SEC ICTV

The Securities and Exchange Commission (SEC) has a large responsibility for ensuring that the country's vital economic needs are protected. The purpose of this essay is to discuss a real world and practical application of the SEC's involvement in a case where accounting malfeasance was suspected and ultimately proven true in a court of law. This essay will examine the case of International Commercial Television Inc. (ICTV) and its accounting blunder that cost the accounting firm of Dohan & Company its repuatation and penalties.

According to the official SEC complaint, violation of Section 21(d) of the Securities exchange act was committed by ICTV's submission of their accounting statements. "These proceedings arise out of Respondents' improper professional conduct during their audit of International Commercial Television, Inc.'s ("ICTV") 2007 financial statements. During fiscal year 2007, ICTV improperly recognized revenue and incorrectly recorded product returns, resulting in a material overstatement of...
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