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The “victims” of the Bernie Madoff scandal are not taking their losses laying down. Why are so many suits suddenly being brought against the auditors of the funds that invested on behalf of their clients in the Madoff funds?
It’s been an interesting few days. I’ve finally stopped receiving poison pen letters from PwC apologists because of my doubts about their bandwith and qualifications for the TARP work. All last week I pondered the implications of the Deloitte insider trading scandal before events overtook me and I finally had to post something more than [...]
What we have we prize not to the worthWhiles we enjoy it, but being lacked and lost,Why, then we rack the value, then we findThe virtue that possession would not show usWhiles it was ours.
William Shakespeare (1564–1616), British dramatist, poet. Friar Francis, in Much Ado About Nothing, act 4, sc. 1, l. 218-22. We do [...]
Prentice: It’s a fascinating theory, sir, and cleverly put together. Does it tie in with known facts?Rance: That need not cause us undue anxiety. Civilizations have been founded and maintained on theories which refused to obey fact.“What The Butler Saw”Joe Orton, 1969
Kerviel’s lawyers question Société Générale accountants
PARIS: Jérôme Kerviel, blamed by Société Générale for the [...]
Update:
Chicago’s John “Dr. J.” Najarian co-founder of OptionMONSTER on the need for transparency when the assets bought by the US government are eventually sold.
On YouTube.
Part 2 from Jon Najarian is here.
I have been updating this information throughout the weekend as other banks failed and other deals have been done.
A summary of “the mother of all [...]
I’ve drawn comparisons between law firm management and audit firm management many times before.
Forgive me one more indulgence.
Audit professionals are making a significant investment in their firms when they become a partner, according to the report provided by the Center for Audit Quality to ACAP in January of this year. In addition, the firms have [...]
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 [...]
Funny thing happened last night while chatting with the COO of one of the major hedge funds, a group that has been much maligned lately for being shortys. For the umpteenth time in the last month or so it seems, someone assumed that my partner in our firm (actually my brother) was my husband.
“PS. [...]
Arthur Levitt recently gave an interview in a Dutch publication de Accountant. Accountancy Age in the UK highlights some key quotes and provides a link to the full article in English.
Levitt comments about the potential need for “audit-only” firms and his encouragement of, “…greater transparency, to understand what condition a firm is in. We [...]
Ernst & Young Completes Groundbreaking Globalization Move
EY Partners Overwhelmingly Approve the Creation of EMEIA
LONDON–(BUSINESS WIRE)–Ernst & Young today announces that its partners across Western and Eastern Europe, the Middle East, India and Africa have overwhelmingly approved the proposed integration of its country practices into a single EMEIA Area.
The new Area will be a US$11 billion [...]
 Francine McKenna (@retheauditors) has more than twenty-five years of experience in consulting and professional services including tenure at two Big 4 firms, both in the US and abroad. Look for my column, "Accounting Watchdog" at Forbes.com and "Accountable" at American Banker. For more information, click "About" at the bottom of this page. Your firm can sponsor this specialized news site. For more information contact Francine McKenna, fmckenna@mckennapartners.com |
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