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SEC Alert! SEC Charges Audit Firm RSM and Three Senior-Level Employees with Failure to Properly Conduct Client Audits.

Source: https://www.sec.gov/news/press-release/2022-180 The Securities and Exchange Commission today charged audit firm RSM US LLP and three senior-level employees with improper professional conduct for failing to properly audit Revolution Lighting Technologies Inc.’s (“Revolution”) financial statements over a four-year period when Revolution was violating accounting

RRP Alert! RRP go more brrr? AgriBank FCB has been added to the list of reverse repo counterparties, effective September 30.

Federal Reserve Alert! Guidance on Resolution forthcoming. Resolution plans, required by the Dodd-Frank Act and commonly known as "living wills"

Federal Reserve Alert! Guidance on Resolution forthcoming. Resolution plans, required by the Dodd-Frank Act and commonly known as "living wills," describe a financial company's strategy for rapid and orderly resolution under bankruptcy in the event of financial distress or failure. Source: https://www.federalreserve.gov/newsevents/

Federal Reserve and Government in the Sunshine Meeting Notice Alert! Advanced Notice of a Meeting under Expedited Procedures for a Closed Board Meeting on October 3, 2022

Source: https://www.federalreserve.gov/aboutthefed/boardmeetings/20221003closed.htm Reddit Post

SEC Alert! SEC orders Deloitte’s Chinese Affiliate to Pay $20 Million Penalty for Asking Audit Clients to Conduct Their Own Audit Work.

Source: https://www.sec.gov/news/press-release/2022-176 The SEC order finds that, in the course of numerous audits over multiple years, Deloitte-China personnel asked clients to select their own samples for testing and to prepare audit documentation purporting to show that Deloitte-China had obtained and assessed the supporting evidence

Office of Financial Research Alert! When Choosing Counterparties, Banks Tend to Pick Riskier Ones.

Office of Financial Research Alert! When Choosing Counterparties, Banks Tend to Pick Riskier Ones. The authors found banks are more likely to choose riskier nonbank counterparties that are already heavily connected and exposed to other banks, which leads to an even more densely connected network. Source: https://content.govdelivery.com/

U.S. economy shrank in the first half of 2022, updated GDP figures from the Bureau of Economic Analysis confirm.

Source:https://www.bea.gov/news/2022/gross-domestic-product-third-estimate-gdp-industry-and-corporate-profits-revised-2nd Real gross domestic product (GDP) decreased at an annual rate of 0.6 percent in the second quarter of 2022, according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 1.