Chisholm, Todd D. - Centerville, UT 


    Under the automatic disciplinary provisions of the Institute’s bylaws, Mr. Chisholm’s AICPA membership was terminated, effective May 10, 2011, in connection with the SEC denying Mr. Chisholm the privilege of appearing or practicing before the Commission as an accountant with the right to apply for reinstatement after five years of the Order. This decision was based on the SEC’s findings that as the engagement partner on the audit and review of a Company’s audits and reviews financial statements for year-end 2004 through the third quarter of 2007, Mr. Chisholm engaged in improper professional conduct by failing to have adequate procedures in place during the Company’s 2004, 2005 and 2006 audit to reasonably assure detection of illegal acts, such as the Company’s material overstatement of its revenues, its undisclosed guaranteed payments, its inclusion of improperly recorded assets on its balance sheet, and its materially overstated oil-and-gas reserves, which materially affected the determination of financial statement amounts.



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