Comments on: Turn, Turn, Turn – Turner Does About Face re: The Auditors

By: Why No Warnings? Investors Press Audit Regulator - Francine McKenna - Accounting Watchdog - Forbes

Mon, 28 Mar 2011 12:00:33 +0000

[...] also a new sheriff in town on the investor beat. Lynn Turner, the former SEC Chief Accountant, used to be the one you could count on to criticize the audit industry publicly. He was, predictably, the most vocal and contrarian member [...]

By: re: The Auditors » Blog Archive » Financial Journalism and Its Discontents: Covering Auditors’ Role in the Crisis

Wed, 05 Jan 2011 17:50:19 +0000

[...] great compilation of though leadership on regulatory reform, Make Markets Be Markets. I’ve quoted Lynn Turner often as another fierce critic of the audit industry and its consistent disregard for the true [...]

By: currentauditor

currentauditor — Thu, 26 Mar 2009 17:43:53 +0000

I’m with you, formerauditor. FASB made the mark-to-market rules, the clients implemented them, and the auditors audited it. Auditors have been to blame for some of the past accounting frauds, but maybe the blame for this one should fall moreso on the FASB and regulators that set up a flawed system than the auditors who were making sure their clients were in compliance with the rules of that system.

By: Canadian CA Dominating Greg Mankiw - A Counting School - Hardcore Chartered Accountancy

Thu, 26 Mar 2009 05:04:22 +0000

[...] perhaps not – the CA webcast was all about this topic, and other well respected people have also shared the advice that writing about what you know and keeping at it with a laser-like [...]

By: formerauditor

formerauditor — Wed, 25 Mar 2009 22:58:24 +0000

I dont’ follow this? How are the auditors to blame for this? They audit the GAAP statements based on a point in time, they can’t see the future.

By: re: The Auditors » Blog Archive » Arthur Levitt Should Just Shut Up About AIG

Wed, 25 Mar 2009 13:09:30 +0000

[...] new piece is up at The Huffington Post. It should be read alongside yesterday’s story on Lynn Turner. If these two start selling out the shareholder and the ideals of the accounting profession in [...]

By: Ken Biddick

Ken Biddick — Tue, 24 Mar 2009 22:51:44 +0000

could be that he simply believes that auditors have been holding their ground with mark-to-market even if it is simply to protect their own self interest. consider that the auditor is generally reactionary until through the FASB and SEC can proactively change the accounting to stop abuse. I’m not saying that is how they behave but it certainly is supposed to be why they exist. i think we should be trying to be productive in changing the culture, i’m not sure this is working to that end

By: Independent Accountant

Independent Accountant — Tue, 24 Mar 2009 13:13:29 +0000

Francine:
I agree with you. This is not the Lynn Turner I have followed for years. As I have noted before, which firms audited our “Ten Plagues”: Citigroup, AIG, IndyMac, Goldman Sachs, Lehman, Bear Stearns, Wachovia, Countrywide, Washington Mutual and Merrill Lynch?