SEC’s Chief Accountant on What Worries Him 

The Securities and Exchange Commission is paying close attention to the culture of audit firms and how a tepid one can foster professional misconduct, from cheating on exams to backdating workpapers, among other breakdowns in practice.

Firms need to commit to auditor independence and place the public interest at the center of operations, rather than making the audit practice solely responsible for its quality, Paul Munter, the U.S. securities regulator’s chief accountant, said at a conference in Washington, D.C., this week.