The Securities and Exchange Commission is serious about the Sarbanes-Oxley registration requirements for auditors. The agency just sued 69 accounting firms and individuals who didn't register with the Public Company Accounting Board before conducting audits of public companies.
Philly.com reports that the 37 firms and 32 individuals reported on 53 companies between November 2003 and October 2005. All settled with the SEC. In a statement regarding the suits, SEC Enforcement Director Linda Thomsen said:
The actions we take today protect investors and will deter future violations.