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My objective in writing this story was to handily contradict the self-serving defense to the fraud at Koss that’s being served up by Grant Thornton and supported by some commentators. But punching holes in their Swiss-cheese defense is like shooting fish in a barrel.
Not so long ago, Dennis Howlett and I went public with a bet:
Which Big 4 audit firm is the next to fail?
Dennis believes that I’m betting on PwC as next to fail. I don’t honestly remember committing to that, but I’m willing to go with it for the sake of argument. This is in spite of the fact that the other Big 4 have plenty to worry about and the next tier firms are in no way ready for prime time.
I laughed out loud when a Google Alert pointed me to the FT article excerpted below.
I find this solicitation by the US Internal Revenue Service quite ironic given that four of the six firms mentioned have had serious, and I mean serious, issues with the IRS related to their aiding and abetting the development of [...]
Deloitte is in the news for some significant litigation issues.
First the winner.
This ruling, I think, will have a big impact on the auditor subprime cases to come. Many of these cases, when it comes to the auditors liability, will be based on whether auditors should have been more diligent, thorough, and hard on banks and [...]
Picture Inspiration
There are three firms in the US that I routinely refer to as the “next tier”. I pay them some respect by not using the term “2nd tier”. I think that sounds worse. But, it’s been well documented that the gulf between the Big 4 and this group,
Grant Thornton,
BDO Seidman, and
McGladrey and Pullen
…is so [...]
 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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