[Federal Register Volume 68, Number 206 (Friday, October 24, 2003)]
[Notices]
[Page 61025]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-26972]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Pub. L. 94-409, that the Securities and 
Exchange Commission will hold the following meeting during the week of 
October 27, 2003:
    An Open Meeting will be held on Wednesday, October 29, 2003 at 10 
a.m., in Room 6600.
    The subject matter of the Open Meeting scheduled for Wednesday, 
October 29, 2003 will be:

    1. The Commission will hear oral argument on an appeal by the 
Division of Enforcement and the Office of the Chief Accountant 
(together, the ``Division'') from the decision of an administrative 
law judge in a proceeding brought against James Thomas McCurdy, a 
certified public accountant. The administrative law judge found that 
McCurdy did not engage in improper professional conduct within the 
meaning of Rule 102(e) of the Commission's Rules of Practice in 
connection with his audit of the financial statements of JWB 
Aggressive Growth Fund (the ``Fund''), a registered investment 
company, for the year ending December 31, 1998. The law judge found 
that McCurdy's audit of the Fund's financial statements was not 
performed in accordance with generally accepted auditing standards 
(``GAAS''), primarily because McCurdy failed to obtain sufficient 
competent evidence about the probable collectibility of a receivable 
that was recorded as an asset in the Fund's financial statements. 
The law judge also found that the record did not establish the 
charge that the Fund's financial statements were not in accordance 
with generally accepted accounting principles (``GAAP'') because the 
Division did not establish that the receivable was not collectible. 
The law judge further found that McCurdy's professional conduct was 
neither reckless nor highly unreasonable and thus did not constitute 
a violation of Rule 102(e) as charged. The law judge therefore 
dismissed the charges against McCurdy.

    Among the issues likely to be argued are:

    1. whether McCurdy obtained sufficient competent evidence about 
the collectibility of the receivable.
    2. whether the Fund's financial statements were in accordance 
with GAAP.
    3. whether McCurdy's audit of the Fund's financial statements 
were in accordance with GAAS.
    4. whether McCurdy's professional conduct was reckless or highly 
unreasonable.
    5. if McCurdy's conduct was reckless or highly unreasonable, 
whether sanctions should be imposed in the public interest.

    For further information, please contact the Office of the Secretary 
at (202) 942-7070.
    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items. For further information and to 
ascertain what, if any, matters have been added, deleted or postponed, 
please contact: The Office of the Secretary at (202) 942-7070.

    Dated: October 21, 2003.
Jonathan G. Katz,
Secretary.
[FR Doc. 03-26972 Filed 10-21-03; 5:00 pm]
BILLING CODE 8010-01-P