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If any doubts remained that PricewaterhouseCoopers International Limited, the international global network “coordinating” firm, does the bidding of its largest and most powerful member firms – primarily PwC US and PwC UK – the latest “restructuring” in India should dispel them. PwC US and PwC UK want to be closer to their money.
Your firm can benefit from the recent focus on the Big 4 audit firms. The audit/accounting industry will be in the news for a long time coming and re: The Auditors will be there to cover it. Would your firm like to sponsor my appearance at an upcoming conference or event and coverage of those events?
The Supreme Court will hand down their decision on Free Enterprise Fund v. PCAOB before on June 28th. Congressional action may be necessary to reestablish the PCAOB or a comparable regulatory authority within the SEC, if we want to continue independent regulation of the audit firms. I have some recommendations for a new PCOAB law.
The House – Senate Wall Street Reform and Consumer Protection Act Conference reconvened on Tuesday, June 15 and Compliance Week says a version of the Specter Bill – to repeal the Supreme Court’s Stoneridge decision – will not be included in whatever comes out of the process. However, a coalition of state regulators, public pension funds, professors, consumers and investors and the attorneys who advise them, are still working to put something back in the bill as an amendment to restore the right of investors to defend themselves and hold white collar criminals accountable.
There are so many corks popping in the UK, hitting them in the eyes, audit firm leadership is actually trying to preempt. They’re shaking in their £1000 bespoke leather slip-ons. Well, not really.
Maybe their bottom lips are quivering a bit in quiet indignation.
Taking care of family and close friends first is universal. Whether Irish, Italian, Kenyan, Mexican, or Tunisian… Legal, regulatory, ethical and moral lines are often crossed in service to family and those who are “like a brother to me…” There are obvious similarities between the Satyam and Glitnir frauds, not the least of which is they share an auditor – PwC.
I’m speaking at the Fourth Annual Fraud and Forensic Accounting Education Conference to be held May 13-15, 2010 at the J.W. Marriott Hotel in Atlanta, Georgia. This conference is hosted by Georgia Southern University’s Center for Forensic Studies in Accounting and Business and sponsored by Porter Keadle Moore, LLP. My presentation is entitled, “The Skeptical Professional.”
Hope to see you there!
“The recent wave of corporate fraud is raising a harsh question about the auditors who review and bless companies’ financial results: How could they have missed all the wrongdoing? One little-discussed answer: a big change in the way audits are performed.” Jonathan Weil said that in 2004. It’s as true today as it was then.
This is Part 1 of my commentary on the letter that Ernst & Young recently sent to Audit Committee members defending themselves against the findings in the Lehman Bankruptcy Examiner’s report. The Bankruptcy Examiner, Anton Valukas, found “colorable claims” against EY.
The leadership of the Big 4 audit firms – Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers – are scared witless.
 Francine McKenna (@retheauditors) has more than twenty years of experience in consulting and professional services including tenure at two Big 4 firms, both in the US and abroad. For more info, click the "About" page link at the bottom of this page. |
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