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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
PRACTICE STEPHAN REINSTATEMENT AUDIT ACCOUNTANT SUSPENSION FINANCIAL STATEMENTS EVERLAST REVIEWER ADMINISTRATIVE PROCEEDING STEPHAN PURSUANT RESPONSE MERMELSTEIN CONNECTION PREPARER DISQUALIFICATION APPLICANT AUDITING FRANK ACCORDANCE CEASE DESIST ORDERS SETTLEMENT UNDERTAKING BASIS SPECIFIED CONDITIONS REQUEST INDEPENDENT AUDIT COMMITTEE ATTENTION |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 40952 / JANUARY 15, 1999
ACCOUNTING AND AUDITING ENFORCEMENT
RELEASE NO. 1100 / JANUARY 15, 1999
ADMINISTRATIVE PROCEEDING FILE NO. 3-9004
________________________________
:
In the Matter of : ORDER
GRANTING APPLICATION : FOR REINSTATEMENT TO
PRACTICE
Frank E. Stephan, C.P.A. : AS AN ACCOUNTANT BEFORE THE
: THE COMMISSION
:
________________________________:
On May 16, 1996, Frank E. Stephan ("Stephan"), a
certified
public accountant, was suspended by the Commission from
practicing
as an accountant before the Commission in public
administrative
proceedings instituted by the Commission against Stephan
pursuant
to Rule 2(e) of the Commission’s Rules of Practice[1]. This
order
is issued in response to his application for reinstatement to
practice before the Commission.[2]
Stephan worked as a temporary employee of the audit firm
Glasser & Mermelstein ("G&M"). G&M, under the direction of
Milton
Mermelstein, conducted an audit and issued an unqualified
audit
report on the 1990 financial statements of Everlast
Filtration
Corp. ("Everlast"). Stephan served as the on-site auditor for
the
1990 Everlast audit.
The Commission found that Everlast’s 1990 financial
statements were not presented in conformity with generally
accepted accounting principles and that G&M’s 1990 audit was
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