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Bapelol Bapelol
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CPAs can be held liable for criminal activity under both state and federal laws. Infamous cases include United States vs. Natelli and ESM Government Securities v. Alexander Grant & Co. Discuss what occurred in each case.
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Auditing and Assurance Services

Auditing and Assurance Services


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Moh1995abdelMoh1995abdel
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Natelli - two auditors were convicted of criminal liability under the 1934 act for certifying financial statements of National Student Marketing Corporation that contained inadequate disclosures.

ESM - management revealed to the partner in charge of the audit of ESM that the previous year's financial statements contained a material misstatement. Rather than complying with the profession and firm standards, the partner agreed to say nothing in the hope that management would work its way out of the problem during the current year. The partner was convicted of criminal charges for his role in sustaining the fraud.
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