Stay ahead of SEC accounting and auditing enforcement. Explore recent trends, actions, and anticipate future priorities under new leadership.
The U.S. Securities and Exchange Commission (SEC) drastically reduced its accounting and auditing enforcement activity in fiscal year 2024, the final year of Gary Gensler’s administration, ending two consecutive years of annual increases. In contrast to other SEC priorities under Chair Gensler, such as cryptocurrency and off-channel communications, accounting and auditing enforcement activity generally declined.
Compared to a four-year period (FY 2017–FY 2020) under Jay Clayton, who was the SEC Chair during the first Trump administration, the SEC accounting and auditing enforcement activity under the Gensler period (FY 2021–FY 2024) declined in terms of the total number of actions initiated or settled. The average total settlement amount per year during the Gensler period also declined to $647 million, down from $796 million imposed during the Clayton period.
As we look at the new SEC priorities during the second Trump administration, these trends highlight the dynamic nature of enforcement and the influence of changing leadership and priorities on overall activity.
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Principal at Cornerstone Research
Jean-Philippe “JP” Poissant coheads Cornerstone Research’s accounting practice. Mr. Poissant has more than a decade of experience in financial and accounting consulting in complex litigation and regulatory proceedings. He specializes in accounting and financial reporting, financial investigations, valuation, damages, and corporate governance issues. Mr. Poissant’s industry expertise includes financial institutions, investment management, life sciences, natural resources, real estate, and technology. He manages large case teams, working with multiple experts through all phases of the litigation process, from pre-litigation investigation to trial. He has experience with state and federal courts, regulatory enforcement, mediation, and arbitration.
Principal at Cornerstone Research
Simona Mola conducts financial and economic analyses in complex commercial litigation and regulatory proceedings. Dr. Mola manages teams to support expert witness testimony in all stages of litigation, including deposition and trial. Across a range of Rule 10b-5/Section 11 securities litigation, she addresses issues related to disclosure requirements, tracing, financial reporting, corporate governance, and executive compensation. In addition, Dr. Mola has expertise with economic issues involving cryptocurrency, initial coin offerings (ICOs), blockchain use cases, and token economies. She has published on Bitcoin, crypto, and other Fintech-related issues.
