AuditorRecord

U.S. Securities and Exchange Commission ยท United States

BF Borgers CPA PC: suspension by U.S. Securities and Exchange Commission

Audit or matter: More than 1,500 SEC filings by public company clients (January 2021 to June 2023)

Decision date3 May 2024
SanctionSuspension
Amount as stated$12 million civil penalty against the firm, with a permanent suspension from appearing and practicing before the SEC
StatusFinal
NetworkIndependent (no network)

What the regulator found

The SEC found that BF Borgers failed to adequately supervise audit work, copied workpapers from prior engagements and changed only the dates, falsely documented planning meetings and reviewer approval, and falsely stated in audit reports that audits complied with PCAOB standards. The SEC said more than 1,500 SEC filings incorporated the firm's work. The firm and its owner consented without admitting or denying the findings. The owner was separately fined $2 million and permanently suspended.1

Status: Final1

Sources

  1. U.S. Securities and Exchange Commission, SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings (press release 2024-51) (3 May 2024)