Hedge Funds And Their Auditors – It’s Good To Be Aggressive

Every once and a while someone asks me, “fm, how do you keep up with all the news, the stories?  How do you know all this stuff?” Well…Although I have been accused of conceit, presumption, being “too smart,” being too quick to draw conclusions, painting a whole firm black on very little basis, precociousness, general […]

Deloitte – Tolerant And Forgiving of Bad Accountants

It’s been an interesting few days.  I’ve finally stopped receiving poison pen letters from PwC apologists because of my doubts about their bandwith and qualifications for the TARP work.  All last week I pondered the implications of the Deloitte insider trading scandal before events overtook me and I finally had to post something more than […]

What The Auditors Saw – An Update on Société Générale

Prentice: It’s a fascinating theory, sir, and cleverly put together. Does it tie in with known facts?Rance: That need not cause us undue anxiety. Civilizations have been founded and maintained on theories which refused to obey fact.“What The Butler Saw”Joe Orton, 1969 Kerviel’s lawyers question Société Générale accountants PARIS: Jérôme Kerviel, blamed by Société Générale […]

Arthur Levitt – Looking Down From The Mountain

Arthur Levitt recently gave an interview in a Dutch publication de Accountant.  Accountancy Age in the UK highlights some key quotes and provides a link to the full article in English.   Levitt comments about the potential need for “audit-only” firms and his encouragement of, “…greater transparency, to understand what condition a firm is in. […]

Approved! All Together Now – EY To Be One Firm (Except US, Of Course)

Ernst & Young Completes Groundbreaking Globalization Move EY Partners Overwhelmingly Approve the Creation of EMEIA LONDON–(BUSINESS WIRE)–Ernst & Young today announces that its partners across Western and Eastern Europe, the Middle East, India and Africa have overwhelmingly approved the proposed integration of its country practices into a single EMEIA Area. The new Area will be […]

More On The CAQ Survey

…The CAQ sits at the same point on the Disraeli scale as any other lobbying organizations who conciously produce data that they intend to be mistaken for information. But, there should be an important difference: the CAQ is controlled by audit firms who, according to the “P” in “CPA”, purport to be ethically bound to […]

The FT’s April Fool’s Day Column

Picture Source As many of you, I hope, have deduced by now, my April 1 post on the naming of the new US regulatory agency was an April Fool’s Day post. The idea came to me in a dream…   So you can imagine my exciting life if I’m dreaming about parodies for my blog. […]

KPMG And New Century – The Deed Was Done

And this dispatch from an Australian blogger , who makes the connection between KPMG/New Century and KPMG and some recent failures amongst their clients down under…. …According to the report, one of the reasons for KPMG’s apparent gross failure to adequately undertake its responsibilities was due to it being intimidated by the forceful nature of […]

Live From The Capital Markets Summit

The summit started a little slowly. One panel included Steve Bartlett of Financial Services Roundtable. He rattled off several proposed reforms they are putting on the table for legislative action. Then they didn’t allow questions from the audience in order to stay on schedule. One proposed reform is to allow the audit firms to raise […]

Oh! How The Mighty Have Fallen – Update On Auditors And Their Banking Clients

Picture Source Back in November, I wrote about the imperial bankers and the impending doom and gloom that permeated the market. I warned that the CEOs and their Big 4 buddies should be nervous, too.   The Big 4 are now inextricably tied to their clients’ fortunes. Lawsuits are flying fast and furious as soon […]