Jeremy Seeger

As a family business, not only do we treat our team members like family - but our clients become family as well. We understand how important your business is to you, and our team will always respect it as if it were our own. Learn more about our team and our approach to business today at https://lnkd.in/ed8gYfqj. #AlloySilverstein #business #familybusiness #family #accounting #accountant #testimonial #team

Today the SEC announced an order against an audit firm and its owner for "deliberate and systemic failures to comply with [PCAOB] standards in its audits and reviews in more than 1,500 SEC filings from January 2021 through June 2023." According to SEC Enforcement Director Gurbir S. Grewal, the audit firm and its owner "were responsible for one of the largest wholesale failures by gatekeepers in our financial markets." The SEC's order denies the audit firm and its owner the privilege of appearing or practicing before the SEC as accountants, effective immediately. The announcement is accompanied by a statement of the SEC staff for issuer disclosure obligations in light of the order (see below). The statement provides "[w]e encourage all issuers that have previously engaged BF Borgers as their independent auditor to consider the findings and sanctions discussed in the Order, taking into account their disclosure obligations under the federal securities laws." The SEC staff statement includes guidance for affected registrants. Some excerpts: A Form 8-K under Item 4.01 will be required "when BF Borgers resigns or is dismissed." For 1934 Act reports: "[I]ssuers that have engaged BF Borgers to audit or review financial information to be included in any [1934 Act] filings to be made after the date of the Order will need to engage a new qualified, independent, PCAOB-registered public accountant" to conduct the audit or review. "[1934 Act] reports that were filed before the date of the Order do not necessarily need to be amended solely because of the . . . Order. However, issuers should consider whether their filings may need to be amended to address any reporting deficiencies arising from the BF Borgers engagement." For 1933 Act registration statements: "[A]ny issuer with a pending registration statement that contains or incorporates by reference financial information audited or reviewed by BF Borgers would need to file a pre-effective amendment to include financial information audited or reviewed, as applicable, by a qualified, independent accountant that is permitted to appear or practice before the [SEC]." "[Any issuer that has submitted a draft registration statement for nonpublic review that includes an audit opinion or consent from BF Borgers must retain a qualified, independent accountant that is permitted to appear or practice before the [SEC] to perform the required audit of financial information before publicly filing the registration statement." "[I]ssuers with effective [1933 Act] registration statements are reminded that any sales must be preceded or accompanied by a [1933 Act] Section 10(a)-compliant prospectus, which must not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements, in the light of the circumstances in which they were made, not misleading." Similar guidance was provided for Reg A Offering Statements. #securitieslaw #securitiesregulation

In this article from Forvis Mazars, get details on the Private Company Council, the primary advisory body to #FASB, on private company accounting matters, considering research on possible practical expedients or accounting alternatives for leases, CECL, debt modifications, and retainage: https://bit.ly/4dkWx8J

Private Equity Continues to Impact Accounting Profession: Smart leaders are investing in tech, talent and orderly retirement timing. By Jennifer Wilson The Rosenberg National Survey of CPA Firm Statistics Go PRO for members-only access to more Jennifer Wilson. http://dlvr.it/TFcPpv #CPA #tax #accounting

In this article from Forvis Mazars, get details on the Private Company Council, the primary advisory body to #FASB, on private company accounting matters, considering research on possible practical expedients or accounting alternatives for leases, CECL, debt modifications, and retainage: https://bit.ly/4dkWx8J

Understanding partnership equity can be complex! Each partner’s capital account changes with contributions, earnings, and withdrawals. Accurate recordkeeping is essential. For guidance: https://bit.ly/3Ir6IMr #SMB #partnership #BalanceSheet #accounting #CPA

An understanding of the lower middle market is crucial for maximizing acquisition value. Read about how our experts and Soundcore Capital Partners collaborated to devise a plan to integrate two rival businesses. #privateequity #PE https://okt.to/xJePL9