EC gets admission of wrongdoing from accounting firm over misleading opinion

Market Watch | Sept 10, 2015

On Wednesday the SEC charged one of the largest global public accounting firms, BDO, and five of its partners with dismissing red flags and issuing false and misleading unqualified audit opinions for its client, Illinois-based General Employment.

BDO agreed to admit wrongdoing, the first time this kind of admission has been obtained for a public accounting firm. It will also pay disgorgement of its audit fees and interest totaling approximately $600,000 and a $1.5 million penalty. The five BDO partners have agreed to settle the charges against them by paying fines of various amounts and have agreed to suspensions from practicing public company accounting for varying periods.

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