Since joining RSM, I’ve been impacted most by our culture. I’m so grateful to work for a firm that sees the value each person brings to a team.
I am always amazed by the strength of character of our people, and how they demonstrate RSM’s values each day with our clients and each other.
On September 30, 2022, RSM US LLP (“RSM US”) entered into a settled order with the SEC. The order relates to specific audit engagements for fiscal years 2014 through 2017 involving a former client. Two partners and a senior manager additionally entered into a related settled order.
In particular, RSM US’s settled order addresses testing of certain transactions accounted for under principles of bill-and-hold revenue recognition and the assessment of whether potential errors may have required restatement.
The SEC did not bring charges of intentional misconduct, and the SEC previously has publicly stated that the former client deliberately “misled” the RSM US audit team.
The SEC’s order requires RSM US to complete undertakings involving the retention of an independent consultant to review and evaluate certain policies and procedures. RSM US also will pay a penalty of $3.75 million.
As part of this settlement, RSM US and the individuals neither admitted nor denied the SEC’s allegations.
RSM US continually seeks to enhance its quality controls, policies and procedures. The firm is committed to the highest standards of integrity and audit quality and looks forward to continuing to provide the excellence in auditing that its clients have come to expect of RSM US.
RSM US LLP is a limited liability partnership and the U.S. member firm of RSM International, a global network of independent assurance, tax and consulting firms. The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Each member firm is responsible only for its own acts and omissions, and not those of any other party. Visit rsmus.com/about for more information regarding RSM US LLP and RSM International.
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