Action against Respondents, an accounting firm and one of its partners, for alleged misconduct related to investment fund audits.  According to the SEC, Respondents violated the Advisers Act’s custody rule by auditing the same financial statements that they themselves prepared.  The SEC also alleges that Respondents lacked relevant knowledge, training, and experience, failed to exercise due professional care, and, with respect to Respondent firm, failed to implement sufficient quality control standards.  Respondent firm has agreed to pay disgorgement of $32,473.06, prejudgment interest of $6,257.11, and a civil penalty of $63,104.31.  Respondent partner has agreed to pay a civil penalty of $15,000.

SEC Order