Comments on: BDO International: “Manage and Control” Means Slam Dunk For BES http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/ 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: re: The Auditors » Blog Archive » Suing Audit Firms re: Madoff: The Iguana In The Room http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/comment-page-1/#comment-57683 re: The Auditors » Blog Archive » Suing Audit Firms re: Madoff: The Iguana In The Room Mon, 30 Nov 2009 04:28:51 +0000 http://retheauditors.com/?p=1899#comment-57683 [...] the jury had to find that BDO International exerted control. They did not. They believed the testimony of the BDO International Secretary. “Why do they have poor Paul Van Elten sitting in the hot seat? [...] [...] the jury had to find that BDO International exerted control. They did not. They believed the testimony of the BDO International Secretary. “Why do they have poor Paul Van Elten sitting in the hot seat? [...]

]]> By: BDO International can breathe again | AccMan http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/comment-page-1/#comment-6259 BDO International can breathe again | AccMan Mon, 22 Jun 2009 15:21:23 +0000 http://retheauditors.com/?p=1899#comment-6259 [...] clear that BDO International did not do what they told the public they said they do. They were not managing and controlling one of their largest and most important member firms and have tried to wiggle out of that liability [...] [...] clear that BDO International did not do what they told the public they said they do. They were not managing and controlling one of their largest and most important member firms and have tried to wiggle out of that liability [...]

]]> By: Anonymous http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/comment-page-1/#comment-6216 Anonymous Mon, 22 Jun 2009 01:31:44 +0000 http://retheauditors.com/?p=1899#comment-6216 @fm - As a general rule of thumb, when preparing for a jury trial, it should be assumed that the jurors have an education level of about a 12 year old. The wedding planner metaphor may work well as it is something that people can relate to. Things that are obvious to you and worth academic and intellectual discussion/debate must be reduced to this level in court because the average person isn't that bright or familiar with the industry. @fm – As a general rule of thumb, when preparing for a jury trial, it should be assumed that the jurors have an education level of about a 12 year old. The wedding planner metaphor may work well as it is something that people can relate to. Things that are obvious to you and worth academic and intellectual discussion/debate must be reduced to this level in court because the average person isn’t that bright or familiar with the industry.

]]> By: James http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/comment-page-1/#comment-6199 James Sun, 21 Jun 2009 19:32:10 +0000 http://retheauditors.com/?p=1899#comment-6199 FM - Looks like you couldn't have been more wrong. Thomas wasn't on a roll....and he lost. Nice prediction. FM – Looks like you couldn’t have been more wrong. Thomas wasn’t on a roll….and he lost. Nice prediction.

]]> By: observer http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/comment-page-1/#comment-6081 observer Thu, 18 Jun 2009 11:09:03 +0000 http://retheauditors.com/?p=1899#comment-6081 Unfortunately this is all part of the distruction of a good firm led astray by management that was too focused on service $ and not on quality control. Recently the former chairman of the firm has been indicted on charges stemming from the sale of tax shelters to wealthy individuals, which the government is alleging were bogus. The international firms of the large accounting organizations , are established to try to coordinate the joint activities of member firms throughout the world and to give clients who operate in more than one country a place to go for accounting and auditing services. To hold the international members liable ( since the international umbrella organizations don't have much in the way of assets themselves) would open up a pandors box which would result in the potential split up of these organizations in a way which would not be in the interest of the business community and the public in general. Unfortunately this is all part of the distruction of a good firm led astray by management that was too focused on service $ and not on quality control. Recently the former chairman of the firm has been indicted on charges stemming from the sale of tax shelters to wealthy individuals, which the government is alleging were bogus. The international firms of the large accounting organizations , are established to try to coordinate the joint activities of member firms throughout the world and to give clients who operate in more than one country a place to go for accounting and auditing services. To hold the international members liable ( since the international umbrella organizations don’t have much in the way of assets themselves) would open up a pandors box which would result in the potential split up of these organizations in a way which would not be in the interest of the business community and the public in general.

]]> By: fm http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/comment-page-1/#comment-6008 fm Tue, 16 Jun 2009 22:41:32 +0000 http://retheauditors.com/?p=1899#comment-6008 @25 Just twittered what I've seen on the wires, including this story. Looks lie judge made a decision on the punitive damages case, which has a "gross negligence" requirement. I'm very surprised given the testimony. We'll see what happens on the general loss portion. Looks like this lawyer has some homework to do before he takes on KPMG International. I am hoping for an interview to fill in the blanks later on what happened. Francine @25

Just twittered what I’ve seen on the wires, including this story. Looks lie judge made a decision on the punitive damages case, which has a “gross negligence” requirement. I’m very surprised given the testimony. We’ll see what happens on the general loss portion. Looks like this lawyer has some homework to do before he takes on KPMG International. I am hoping for an interview to fill in the blanks later on what happened.
Francine

]]> By: Anonymous http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/comment-page-1/#comment-6007 Anonymous Tue, 16 Jun 2009 22:15:00 +0000 http://retheauditors.com/?p=1899#comment-6007 Slam dunk huh? http://www.miamiherald.com/news/breaking-news/story/1100013.html Slam dunk huh?

http://www.miamiherald.com/news/breaking-news/story/1100013.html

]]> By: Tenacious Truman http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/comment-page-1/#comment-6003 Tenacious Truman Tue, 16 Jun 2009 20:52:50 +0000 http://retheauditors.com/?p=1899#comment-6003 Koodi@23 -- If you read this blog more comprehensively, you would find discussions of a Supreme Court decision where SCOTUS found that that auditors "certify" the financial statements of the companies they audit. Certify as to the accuracy of the numbers is a fair way to look at that decision. I think that knowing the judicial interpretations of the highest court in the land, as it pertains to auditing in the USA, is a significant part of Auditing 101. Don't you? Maybe u r not such an auditor expert after all? LOL -- Tenacious T. Koodi@23 —

If you read this blog more comprehensively, you would find discussions of a Supreme Court decision where SCOTUS found that that auditors “certify” the financial statements of the companies they audit. Certify as to the accuracy of the numbers is a fair way to look at that decision.

I think that knowing the judicial interpretations of the highest court in the land, as it pertains to auditing in the USA, is a significant part of Auditing 101. Don’t you? Maybe u r not such an auditor expert after all? LOL

– Tenacious T.

]]> By: Koodi http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/comment-page-1/#comment-5996 Koodi Tue, 16 Jun 2009 15:49:59 +0000 http://retheauditors.com/?p=1899#comment-5996 @EX BDO if u were an auditor u would know that an auditor role is not to verify the accuracy of a companies financial statements their role is to verify if the FS are true and fair reflection..but they never say a FS is accurate.. thats auditing 101.. @EX BDO
if u were an auditor u would know that an auditor role is not to verify the accuracy of a companies financial statements
their role is to verify if the FS are true and fair reflection..but they never say a FS is accurate..
thats auditing 101..

]]> By: re: The Auditors » Blog Archive » Compliance Week Day 2 - More Than Enough To Keep Me Busy http://retheauditors.com/2009/06/06/bdo-international-manage-and-control-means-slam-dunk-for-bes/comment-page-1/#comment-5880 re: The Auditors » Blog Archive » Compliance Week Day 2 - More Than Enough To Keep Me Busy Fri, 12 Jun 2009 19:31:07 +0000 http://retheauditors.com/?p=1899#comment-5880 [...] - Banco Espirito Santo vs. BDO International.  My first dispatch, with exclusive clips, was posted over the weekend, with more to come as I review complete trial footage after each day of court.  All this takes is [...] [...] – Banco Espirito Santo vs. BDO International.  My first dispatch, with exclusive clips, was posted over the weekend, with more to come as I review complete trial footage after each day of court.  All this takes is [...]

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