Could Wells Fargo be the Next Big MD&A Enforcement Action?

From Accounting Onion
January 11, 2017 - 1:15am
The question occurred to me after reading Francine McKenna’s coverage of Senate hearing testimony by Wells Fargo’s CEO about the nearly 2 million unauthorized credit card and savings account openings.  I don’t know if the SEC is building an enforcement action against the company, but I am going to tell you why it should. A Slam Dunk? There are numerous aspects of SEC filings that could explicitly require some sort of disclosures about the unauthorized account openings.  At the top of the list would be MD&A, arguably the most principles-based of all financial reporting requirement

Continue reading this article »