SEC fines audit firm RSM $950,000 to settle independence violation claim

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SEC fines audit firm RSM $950,000 to settle independence violation claim
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The U.S. Securities and Exchange Commission (SEC) said on Tuesday that it fined ...

FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst

The SEC said RSM, which says on its website it is the country’s fifth-largest accounting firm, provided non-audit services to at least 15 of its audit clients, violating rules that bar audit firms from engaging in certain non-audit relationships while an audit is being conducted. RSM also failed to disclose its non-audit relationships in more than 100 audit reports for clients published between 2014 and 2015, violating disclosure rules, the SEC said.In addition to the fine, RSM also agreed to employ an independent consultant to evaluate its current quality controls for compliance, the SEC said in a statement.

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