Magazine article The CPA Journal

Guidance to Successor Auditors to Laventhol on SEC Filings

Magazine article The CPA Journal

Guidance to Successor Auditors to Laventhol on SEC Filings

Article excerpt

At the January AICPA SEC conference in Washington, D.C., discussions took place among participants as to what registrants should do in filings requiring the report of Laventhol & Horwath for prior periods. As a general rule, the SEC requires manual signatures of auditors for reports on prior financials each time a filing which includes the prior financials is made. With Laventhol having filed for bankruptcy protection and in the process of dissolution, an updated manual signature can not be obtained.

The SEC staff as been informally discussing with registrants what it felt was appropriate in the circumstances. A Staff Accounting Bulletin is expected in late January (after this writing) which will give formal guidance to registrants.

Form 10-K

The SEC staff has indicated that a copy of the previously manually signed report of Laventhol & Horwath should be submitted in 1934 Act filings. Prominently displayed on the copy should be a statement that the report is a copy of the previously submitted report and that Laventhol & Horwath have filed for bankruptcy protection and discontinued performing accounting and auditing services. …

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