Henaghan, Sean C. of Chicago, IL

Under the automatic disciplinary provisions of the Institute’s bylaws, Mr. Henaghan’s AICPA membership was suspended for three years, effective September 9, 2015, in connection with the disciplinary action taken by the Securities and Exchange Commission (SEC). Specifically, through an “Offer of Settlement”, and without admitting or denying the charges, the SEC denied Mr. Henaghan the privilege of appearing or practicing before the Commission as an accountant with the right to apply for reinstatement after three years from the effective date of the SEC’s Order for engaging in improper professional conduct in connection with the 2009 and 2010 audits of a “Company”. Whereas, Mr. Henaghan’s conduct in the audits involved repeated instances of unreasonable conduct, each resulting in violations of PCAOB standards and indicating a lack of competence, and also satisfies the standard of highly unreasonable conduct resulting in violations of PCAOB standards in circumstances in which heightened scrutiny was warranted.