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On July 2, the SEC announced the formation of a Financial Reporting and Audit Task Force. The task force, which will include attorneys and accountants from the Division of Enforcement, working with other offices of the SEC staff, "will concentrate on expanding and strengthening the Division's efforts to identify securities-law violations relating to the preparation of financial statements, issuer reporting and disclosure, and audit failures."

An accounting firm agreed to pay more than $11.8 million to settle SEC charges relating to the failed audits of an oil services company that allegedly used deceptive income tax accounting to inflate earnings.