There is at least one person who doesn’t have to worry about having a good job, at KPMG no less. Thomas Ray was the Chief Auditor and Director of Professional Standards for the PCAOB.
According to WebCPA:
Ray is joining KPMG as a partner in the firm’s department of professional practice in New York.
Thank you very much for maintaining a cynical tone during your feature on Mr. Welch and the new Mrs. Welch. In my mind, and it is a very personal opinion, Mr. Welch personifies everything that is wrong with US business.
The “victims” of the Bernie Madoff scandal are not taking their losses laying down. Why are so many suits suddenly being brought against the auditors of the funds that invested on behalf of their clients in the Madoff funds?
You may question my choice of title for this post. After all, it describes the end of the tax shelter prosecution of the KPMG 13. And it was former KPMG employees, not current KPMG employees or partners who cheered when federal Judge Lewis Kaplan dismissed charges yesterday against them, 13 former employees of the accounting […]
Update: Chicago’s John “Dr. J.” Najarian co-founder of OptionMONSTER on the need for transparency when the assets bought by the US government are eventually sold. On YouTube. Part 2 from Jon Najarian is here. I have been updating this information throughout the weekend as other banks failed and other deals have been done. A […]
Here in the US, we are accustomed to the concept of a national practice for our Big 4 firms. Although each of the local offices, in each city, in each state has a Managing Partner and local partners, the firms are rarely separate legal entities. A partner is a partner of the National firm, not […]
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 […]
What’s next? The dog ate my workpapers? I guess the 6% that aren’t proud to be associated with KPMG UK are the ones getting “redundanced.” You had to know that this is what they meant (not too many partners, oh no…) when they talk about gaining “efficiencies” from these activities. The other Big 4 in […]
Go here for an exhaustive summary of the overtime pay situation in Canada. Krupo has even posted the links where you can file your claim. Hey Krupo, what about all those US staff being imported to Canada to do audit and SOx work for multinationals because the dollar is so weak? Do they get overtime […]
Fannie Mae’ s external auditor was KPMG but now KPMG is suing Fannie. Didn’t seem to bother Deloitte, who jumped at the chance to get close to Fannie. Freddie Mac’s external auditor is PwC, who hates to abandon a sinking ship. PwC inherited this mess from Arthur Andersen. Fannie Mae, Freddie Mac Warned on Accounting […]
Picture Source Update GE’s Annual Meeting is this Wednesday. Looks like Immelt will have some explaining to do… But take a look at this report fresh from the Associated Press. Can you believe accounting professors are talking about earnings manipulation by GE as if it were expected and par for the course? Makes you wonder […]
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, […]
