The SEC has dismissed the request of a Utah CPA to review action by the Public Accounting Oversight Board. The SEC decision means a $75,000 civil money penalty have been lifted against Edwin "Ted" Reese Davis Jr. In June, the SEC had lifted the stay of the PCAOB's barring him from associating with any registered firm while also revoking the registration of his firm, Davis Accounting. After Davis' counsel filed a notice of withdrawal as counsel, he and his firm got two extensions of time to file a brief. But the commission denied the request for a third extension.

The SEC had barred Davis from practicing before it because he had continued to audit public companies even though his Utah license had been expired for nearly three years. He had failed to pay fees and his license was revoked on Nov. 4, 2010 in Utah and he was ordered to cease and desist from holding himself out as a CPA. Davis and his firms, the Davis Accounting Group and Etania Audit Group of Cedar City, Utah, prepared at least 23 audit reports filed with the SEC after his license expired.