SEC Fines Grant Thornton, Partners Over Missed Red Flags

By Ed Beeson (December 2, 2015, 3:31 PM EST) -- The U.S. Securities and Exchange Commission on Wednesday sanctioned auditing firm Grant Thornton LLP and two of its partners over claims that they missed red flags when inspecting a pair of publicly traded companies that ended up being hit with SEC enforcement actions over accounting violations and other matters.

The settlements, which included an admission of wrongdoing from Grant Thornton, are the latest sign of the SEC's crackdown on failures by so-called gatekeepers. The agency in September fined and sanctioned the auditing firm BDO USA and five of its partners over allegedly bungled inspections of a company eventually found to be engaged in...

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