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SEC Charges Transfer Agent Equiniti Trust Co. With Failing To Protect Client Funds Against Cyber Intrusions - Equiniti, Formerly Known As American Stock Transfer & Trust Company, Lost Millions Of Dollars Of Client Funds
Date 20/08/2024
The Securities and Exchange Commission today announced settled charges against New York-based registered transfer agent Equiniti Trust Company LLC, formerly known as American Stock Transfer & Trust Company LLC, for failing to assure that client securities and funds were protected against theft or misuse. Those failures led to the loss of more than $6.6 million of client funds as a result of two separate cyber intrusions in 2022 and 2023. American Stock Transfer was able to recover approximately $2.6 million of the losses and fully reimbursed the clients for their losses. To settle the SEC’s charges, Equiniti agreed to pay a civil penalty of $850,000.
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Statement In Support Of The New Standard On The General Responsibilities Of The Auditor, SEC Commissioner Caroline A. Crenshaw, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Auditing Standard 1000 (“AS 1000”) is an important step forward for investors and all users of financial statements. The standard reaffirms the auditor’s duty to protect investors; to act with due professional care, skepticism, and judgment; and to perform the audit to obtain reasonable assurance that the financial statements and internal controls over financial reporting are sound.
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Remarks On The Economic Outlook And Financial Inclusion, Federal Reserve Governor Michelle W. Bowman, At The Alaska Bankers Association, Anchorage, Alaska
Date 20/08/2024
Good morning. It is really a pleasure to join you here in Alaska.1 Getting outside of Washington, D.C. and hearing about the unique issues that affect Alaskans provides valuable insights that inform my work at the Federal Reserve. A part of the mission of the Federal Reserve is to support an economy that works for everyone. Consumers and communities are more successful when they have access to financial products and services that meet their needs. While many of these products and services are available online, as Alaskans know better than most Americans, geography and location are also important. This access often looks very different in places with many remote and rural communities. Today, I will discuss the Federal Reserve's work to promote a more inclusive financial system, including our work on financial inclusion for Indigenous communities. Before diving into those topics, I will share my current views on the economy and monetary policy.
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Statement In Support Of Technology-Assisted Analysis Amendments, SEC Commissioner Caroline A. Crenshaw, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Technology is everywhere. As I was driving last week, I remembered how road trips used to require paper maps with highlighted routes – ones that didn’t tell you exactly where you made a wrong turn or how to fix it. And likewise, when I was in school, research that used to take hours at the library across multiple media – including sitting at a microfiche reader and scrolling through old clips – now takes place in a matter of minutes.
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Opening Statement On Auditing Standards And Rules, SEC Chair Gary Gensler, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Good morning. I want to welcome members of the public to this open meeting of the U.S. Securities and Exchange Commission (SEC).
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Harmonizing Liability Standards For Auditing Firms And Associated Persons, SEC Commissioner Jaime Lizárraga, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Nearly two decades ago, the PCAOB (the “Board”) adopted an auditing standard as part of a package of proposed ethics and independence rules, setting out the liability of persons associated with registered public accounting firms.
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Statement On AS 1000, General Responsibilities Of The Auditor In Conducting An Audit, SEC Commissioner Mark T. Uyeda, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Thank you, Chair Gensler, and thank you to the staff for your presentation. The second item on today’s agenda is a new auditing standard on the general responsibilities of the auditor in conducting an audit.
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SEC Approves New And Updated PCAOB Audit Standards And An Amendment To The PCAOB’s Contributory Liability Rule - Changes Address General Responsibilities Of An Auditor Conducting An Audit As Well As Technology-Assisted Analysis And Contributory Liability Rule For Associated Persons
Date 20/08/2024
The Securities and Exchange Commission today announced that it has approved two Public Company Accounting Oversight Board (PCAOB) proposals updating audit standards regarding general responsibilities of the auditor and use of technology-assisted analysis in conducting an audit. The SEC also approved a proposal amending a PCAOB ethics rule governing the liability of an associated person when they directly and substantially contribute to audit firm violations.
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Statement In Support Of Amendments To Update Accountability For Contributing To Firm Violations, SEC Commissioner Caroline A. Crenshaw, Washington D.C., Aug. 20, 2024
Date 20/08/2024
I am happy to be here today to discuss three important rules coming out of the Public Company Accounting Oversight Board (“PCAOB”). The work of auditors is crucial to investor confidence in the market. Auditors are external accountants that provide the public with assurance that a company’s financial statements, and the controls that produce those statements, are reliable. They exercise due professional care, skepticism, and are subject to independence requirements to mitigate conflicts of interest—conflicts that exist by virtue of clients paying them to conduct audits. Because the work of auditors is such an important cornerstone of market confidence and integrity, it is equally important that we have in place a meaningful system of rules and regulations for the audit profession. Without such rules, the accuracy and reliability of financial statements would disintegrate – eroding with it investor trust in our entire market. The PCAOB, with its specialized expertise, independently oversees that system of rules, and in so doing, also provides a crucial market function.
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Statement On General Responsibilities Of Auditors, SEC Chair Gary Gensler, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Today, the Securities and Exchange Commission is considering whether to approve the final standard and related amendments updating the general responsibilities of auditors when conducting an audit. I am pleased to vote in support of approving this final standard because it would modernize and streamline the core obligations required of auditors.
