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1
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SEC ADMINISTRATIVE LAW JUDGE DECISION
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EXTRACTED KEY WORDS
RECEIVABLES AUDIT PROFESSION STANDARDS COLLECTIBILITY FUND COMMISSION EVIDENCE HIGHLY UNREASONABLY-SHOULD RECKLESS ACCOUNTANT DIV MATTER ASSETS FINANCIAL STATEMENTS ADMINISTRATIVE LAW JUDGE CPA MUTUAL FUNDS GAAP GAAS JAMES THOMAS MCCURDY RESPONDENT ACCOUNTING EVIDENTIAL MATTER SECURITIES CHIEF ACCOUNTANT OIP COMPETENT EVIDENTIAL MATTER FIELD WORK |
Initial Decision of an SEC Administrative Law Judge
James Thomas McCurdy, CPA
INITIAL DECISION RELEASE NO. 213
ADMINISTRATIVE PROCEEDING
FILE NO. 3-10509
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
_________________________________________________________________
In the Matter of
JAMES THOMAS McCURDY, CPA
_________________________________________________________________
INITIAL DECISION
August 13, 2002
APPEARANCES Karen Matteson for the Division of Enforcement and Office
of the Chief Accountant, Securities and Exchange Commission
Charles M. Carberry of Jones, Day, Reavis & Pogue for Respondent James
Thomas McCurdy, CPA
BEFORE Carol Fox Foelak, Administrative Law Judge
SUMMARY
This Initial Decision clears CPA James Thomas McCurdy of charges of
improper professional conduct in his 1999 audit of a now-defunct small
mutual fund. He was charged with engaging in reckless or highly
unreasonable conduct that did not conform to professional standards in
assessing the probable collectibility of a receivable that comprised
25% of the fund's assets. McCurdy had investigated the receivable and
judged it to be collectible. The Initial Decision concludes that he
should have obtained more evidence from additional sources, but that
failing to do so was neither reckless nor highly unreasonable, and
dismisses the charges against him.
I. INTRODUCTION
A. Procedural Background
The Securities and Exchange Commission (Commission) initiated this
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