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SEC Segment 1: Structure and Authority
The U.S. Securities and Exchange Commission (SEC) was founded by
President Franklin D. Roosevelt in 1934. It was created by Section 4 of
the Securities Exchange Act of 1934 It is comprised of a large
independent agency of the United States federal government that was created
following the stock market crash in the 1920s to protect investors and the
national banking system. The primary purpose of the SEC is to enforce the law
against market manipulation.
The
SEC created has created a host of regulations that they enforce:
The SEC has a three-part
mission:
With the help of this CPE course, you
can learn more about specific SEC structures, functions and responsibilities
carried out by various divisions and offices within the Washington D.C.
headquarters and regional offices around the country.
This CPE course focuses on the purpose
and structure of the SEC and its role in financial accounting and reporting
compliance for publicly traded companies. We will also do a high-level
introduction to various important forms to file with the SEC. A deep dive into
many of these forms will be completed in a separate webinar.
SEC Segment 2: Mandates and Programs
As outlined in our introductory course to
Understanding the SEC, there are many compliance rules and regulations that
publicly traded companies must follow. In addition, the SEC has far-reaching
powers in the oversight of the various legislations and can assess penalties for
companies (or accounting firms), who do not adequately comply with those
mandates.
While most violations of securities laws are
enforced by the SEC and the various securities regulatory organizations it
monitors, state securities regulators can also enforce statewide securities
blue sky laws. The SEC also works with federal and state law enforcement
agencies to carry out actions against actors alleged to violate the securities
laws.
SEC Segment 3: Focus on Regulation S-K, S-X, and Form 8-K
As part of the SEC's mission to protect
investors, the SEC outlines an abundance of reporting requirements for publicly
traded companies. This course will delve into Regulation S-X, S-K, and 8K
which lays out reporting requirements for various SEC filings used by public
companies.
Regulation S-X is a prescribed regulation in the U.S.
that lays out the specific form and content of financial reports, specifically
the financial statements of public companies. Regulation S-X extends the
meaning of the term 'financial statements to include all notes to the
statements and all related schedules. Regulation S-X is closely related to
Regulation S-K and lays out reporting requirements for various SEC filings and
registrations used by public companies. Regulation S-X profoundly affects
internal and external accountants, auditors and officers, and numerous
officials, employees, and contractors of publicly reporting companies.
Because of the need for accurate reporting, any operation of a company may be
affected to require ultimate compliance with Regulation S-X and the
Sarbanes-Oxley Act.
In a company's history, Regulation S-K first
applies with the Form S-1 that companies use to register their securities with
the SEC as the “registration statement” under the SEC Act of 1933.
Thereafter, Regulation S-K applies to the ongoing reporting requirements
in documents such as Forms 10-K and 8-K.
Regulation S-K
applies to:
A public company is initially impacted by
Regulation S-K with its IPO (initial public offering of shares). Form S-1
contains the basic business and financial information on an issuer concerning a
specific securities offering. Investors may use the prospectus to consider the
merits of an offering and make educated investment decisions. A prospectus is
one of the main documents used by an investor to research a company before an
initial public offering.
An 8-K is a report of unscheduled material
events or corporate changes at a company that could be of importance to the
shareholders or the SEC. Also known as a Form 8K, the report notifies the
public of events, including acquisitions, bankruptcy, the resignation of
directors, or changes in the fiscal year.
This CPE course will provide the participant
with an overview of the SEC filing and financial reporting requirements related
to Regulation S-K from the accountant's perspective. We will discuss elements
that accountants and auditors must be aware of when preparing those filings as
well as obtain an understanding of reference materials available. This
includes a discussion of the various sections of regulation S-X and S-K and 8K.
SEC Segment 4: Focus on 10-K and 10-Q
A 10-K is a comprehensive report filed
annually by a publicly-traded company about its financial performance and is
required by the SEC. The report contains much more detail than a
company's annual report which is sent to its shareholders before an annual
meeting. Some of the information a company is required to document in the 10-K
includes its history, organizational structure, financial statements, earnings
per share, subsidiaries, executive compensation, and any other relevant data.
The SEC requires this report to keep investors
aware of a company's financial condition and to allow them to have enough
information before they buy or sell shares in the corporation, or before
investing in the firm’s corporate bond.
The 10K includes
five distinct sections:
The SEC form 10-Q is a comprehensive report of
a company's performance that must be submitted quarterly by all public
companies to the SEC. The 10Q is generally an unaudited report.
In the 10-Q, firms are required to disclose
relevant information regarding their financial position. There is no filing
after the fourth quarter because that is when the 10-K is filed. There are two
parts to a 10-Q filing. The first part contains relevant financial information
covering the period. This includes condensed financial statements, management
discussion, an analysis of the financial condition of the entity, and disclosures
regarding market risk and internal controls.
Accountants and auditors must understand all
aspects and requirements of the 10K and 10Q process including an understanding
of how specific regulations like Sarbanes-Oxley and others are embedded within
these statements.
Because of the depth and nature of the
information they contain, 10-Ks are fairly long and tend to be complicated. But
investors must understand that this is one of the most comprehensive and most
important documents a public company can publish yearly. It is also critical to
understand the requirements and expectations of form 10Q.
SEC Segment 5: Rulemaking and Enforcement Process
The Commission's rulemaking process is
intended to ensure that aspects of regulatory changes are analyzed before a
change takes effect. A need for rulemaking can be identified internally by the
Commission or externally by Congress, another government agency, private
industry, or the general public.
The rulemaking process usually begins with a
rule proposal. , If the Commission approves the rule proposal, it is then
presented to the public (through publication in the Federal Register and on the
Commission's website) for a specified period. The public's input is
considered as a final rule is crafted. Rules are adopted by a vote of the full
Commission.
The Office of the Secretary (OS) reviews rules
for compliance with Federal Register requirements, sends related documents to
various agencies involved in the process, issues official rulemaking documents,
coordinates Commission approval of rules, and maintains certain rule-related
files. OS also receives and organizes public comments and then forwards them to
the Office of Filings and Information Services (OFIS) and the relevant division
staff.
The Division of Enforcement was created in
August 1972 to consolidate enforcement activities that previously had been
handled by the various operating divisions at the Commission's headquarters in
Washington. The Commission's enforcement staff conducts investigations into
possible violations of the federal securities laws and litigates the
Commission's civil enforcement proceedings in the federal courts and administrative
proceedings.
The Commission's mandate is to protect
investors. The Commission is not authorized to act on behalf of individual
investors. The Commission can bring a variety of administrative proceedings,
which are heard by hearing officers and the Commission. One type of proceeding,
a cease and desist order, may be instituted against any person who violates the
federal securities laws. Concerning regulated entities (e.g., brokers, dealers,
and investment advisers) and their employees, the Commission may institute
administrative proceedings to, among other things, revoke or suspend
registration, or to impose bars or suspensions from employment. In both
cease-and-desist proceedings and administrative proceedings against regulated
persons, the Commission is authorized, among other things, to order the payment
of civil penalties and disgorgement of ill-gotten gains.
This CPE webinar is to provide an
understanding of the SEC’s responsibilities related to rulemaking and
enforcement of rules related to the financial markets. We will examine
the rulemaking process and the enforcement process that all accountants and
auditors must understand to ensure proper compliance with SEC laws.
This CPE webinar
is a part of a series of five webinars:
Owner, Lynn Fountain Consulting and Training
Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
Duration
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Pre-requisites
Advance Preparation
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
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