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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
CPA SECURITIES EXCHANGE COMMISSION ADMINISTRATIVE PROCEEDING AUDIT ACCOUNTING AUDITING ENFORCEMENT JAMES THOMAS MCCURDY INSTITUTING OHIO ALLEGE STANDARDS FAILING SUFFICIENT COMPETENT EVIDENCE COLLECTIBILITY RELATED PARTY ASSETS STAFF ALLEGES ATTITUDE PROFESSIONAL SKEPTICISM RENDER ACCURATE AUDIT REPORT EXERCISE PROFESSIONAL CARE ADMINISTRATIVE LAW JUDGE ALLEGATIONS ORDER INSTITUTING PROCEEDING REMEDIAL ACTION |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 44425 / June 14, 2001
Accounting and Auditing Enforcement
Release No 1404 / June 14, 2001
Administrative Proceeding File No. 3-10509
IN THE MATTER OF JAMES THOMAS MCCURDY, CPA
The securities and Exchange Commission announced today that it has
instituted a public administrative proceeding pursuant to Rule 102(e)
of the Commission's Rules of Practice to determine whether James
Thomas McCurdy, CPA, engaged in improper conduct in the performance of
his audit of the 1998 financial statements of JWB Aggressive Growth
Fund, a now defunct investment company.
McCurdy, an Ohio CPA, is the principal shareholder of McCurdy &
Associates CPAs, Inc., located in Westlake, Ohio. The Division of
Enforcement and the Office of the Chief Accountant allege that McCurdy
failed to comply with professional auditing standards by failing to
obtain sufficient competent evidence concerning the collectibility of
a receivable from a related party that represented 25% of the Fund's
assets. As a result, the staff alleges that McCurdy did not comply
with professional audit standards in that he failed to (1) maintain an
attitude of professional skepticism; (2) render an accurate audit
report; and (3) exercise due professional care.
A hearing will be held before an Administrative Law Judge to determine
whether the staff's allegations in the Order Instituting Proceeding
are true and, if so, what, if any, remedial action is necessary and
appropriate.
_________________________________________________________________
Modified 06/22/2001
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