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In 2021, at both the SEC and the PCAOB, accounting and auditing enforcement activity and monetary settlements decreased. Together, the SEC and PCAOB publicly disclosed 52 accounting and auditing enforcement actions and monetary settlements totaled approximately $159 million
The Securities and Exchange Commission eased up dramatically on accounting and enforcement activity last year during a period of transition at the SEC, but the Public Company Accounting Oversight Board increased its enforcement amid a shakeup at the PCAOB.
The SEC terminated its latest proceedings against the city after an independent consultant found the city was in "substantial compliance" with a 2014 judgment.
The defendants believe the charges are lacking on numerous levels while the SEC argued that fee-splitting is a clear and known rule violation.
None of this is to say that we are concerned for the private funds industry. Consumer confidence and spending remain robust, capital remains historically cheap, and private equity investment is strong, but the current market and regulatory environment is unlikely to persist.