SEC's 'RoboCop' Drags Agency Into 21st Century

Law360, New York (August 21, 2015, 8:28 PM EDT) -- Famously and perhaps erroneously dubbed a financial “RoboCop” when it was first revealed, the U.S. Securities and Exchange Commission’s sophisticated tool to root out accounting fraud has quietly grown over the last two years to become an integral part of the agency’s investigative and enforcement efforts, helping to drag the once-outdated agency into the 21st century.

The seed of the Accounting Quality Model, which was given the moniker by the financial and legal press for its ability to automatically flag potentially problematic issuers, came from academic earnings-quality models that were decades old, but the push to develop it came from within...

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