SEC, Accounting Fraud, and Professional Malpractice

, New York Law Journal

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In his Professional Liability column, Norman B. Arnoff of the Law Offices of Norman B. Arnoff writes: Material misstatements and omissions in financial reporting are not exclusively caused by fraud. The accounting profession must be held to the highest standards and therefore focus has to be given to serious professional malpractice in the regulatory context. This should be the case, even where the professional lacks bad intent.

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