http://retheauditors.com/2008/05/09/pwc-and-aig-beyond-ludicrous/ The Business of the Big 4 Audit Firms Tue, 22 May 2012 15:02:22 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://retheauditors.com/2008/05/09/pwc-and-aig-beyond-ludicrous/comment-page-1/#comment-87101 Francine McKenna: The Great American Financial Sandwich: Goldman Sachs, PricwaterhouseCoopers LLP and AIG | Deconstructing The News Thu, 04 Feb 2010 20:22:44 +0000 http://76.12.174.187/?p=693#comment-87101 [...] “admitted” that their management may have held back or even lied to the auditors. AIG had actually given PwC an out, I said, to keep them close in the event of litigation or worse… A few pages later, on page [...] [...] “admitted” that their management may have held back or even lied to the auditors. AIG had actually given PwC an out, I said, to keep them close in the event of litigation or worse… A few pages later, on page [...]

]]> http://retheauditors.com/2008/05/09/pwc-and-aig-beyond-ludicrous/comment-page-1/#comment-87077 Francine McKenna: The Great American Financial Sandwich: Goldman Sachs, PricwaterhouseCoopers LLP and AIG Thu, 04 Feb 2010 19:48:02 +0000 http://76.12.174.187/?p=693#comment-87077 [...] “admitted” that their management may have held back or even lied to the auditors. AIG had actually given PwC an out, I said, to keep them close in the event of litigation or worse… A few pages later, on page [...] [...] “admitted” that their management may have held back or even lied to the auditors. AIG had actually given PwC an out, I said, to keep them close in the event of litigation or worse… A few pages later, on page [...]

]]> http://retheauditors.com/2008/05/09/pwc-and-aig-beyond-ludicrous/comment-page-1/#comment-86414 re: The Auditors » Blog Archive » The Great American Financial Sandwich: AIG, PwC, and Goldman Sachs Tue, 02 Feb 2010 15:37:43 +0000 http://76.12.174.187/?p=693#comment-86414 [...] “admitted” that their management may have held back or even lied to the auditors.  AIG had actually given PwC an out, I said, to keep them close in the event of litigation or worse…A few pages later, on page 175, [...] [...] “admitted” that their management may have held back or even lied to the auditors.  AIG had actually given PwC an out, I said, to keep them close in the event of litigation or worse…A few pages later, on page 175, [...]

]]> http://retheauditors.com/2008/05/09/pwc-and-aig-beyond-ludicrous/comment-page-1/#comment-61488 re: The Auditors » Blog Archive » They Weren’t There: Auditors And The Financial Crisis Tue, 08 Dec 2009 14:57:41 +0000 http://76.12.174.187/?p=693#comment-61488 [...] “admitted” that their management may have held back or even lied to the auditors.  AIG had actually given PwC an out, I said, to keep them close in the event of litigation or worse.  Some called my assessment [...] [...] “admitted” that their management may have held back or even lied to the auditors.  AIG had actually given PwC an out, I said, to keep them close in the event of litigation or worse.  Some called my assessment [...]

]]> http://retheauditors.com/2008/05/09/pwc-and-aig-beyond-ludicrous/comment-page-1/#comment-3097 re: The Auditors » Blog Archive » Arthur Levitt Should Just Shut Up About AIG Wed, 25 Mar 2009 13:13:00 +0000 http://76.12.174.187/?p=693#comment-3097 [...] end of 2007 to re-appoint PricewaterhouseCoopers as their auditor, even after all of the messes PwC has presided over, been sued over and settled over, looked the other way on, and acted on only when forced by [...] [...] end of 2007 to re-appoint PricewaterhouseCoopers as their auditor, even after all of the messes PwC has presided over, been sued over and settled over, looked the other way on, and acted on only when forced by [...]

]]> http://retheauditors.com/2008/05/09/pwc-and-aig-beyond-ludicrous/comment-page-1/#comment-982 Anonymous Wed, 17 Sep 2008 21:19:00 +0000 http://76.12.174.187/?p=693#comment-982 You get an adverse opinion on internal controls and a clean opinion on the financials when the auditor detects a misstatement in the financials. The auditor would then, presumably, demand the misstatements be corrected would then issue a clean opinion on the financials, but since the misstatement occurred at all means that there was a weakness in internal controls. You get an adverse opinion on internal controls and a clean opinion on the financials when the auditor detects a misstatement in the financials. The auditor would then, presumably, demand the misstatements be corrected would then issue a clean opinion on the financials, but since the misstatement occurred at all means that there was a weakness in internal controls.

]]> http://retheauditors.com/2008/05/09/pwc-and-aig-beyond-ludicrous/comment-page-1/#comment-967 Anonymous Wed, 17 Sep 2008 03:19:00 +0000 http://76.12.174.187/?p=693#comment-967 I'm an auditor and the problem is that its easy just to turn your heads and not dig too deep into each issue. After all, the proper accounting is takes research and asking uncomfortable questions. I'm not saying its right but I could see how it could happen, especially when you don't want to seem inefficient and go overbudget. I’m an auditor and the problem is that its easy just to turn your heads and not dig too deep into each issue. After all, the proper accounting is takes research and asking uncomfortable questions. I’m not saying its right but I could see how it could happen, especially when you don’t want to seem inefficient and go overbudget.

]]> http://retheauditors.com/2008/05/09/pwc-and-aig-beyond-ludicrous/comment-page-1/#comment-561 Francine McKenna Fri, 09 May 2008 19:09:00 +0000 http://76.12.174.187/?p=693#comment-561 @ Anonymous How do you know the number is not much larger and growing everyday? Do you have the official count? Are you willing to look at numbers at 12/31/07 an then at 12/31/08 and tell me that it was not greater than the smaller numbers being reported only because they were forced? The number is difficult to know internally and externally because it is dispersed and because of the factor I mention in my post later today about the lawyer. The firms obfuscate the facts and no one else is willing to talk about it. When you get as many emails and calls as I do, maybe you can refute. Or maybe when you are willing to be un-anonymous you will be able to make a stronger point. @ Anonymous How do you know the number is not much larger and growing everyday? Do you have the official count? Are you willing to look at numbers at 12/31/07 an then at 12/31/08 and tell me that it was not greater than the smaller numbers being reported only because they were forced? The number is difficult to know internally and externally because it is dispersed and because of the factor I mention in my post later today about the lawyer. The firms obfuscate the facts and no one else is willing to talk about it. When you get as many emails and calls as I do, maybe you can refute. Or maybe when you are willing to be un-anonymous you will be able to make a stronger point.

]]> http://retheauditors.com/2008/05/09/pwc-and-aig-beyond-ludicrous/comment-page-1/#comment-560 Anonymous Fri, 09 May 2008 18:55:00 +0000 http://76.12.174.187/?p=693#comment-560 Ludicrous is posting 1000 people are going to lose jobs and then only a fraction do. Ludicrous is posting 1000 people are going to lose jobs and then only a fraction do.

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