IN THE MATTER OF CARL S. SANKO, CPA
Carl S. Sanko, a CPA, was charged by the SEC with violating the Sarbanes-Oxley Act by issuing an audit report for a public company in 2004 without PCAOB registration, facing potential censure or permanent bar.
The SEC initiated administrative proceedings against Carl S. Sanko, CPA, for preparing and issuing an audit report on a public company's 2004 financial statements without registering with the PCAOB, violating Section 102(a) of the Sarbanes-Oxley Act. The alleged violation occurred despite the registration requirement being effective since October 22, 2003. Sanko faced potential sanctions, including censure or being temporarily or permanently denied the privilege of appearing or practicing before the Commission as an accountant.
The U.S. Securities and Exchange Commission (SEC) instituted administrative proceedings against Carl S. Sanko, a CPA, for issuing an audit report on a public company's 2004 financial statements without being registered with the Public Company Accounting Oversight Board (PCAOB). This action violated Section 102(a) of the Sarbanes-Oxley Act, which required registration after October 22, 2003. The SEC alleged that Sanko willfully engaged in unqualified professional conduct by representing clients in an audit capacity despite lacking mandatory registration. The proceedings were initiated under Sections 4C(a)(1) and 4C(a)(3) of the Securities Exchange Act and Rule 102(e) of the Commission's Rules of Practice. A hearing was scheduled before an administrative law judge to determine the truth of the allegations and appropriate sanctions. The potential sanctions included censure or temporary or permanent denial of the privilege of appearing or practicing before the Commission as an accountant. The initial decision was due within 300 days of the order's service. No specific dollar amounts or financial misstatements were cited, as the violation pertained solely to regulatory non-compliance.
Extracted insights
- person Carl S. Sanko
- organization Public Company Accounting Oversight Board
- agency the united states securities and exchange commission
- The United States Securities and Exchange Commission Announced the issuance Order Instituting Administrative Proceedings Pursuant to Section 4C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission’s Rules of Practice
- The Order Alleges that Sanko prepared Audit report on the financial statements of a public company in 2004
- The Order Alleges that Sanko lacked Requisite qualifications to represent others
- The Order Alleges that Sanko willfully violated Section 102(a) of the Sarbanes-Oxley Act
- The Order Institutes proceedings against Sanko Pursuant to Sections 4C(a)(1) and 4C(a)(3) of the Securities Exchange Act of 1934 and Rule 102(e)(1)(i) and 102(e)(1)(iii) of the Commission’s Rules of Practice
- The Order Directs the Administrative Law Judge To issue an initial decision in this matter no later than 300 days from the date of service of the Order
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56428 / September 13, 2007 ACCOUNTING AND AUDITING ENFORCEMENT Release No. 2708 / September 13, 2007 ADMINISTRATIVE PROCEEDING File No. 3-12789 IN THE MATTER OF CARL S. SANKO, CPA The United States Securities and Exchange Commission (Commission) announced the issuance of an Order Instituting Administrative Proceedings Pursuant to Section 4C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission’s Rules of Practice (Order) against Carl S. Sanko, CPA (Sanko). The Order alleges that Sanko prepared and issued an audit report on the financial statements of a public company in 2004, without first registering with the Public Company Accounting Oversight Board (Board). Section 102(a) of the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act) prohibits accounting firms not registered with the Board from preparing or issuing audit reports with respect to any issuer after October 22, 2003. The Order alleges that, by this conduct, Sanko lacked the requisite qualifications to represent others and that Sanko willfully violated Section 102(a) of the Sarbanes-Oxley Act. Based on the above, the Order institutes proceedings against Sanko pursuant to Sections 4C(a)(1) and 4C(a)(3) of the Securities Exchange Act of 1934 and Rule 102(e)(1)(i) and 102(e)(1)(iii) of the Commission’s Rules of Practice to determine whether the allegations in the Order are true, and whether it should be censured or temporarily or permanently denied the privilege of appearing or practicing before the Commission as an accountant. A hearing will be scheduled before an administrative law judge to determine whether the allegations in the Order are true, to provide Sanko an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate. The Order directs the Administrative Law Judge to issue an initial decision in this matter no later than 300 days from the date of service of the Order.
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56428 / September 13, 2007 ACCOUNTING AND AUDITING ENFORCEMENT Release No. 2708 / September 13, 2007 ADMINISTRATIVE PROCEEDING File No. 3-12789 IN THE MATTER OF CARL S. SANKO, CPA The United States Securities and Exchange Commission (Commission) announced the issuance of an Order Instituting Administrative Proceedings Pursuant to Section 4C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission’s Rules of Practice (Order) against Carl S. Sanko, CPA (Sanko). The Order alleges that Sanko prepared and issued an audit report on the financial statements of a public company in 2004, without first registering with the Public Company Accounting Oversight Board (Board). Section 102(a) of the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act) prohibits accounting firms not registered with the Board from preparing or issuing audit reports with respect to any issuer after October 22, 2003. The Order alleges that, by this conduct, Sanko lacked the requisite qualifications to represent others and that Sanko willfully violated Section 102(a) of the Sarbanes-Oxley Act. Based on the above, the Order institutes proceedings against Sanko pursuant to Sections 4C(a)(1) and 4C(a)(3) of the Securities Exchange Act of 1934 and Rule 102(e)(1)(i) and 102(e)(1)(iii) of the Commission’s Rules of Practice to determine whether the allegations in the Order are true, and whether it should be censured or temporarily or permanently denied the privilege of appearing or practicing before the Commission as an accountant. A hearing will be scheduled before an administrative law judge to determine whether the allegations in the Order are true, to provide Sanko an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate. The Order directs the Administrative Law Judge to issue an initial decision in this matter no later than 300 days from the date of service of the Order.