SEC Bans NY Accounting Firm Sherb Over Chinese Audits

Law360, New York (November 7, 2013, 4:30 PM EST) -- The U.S. Securities and Exchange Commission on Thursday banned Sherb & Co. LLP from serving as an accountant for public companies after allegedly spotting serious flaws in its audits of three Chinese companies, including one recently accused of fraud.

The SEC filed and settled an administrative case alleging New York-based Sherb failed to properly scrutinize the financial statements of China-based companies whose shares were publicly traded in the U.S. One of those companies, China Sky One Medical Inc., was sued by the SEC in September 2012...
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