United States:
SEC Initiates Proceedings Against Engagement Partner In Venture Fund Audit
09 November 2016
Cadwalader, Wickersham & Taft LLP
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The SEC initiated administrative proceedings against a
partner of an accounting firm who served as "engagement
partner" for the independent audits of a venture capital fund.
The SEC alleged that he failed to scrutinize millions of dollars
taken in related party transactions under the guise of
"advanced" management fees.
An SEC investigation found that the engagement partner
had failed to: (i) determine whether the fund's adviser had
proper authorization and rationale for taking the money; and (ii)
ensure that the transactions were properly disclosed in the
fund's financial statements.
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