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ARTICLE · 16 MAY 2024

SEC Charges Audit Firm BF Borgers With Fraud

Winston Taylor
Explore more from Winston Taylor

On May 3, 2024, the Securities and Exchange Commission (SEC) announced charges against audit firm BF Borgers CPA PC (BF Borgers) and its owner.

United StatesAccounting and Audit
David A. Sakowitz
David A. Sakowitz
Andrew Butler
Andrew Butler
James Kemp
James Kemp
Jennifer Ybarra Taylor
Jennifer Ybarra Taylor

On May 3, 2024, the Securities and Exchange Commission (SEC) announced charges against audit firm BF Borgers CPA PC (BF Borgers) and its owner, Benjamin F. Borgers, of deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in over 1,500 SEC filings from January 2021 through June 2023, in what the SECcalled"one of the largest wholesale failures by gatekeepers in our financial markets." In addition to monetary fines of $14 million, the SEC barred BF Borgers and Mr. Borgers from appearing or practicing before the SEC as an accountant.

Among a host of violations detailed in itsorder, the SEC found that BF Borgers falsely documented planning meetings that never actually occurred, had a single staff member use multiple usernames to sign off on all audit workpapers within seconds of each other rather than the members of the audit team, and failed to obtain the required

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