Comments on: @Going Concern “KPMG: That’s Just The Way We Roll” http://retheauditors.com/2009/10/21/going-concern-kpmg-thats-just-the-way-we-roll/ 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: fm http://retheauditors.com/2009/10/21/going-concern-kpmg-thats-just-the-way-we-roll/comment-page-1/#comment-39157 fm Thu, 22 Oct 2009 14:40:59 +0000 http://retheauditors.com/?p=3192#comment-39157 @chris I agree. For the feeder fund auditors it's a more difficult case to make but with regard to Madoff's London operation it's an egregious mistake on someone's part. I remember a post I wrote a while ago about KPMG's leader in London Mr. Griffith-Jones. He asked the regulators (and his partners worldwide) to "just trust me." I believe that trust was clearly unfounded. http://retheauditors.com/2008/03/25/kpmg-uks-griffith-jones-trust-me/ Francine @chris

I agree. For the feeder fund auditors it’s a more difficult case to make but with regard to Madoff’s London operation it’s an egregious mistake on someone’s part. I remember a post I wrote a while ago about KPMG’s leader in London Mr. Griffith-Jones. He asked the regulators (and his partners worldwide) to “just trust me.” I believe that trust was clearly unfounded. http://retheauditors.com/2008/03/25/kpmg-uks-griffith-jones-trust-me/

Francine

]]> By: chris http://retheauditors.com/2009/10/21/going-concern-kpmg-thats-just-the-way-we-roll/comment-page-1/#comment-39114 chris Thu, 22 Oct 2009 13:00:24 +0000 http://retheauditors.com/?p=3192#comment-39114 Reading the lawsuit between KPMG and Madoff it is clear that their client acceptance procedures were flawed. As a former KPMG employee i know that you have to look at the affiliated companies and see who is auditing them. The auditor of the holding company with such a small office should have been a red flag. KPMG dropped the ball and failed to properly evaluate risk. They did not get the big picture. This must be grim news over there. Reading the lawsuit between KPMG and Madoff it is clear that their client acceptance procedures were flawed. As a former KPMG employee i know that you have to look at the affiliated companies and see who is auditing them. The auditor of the holding company with such a small office should have been a red flag. KPMG dropped the ball and failed to properly evaluate risk. They did not get the big picture. This must be grim news over there.

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