Posts

Not Over Until It’s Over: Price Waterhouse India Settles Satyam

It’s the potential for sudden conflagrations in developing countries that keeps the global audit firms – PwC in this case – up at night. The legal quagmires in developed countries are messy, too. PwC may want to put the Satyam scandal behind them but, unfortunately, I fear there’s still much more pain for the firm to come.

Birds On A Wire: How Do The Firms Get The Word Out?

This article was originally published on GoingConcern.com October 7, 2009. It’s been a while since an update on the PwC/Satyam fraud for re: The Auditors. Rest assured, it’s all still a big problem for PwC. Their partners are still in jail but the wheels of Indian justice turn slowly. I did receive reports that India’s […]

All Points Bulletin: Auditor Litigation Spans The Globe

Let’s consider for one moment that the US firms are not the center of the universe for the global audit franchise. Although US revenues are significant, profits and growth are not necessarily stellar compared to the potential in other geographies. So the firms will plow foreign fields instead.

Satyam’s Internal Auditor: All Roar, No Bite

In December of 2009, India’s Central Bureau of Investigation (CBI) arrested Mahindra Satyam’s internal audit head V S Prabhakar Gupta for his alleged involvement in the Satyam fraud.

Deloitte’s Troubles Bubble To Surface

Mainstream media, and the Financial Crisis Inquiry Commission, are focused mainly on Ernst & Young as the auditor whipping boy of the financial crisis. That’s really by default not by design and is thinly justified. No one has given fly-over journalists anything on a silver platter that would draw in the rest. Give me a few minutes and I can make a case for PricewaterhouseCoopers as the one teetering on the edge of the abyss. Or KPMG. But today, let’s talk about Deloitte.

Dear PCAOB Board: Your Job Is To Serve And Protect Investors

It’s time for the PCAOB Board to think about how they might respond when the audit firms are not going to be so pleased as punch. There’s much for them to address. I’ll be talking about some of those changes and improvements in future posts. But, the most important role of the PCAOB is the inspections process. Let’s take a look at how well that’s going.

2010 Year in Review: Securities Enforcement, Litigation & Compliance

Here’s a replay of the 2010 Year In Review webcast from Securities Docket. I’m talking about auditor litigation and I’m joined by a great group of other lawyers and experts.

Worlds Apart But Two Of A Kind: Glitnir, Satyam And Their Auditor PwC

Taking care of family and close friends first is universal. Whether Irish, Italian, Kenyan, Mexican, or Tunisian… Legal, regulatory, ethical and moral lines are often crossed in service to family and those who are “like a brother to me…” There are obvious similarities between the Satyam and Glitnir frauds, not the least of which is they share an auditor – PwC.

BDO International: “Manage and Control” Means Slam Dunk For BES

After a week’s delay, the Banco Espirito Santo (aka ES Bankest ) vs. BDO International trial finally started in Miami on June 2. I was approached by Courtroom View Network and given access to the full trial tapes and select clips in exchange for this mention.

I’ve been following Stephen Thomas of Thomas Alexander & Forrester in the BDO International case and in his new initiative regarding KPMG International and New Century. He’s on a roll. And I personally believe he’s got a slam dunk case against BDO International.

How Satyam Supported PwC’s Schizophrenic Strategy To Reenter The Systems Integration Business

Independence is one of the most important concepts a public accountant must grapple with. Before the technical standards, before the decisions about classification of transactions, before the methodologies, checklists, and workpapers, before any mechanical pencils are pumped with lead, one must decide whether to accept the client, and every subsequent engagement for that client, based on the codified standards for independence and objectivity, as well as one’s appetite for risk…To reenter the systems integration business, PwC had to find a way around their own weakness in technology leadership, lack of experienced resources, and the constraints of the IBM non-compete agreement.

Enter Satyam.