Sept. 20 --The Securities and Exchange Commission's Financial Reporting and Audit Task Force will actively solicit whistle-blowers, task force chairman David Woodcock said.
“Whistle-blowers are hugely important” in the financial reporting and accounting fraud arena, said Woodcock, who also is director of the SEC's Fort Worth Regional Office. “We have cases on our docket now that no amount of analytics, no amount of screening or proactive efforts, in my opinion, would have ever discovered these cases,” he told a legal gathering. “It took someone on the inside to bring us this information.”
Woodcock said he spoke his own views, which did not necessarily reflect those of the commission or other staff members. His remarks were made during a panel at an American Law Institute Continuing Legal Education (ALI-CLE) accountants' liability conference in Washington.
By Yin Wilczek
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