My column at American Banker last week focused on the latest PCAOB inspection report for KPMG. We’ve got three more “Big Four” inspections reports to come – Ernst & Young, Deloitte and PwC. Don’t be surprised if you see the same focus on loan loss and repurchase reserves and the same kinds of auditor deficiencies.
Making the non-obvious connections between the audit firms and their clients, between the clients and each other, and between the firms and each other is getting to be like shooting fish in a barrel.
As if Ernst & Young didn’t have enough to worry about now they’ve got a public airing of some dirty laundry by the PCAOB.
I was quoted on May 2 in an article in American Banker by Alex Ulam entitled, “Why Second-Lien Loans Remain A Worry”. My quote focused on disclosures and transparency – for the loans and the reserves for losses. It’s a subject I’ve written about extensively.
I was asked by Accountancy Magazine in the UK to write a summary of the Compliance Week Annual Conference for their readers. This article, entitled “Regulatory Reformation,” can be found here. Please let me know what you think.
Financial Executives International has just released the results of their survey, “2009 Top Challenges for Financial Executives,” and it’s quite interesting to see what a difference a year makes.
Unfortunately, I was unable to attend the AICPA National Conference on PCAOB and SEC Developments in person. As much as I would have loved to be there live, to ask questions and, perhaps, walk all over the wafflers with my Manolos, it’s not always possible. In this case it may have been just as well. […]
What we have we prize not to the worthWhiles we enjoy it, but being lacked and lost,Why, then we rack the value, then we findThe virtue that possession would not show usWhiles it was ours. William Shakespeare (1564–1616), British dramatist, poet. Friar Francis, in Much Ado About Nothing, act 4, sc. 1, l. 218-22. We […]
Take a look at Edith Orenstein’s exhaustive summary from April 11: IMF, IIF Rec’s on Market Turmoil Are Far-Reaching, Include Fair Value, Off-Balance Sheet; Q&A With Michael Young, Willkie Farr It’s everything you always wanted to know about the latest in fair value accounting, FAS 157, and the role of accounting standards in economic activity. Re: […]