September 30, 2022

In order to settle charges of failing to perform proper audits of a company committing fraud, audit firm RSM US LLP has been ordered to pay $3.75 million and retain an independent consultant, while partners Steven Kirn and Richard Condon, and senior audit manager Michael Piqueira have agreed to be suspended for 1-3 years.  Over the four-year period in which RSM audited Revolution Lighting Technologies Inc., RSM allegedly failed to detect that the company was fraudulently inflating revenue with bill and hold sales in violation of accounting principles.  SEC

Tagged in: Financial and Investment Fraud,