It wasn’t even a verdict. Just a decision by New York Federal Court Judge Lewis Kaplan in one of the Lehman failure cases Ernst & Young is fighting. A decision to allow substantially all of the allegations against Lehman executives and at least one of the allegations against Ernst & Young to move forward to discovery and trial. That is, if there’s not a settlement first.
The Big Four, off and on, have had some of the largest global consulting practices across most categories.The larger an organization gets, the more its staff takes on the average characteristics of individuals within the markets it serves. Mark O’Connor of Monadnock Research presents a guest post on the special risks posed by Big 4 audit firms who provide consulting services.
This article was originally published at GoingConcern.com on March 3, 2010. Most don’t wear stilettos, although Cynthia Cooper is fairly attractive for a blond. Harry Markopolos, the Madoff “hero” whose new book is out is being called a whistleblower. I do not see him really warming up to that label or really warming up at […]
KPMG, external auditors for HBOS, were front and center in the controversy over written testimony from Paul Moore, HBOS’ former head of regulatory risk and a former KPMG partner. A guest posting on February 19, 2009 over at The Financial Times’ FT Alphaville blog.
“The regulator said auditing firms needed to pay “particular attention” to guidance that it had previously issued on monitoring transactions taking place around year-end, as well as the procedures expected to be followed by auditors…” If that sounds like Lehman Brothers, it’s because the kinds of tricks and techniques used there, such as Repo 105, are neither new nor unique.
