I laughed out loud when a Google Alert pointed me to the FT article excerpted below. I find this solicitation by the US Internal Revenue Service quite ironic given that four of the six firms mentioned have had serious, and I mean serious, issues with the IRS related to their aiding and abetting the development […]
In any other kind of firm, in any other profession, what these guys did would be cause for termination. Why are they still working for Deloitte? Do you want them on your audit? At the Compliance Week Conference earlier this month, I asked Tom Ray about the push on the part of some “activist accountants” […]
Deloitte is in the news for some significant litigation issues. First the winner. This ruling, I think, will have a big impact on the auditor subprime cases to come. Many of these cases, when it comes to the auditors liability, will be based on whether auditors should have been more diligent, thorough, and hard on […]
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 […]
As those of you who follow my Twitters know, last Wednesday I had the good fortune to have dinner with our Governor and a few other State of Illinois executives and local entrepreneurs. Most were in the technology arena, as is my client, who I was there to support, cajole, nudge and share a rib […]
Photo Source All the firms spend a lot of time and money publicizing their good works. Between time spent on volunteerism and donations by their offices and foundations and all the diversity crapola, it’s a bucketful of money they spend to erase the fact that they’re otherwise sucking money out of the economy for a […]
This blog has recently been reminding you of the independence standards imposed on the audit firms with regard to their relationships with their vendors. Don’t get me wrong… It’s not easy for anyone to keep it all straight. In my previous post on PwC’s relationship with Aramark as a vendor for its cafeteria, […]
Picture Source First, it was KPMG and New Century. Now it’s the Bear Stearns hedge funds. Who wants to bet which Big 4 firm is next? Looks like Jake Zamansky is going to stay very , very busy… Bear Stearns, Deloitte sued over hedge fund losses The liquidators of two Bear Stearns Cos mortgage hedge […]
Photo Source There’s an ongoing dialogue related to my Big 4 Blind Items post. Specifically, someone added a comment regarding outsourcing/off shoring work by the Big 4 to India and other lower wage countries. My comment, regarding my experiences while a Managing Director for KPMG Consulting/Bearing Point in Latin America, is there, too. However, that […]
For your commenting pleasure, a variety pack of ponder-ables… Which multi billion dollar global government contractor was one of the few, if only, public companies of its size to be cited for a material weakness due to an ineffective internal audit function? This is not the typical “completely missing” internal audit function but one that existed […]
I don’t often have an opportunity to link to Kevin Funnell’s Bank Lawyer’s Blog. He mentions Lindsay Lohan way too much for my taste and I don’t want to drag my blog down into the hell of tacky popular culture. But every once and a while he lets loose with a vitriol spewed just my […]
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 […]
