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SEC Reinstates Doeren Mayhew CPA

Friday, Feb 25 2011
News
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Benedict P. RybickiThe SEC has reinstated CPA Benedict P. Rybicki, who has been a director at Doeren Mayhew since 1998. Although Rybicki had been suspended from practicing before the agency for only a year, he had not sought reinstatement since the SEC took its action on Aug. 5, 2004 over his role as sole engagement manager in the audit of MCA Financial Corp's. 1998 financial statements. The audit was performed jointly by Doeren Mayhew and Grant Thornton.

The SEC's original finding was that Rybicki "recklessly engaged in conduct that resulted in violations of professional standards and recklessly failed to follow applicable auditing standards in the areas of mortgages and land contracts held for resale and related party transactions."  The agency also found that the CPA failed "to assure that MCA’s audit committee or board of directors were adequately informed of suspected illegal acts that were detected in the course of the audit."

In the original action, Grant Thornton paid a $1.5 million penalty and was not only censured, but required to retrain its entire professional staff in fraud detection and spent at least $1 million in that effort. It was also barred from joint audits for five  It also paid disgorgement and prejudgment interest of $59,749.41.

Doeren Mayhew stopped performing audits of publicly held companies at that time. It was also censured and paid $115,126.86 in disgorgement and prejudgment interest.

 

Bob Scott
Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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