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This story is the tip of the iceberg. The partners involved probably had to settle with the SEC in a 2(E) action, prohibiting them from participating in public company audits until reapplication is approved(about 5 years is the normal duration). In addition, the Florida Department of Business and Professional Regulation will certainly look to a probable cause finding before the Florida Board of Accountancy. Their license to practice as CPA's will be on trial. One can only imagine the civil lawsuits..... The AICPA (and FICPA) will invite the partners before their trial board for probable cause and possible dismissal. All this should serve as a lesson: If you are a small accounting firm, you should not engage to perform audits of public companies. Leave it to the "big boys". There's plenty of other profitable areas out there...and a lot less grief... I was there....in the 1980's, our firm experienced all but the PCAOB punishments (it didn't exist then).

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