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“We all cynically realized that the Firm’s renewed and enthusiastic focus on “mid year evaluations” and providing “feedback” was simply a ploy to prioritize the order people are to be sent to the chopping block…”
To understand the concept of ‘global network of firms” as used by the world’s largest audit firms, we need to review at a case that’s closest to potentially “piercing the veil” of this sham structure.
Apologies to William Shakespeare and to one of his most beloved speeches from Romeo and Juliet:
Tis but thy name that is the enemy of PricewaterhouseCoopers;
Pricewaterhouse & Co India
Thou art thyself, though not really PriceWaterhouseCoopers.
What’s PricewaterhouseCoopers?
It is neither here, nor there,
Neither men, nor solid rock, nor any other part
Belonging to a true firm.
I chose the summary of the scandal from Hindustan Times for a reason. It was the only one that did not mention PricewaterhouseCoopers, Satyam’s long-term auditors. Every other report does..
I have been live Twittering the FEI Current Issues in Financial Reporting Conference. It’s been great. Unfortunately, two minutes into Chris Cox speech, Twitter has gone down.
*Big Changes Afoot In The Audit Industry A Podcast for Broc Romanek at The Corporate Counsel.Net
Last week started off with a bang, with two great links:
Thank you very much for maintaining a cynical tone during your feature on Mr. Welch and the new Mrs. Welch. In my mind, and it is a very personal opinion, Mr. Welch personifies everything that is wrong with US business.
The news programs are full of stories today on the opening of the 111th Congress of the United States.
I watched Hardball with Chris Matthews on MSNBC and saw two wonderful stories. One interview was with new Democratic Senator Mark Begich, who beat incumbent Ted Stevens who was recently convicted of corruption. Begich is a former Mayor, like [...]
The webcast featured several of the leading bloggers in the securities litigation and SEC enforcement world — Walter Olson (Point of Law ; Overlawyered ), Kevin LaCroix (The D&O Diary ); Tom Gorman (SEC Actions ), and Bruce Carton (Securities Docket.) And me.
 Francine McKenna (@retheauditors) has more than twenty-five years of experience in consulting and professional services including tenure at two Big 4 firms, both in the US and abroad. Look for my column, "Accounting Watchdog" at Forbes.com and "Accountable" at American Banker. For more information, click "About" at the bottom of this page. Your firm can sponsor this specialized news site. For more information contact Francine McKenna, fmckenna@mckennapartners.com |
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