My take on the latest at the PCAOB and KPMG
In Episode 449 of the FCPA Compliance Report, I spoke with Tom Fox to discuss the current status of the KPMG defendants and what their conduct means for the audit profession going forward.
Update: Botta v. PricewaterhouseCoopers LLP, Case 3:18-cv-02615-RS
/in Audit Firm Management, Audit Quality, Featured, PricewaterhouseCoopers, Pure Content, The Case Against The AuditorsA judge denied PwC’s motion for summary judgement. The case goes to trial in October. Mauro Botta brought an action in district court in California against PricewaterhouseCoopers LLP alleging that PwC wrongfully terminated him in retaliation for a whistleblower complaint he made to the Securities and Exchange Commission about PwC’s auditing practices. There’s been a lot written about the case, which is ongoing.
An SEC Fine for KPMG in the PCAOB Data Theft Scandal and Another Horrible Revelation
/2 Comments/in Audit Quality, Featured, KPMG, Latest, Pure Content“Innovation demands risk-taking… which, in turn, entails redefining failure, stripping away its power to inhibit.” Chairman and CEO of KPMG Lynne Doughtie
Amazon and taxes, oh my!
/in Featured, Food for ThoughtJeff Bezos has bigger problems than the Queens pull-out and criticism of Amazon’s taxes. He may want to wipe that smug look off his face. Photo from Forbes. Amazon backed out of its selection of Queens, NY as a location for a new headquarters this week. It was a big story, revolving around new […]
Update: KPMG: Whittle and Holder Plead Guilty
/in Featured, Pure Content, The Case Against The AuditorsKPMG partner Thomas Whittle broke ranks on October 29 and pleaded guilty to all five criminal charges. He is now cooperating with prosecutors. Do you have more information about this case? Leave a comment here, one I can leave unposted, if you wish to communicate confidentially or DM me on Twitter @retheauditors for Signal encrypted confidential messaging instructions.
More on KPMG and the Precedents for Possible Punishment
/in Featured, The Case Against The AuditorsWhy did they do it? The WSJ walks around the question but KPMG may face big fines and, I think, its partners and the PCAOB professional could face criminal charges.
$99 Million Buys EY Ticket Out Of Private Lehman Litigation, Finally
/3 Comments/in Featured, Latest, Pure Content, The Case Against The AuditorsLast defendant standing. Not an enviable place for EY in the case, In re Lehman Brothers Securities and Erisa Litigation. Holding out until the end has now cost EY $99 million, more than Lehman officers and directors.
Consulting – It’s Harder Than It Looks…
/1 Comment/in Featured, Pure ContentI saw this article while looking for something else. I thought it was an interesting observation of the market constraints on hiring even the “best of the best” resources and the challenge of retaining them, even for the most prestigious firms, the ones that these graduate students try so hard to get into. CONSULTING: challenge […]