The company that employs you is a U.S. publicly traded corporation that manufactures chemicals. You are in the external financial reporting department, and your position requires that you keep current on all the new accounting requirements. Although you realize that Staff Accounting Bulletins (SABs) are not formal SEC actions, you like to review the new SABs periodically to see whether any are relevant to your company.
Today you decided to perform some research to ascertain whether any new SABs have been issued. In addition, your boss, the manager in charge of the department, recently mentioned something to you about the SEC's Division of Enforcement. You do not know a lot about this particular division; however, because you will be doing some SEC research today anyway, you have decided you will find out more about the SEC's Division of Enforcement.
a. Prepare a one-page memo summarizing a recent SAB.
b. Research the SEC's Division of Enforcement. Answer or perform the following:
(1) What year was the division formed? (2) Discuss various actions the division may take.
(3) Prepare a one-paragraph summary of a recent litigation proceeding.
(4) Prepare a one-paragraph summary of a recent administrative proceeding.