The Chinese affiliate of Deloitte known as Deloitte-China, has reached a $20 million settlement with the Securities and Exchange Commission for allowing clients to do their own audit work.

Millions of eligible families who should have received advance payments of the Child Tax Credit last year did not, while millions of others who did not qualify received them instead, according to a Treasury Inspector General for Tax Administration report.

The Securities and Exchange Commission has settled with 16 Wall Street firms that it charged with “widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications.”

Lourdes Martinez, a partner in the Government Contracts, Investigations and International Trade Practice Group of law firm Sheppard Mullin, provided a detailed overview of the legal and regulatory landscape from both the state and federal perspectives at the Foundation for Accounting Education’s Healthcare Conference on Sept. 22.

A report recently issued by the Treasury Inspector General for Tax Administration (TIGTA) found that security measures at IRS facilities were inadequate, as they “did not ensure that minimum physical security countermeasures were tracked and considered.” TIGTA initiated the report because “the IRS is often the target of threats from individuals and organizations looking to do it harm.”