A public accounting firm agreed to settle SEC charges for violating SEC auditor independence rules in over 100 audit reports concerning at least 15 audit clients.

According to the SEC, public accounting firm RSM US ("RSM") lacked quality controls pertaining to auditor independence, and failed to identify or address prohibited non-audit services and a prohibited employment relationship. Additionally, the SEC found that the firm violated SEC regulations by representing itself as "independent" in audit reports for clients' financial statements in approximately 100 instances.

To settle the charges, the firm agreed to (i) a censure, (ii) a $950,000 civil money penalty, and (iii) hire an independent consultant to evaluate its quality controls related to auditor independence. The firm neither admitted nor denied the allegations, and the SEC considered RSM's remedial acts in the settlement.

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