Comments on: Hey Big 4 – What’s On Your Balance Sheet http://retheauditors.com/2008/01/07/hey-big-4-whats-on-your-balance-sheet/ The Business of the Big 4 Audit Firms Wed, 08 Feb 2012 21:24:11 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Krupo http://retheauditors.com/2008/01/07/hey-big-4-whats-on-your-balance-sheet/comment-page-1/#comment-207 Krupo Tue, 08 Jan 2008 07:28:00 +0000 http://76.12.174.187/?p=551#comment-207 I'm guessing that your hypothesis (oversight group) is actually correct, in spite of the secrecy shroud. I’m guessing that your hypothesis (oversight group) is actually correct, in spite of the secrecy shroud.

]]> By: Francine McKenna http://retheauditors.com/2008/01/07/hey-big-4-whats-on-your-balance-sheet/comment-page-1/#comment-205 Francine McKenna Mon, 07 Jan 2008 19:31:00 +0000 http://76.12.174.187/?p=551#comment-205 Thanks for your comment. I know from my expereince at PwC that at least they are very conscious of the need to be "independent" of those who finance them and bank them. This includes credit lines, recevable securitizations, currency hedging, payroll accounts, partner investment and pension accounts, etc. However, it's not easy given the myriad of entities they are auditing, that is all the private equity, VC, SIV, etc. types of private firms that they may be involved with not as primary auditor but secondary and perhaps not in the US. Info about activites of foreign affiliates is hard to gather... The key is: Who is monitoring and verifying that they are complying with these requirements? PCAOB? If so, we'll never know. We can't see that part of their report... Thanks for your comment. I know from my expereince at PwC that at least they are very conscious of the need to be “independent” of those who finance them and bank them. This includes credit lines, recevable securitizations, currency hedging, payroll accounts, partner investment and pension accounts, etc. However, it’s not easy given the myriad of entities they are auditing, that is all the private equity, VC, SIV, etc. types of private firms that they may be involved with not as primary auditor but secondary and perhaps not in the US. Info about activites of foreign affiliates is hard to gather… The key is: Who is monitoring and verifying that they are complying with these requirements? PCAOB? If so, we’ll never know. We can’t see that part of their report…

]]> By: Anonymous http://retheauditors.com/2008/01/07/hey-big-4-whats-on-your-balance-sheet/comment-page-1/#comment-204 Anonymous Mon, 07 Jan 2008 19:22:00 +0000 http://76.12.174.187/?p=551#comment-204 This is an interesting question. The firms all publish (internal) lists of restricted entities, but in my experience, they are typically only clients or affliates. <br/><br/>I can't recall Deloitte ever stating who their financial institutions are. <br/><br/>It is well known that they are tight as can be with Blackstone (and so maybe Goldman?).<br/><br/>Interesting question, Francine. This is an interesting question. The firms all publish (internal) lists of restricted entities, but in my experience, they are typically only clients or affliates.

I can’t recall Deloitte ever stating who their financial institutions are.

It is well known that they are tight as can be with Blackstone (and so maybe Goldman?).

Interesting question, Francine.

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