Expect 2021 SEC To Turn Hawkish On Auditor Enforcement

Law360 (November 25, 2020, 1:57 PM EST) -- In 2020, the U.S. Securities and Exchange Commission continued its trend of bringing fewer enforcement actions against auditors than it had under the prior administration.

The SEC brought just 11 enforcement actions against auditors in 2020.

For a point of reference, the SEC brought 44 such actions in 2015.

As to our outlook for 2021, we think it is likely that the Biden administration will prioritize enforcement actions against auditors as gatekeepers and thus we will see a reversion to higher activity levels for such enforcement actions.

However, given that changes in enforcement priorities take time to implement, and given the...

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