SEC Charges Prager Metis With Violating Auditor Independence Rules
By Denny Jacob
The U.S. Securities and Exchange Commission charged accounting firm Prager Metis and its professional services firm in California with violating auditor independence rules as well as aiding and abetting their clients' violations of federal securities laws.
The regulator's complaint states that Prager improperly included indemnification provisions in engagement letters for more than 200 audits, reviews and exams between December 2017 and October 2020. The complaint alleges Prager was not independent from its clients for those engagements as required under federal securities laws as a result, among other allegations.
The SEC's complaint was filed in the U.S. District Court for the Southern District of Florida. It seeks a permanent injunction, disgorgement plus prejudgment interest and a civil monetary penalty against Prager.
Prager didn't immediately respond to a request for comment.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
September 29, 2023 12:06 ET (16:06 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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