Audit Firm Gets Dinged by SEC for Ignoring Red Flags

Audit firm Grant Thornton LLP and two of its partners agreed to forfeit $1.5 in audit fees and pay $3m penalty to settle SEC charges that they ignored red flags and fraud risks while conducting deficient audits of two publicly traded companies. Those companies, senior housing provider Assisted Living Concepts (ALC) and alternative energy company Broadwind Energy, also faced SEC enforcement actions for improper accounting and other violations. Click here to read more.