flag indicators for RoboCop. Make the accounting department your new best friends and make sure everyone is on the same page as far as compliance goes. The last thing you want is an unnecessary SEC audit.
Related Resources:
- Is the SEC Going After General Counsels? (FindLaw’s In House)
- SEC Revises Social Media Information Disclosure Rules (FindLaw’s In House)
- SAC Capital Indicted on Five Counts of Insider Trading (FindLaw’s U.S. Second Circuit Blog)
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