SEC Enforcement Case against Firm for Lack of Professional Skepticism

A NY CPA Firm is the subject of an SEC A&A Enforcement Release - municipal audit gone awry due to an egregious lack of professional skepticism and due care.  The SEC came down HARD (and rightly so, I believe based on the facts) on the partner and the firm, among other things, barring the partner from performing muni audits for 5 years and requiring the firm to engage a consultant to recommend improvements to the firm's QC system, which they have 60 days to implement. Not pretty and exactly what regulators around the world have been griping about - this missing HUGE RED FLAGS on audits has got to stop.