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It’s the potential for sudden conflagrations in developing countries that keeps the global audit firms – PwC in this case – up at night. The legal quagmires in developed countries are messy, too. PwC may want to put the Satyam scandal behind them but, unfortunately, I fear there’s still much more pain for the firm to come.
Tammy Whitehouse over at Compliance Week does a thorough job on the largest audit firms and their fear of catastophic litigation. Yes, they’re admitting it – Tammy says they’re pleading with legislators – and fighting any legislative urges to open more avenues for lawyers and their clients to sue them.
The Dodd-Frank Act gave the Securities and [...]
This article was originally published at GoingConcern.com on March 3, 2010.
Most don’t wear stilettos, although Cynthia Cooper is fairly attractive for a blond. Harry Markopolos, the Madoff “hero” whose new book is out is being called a whistleblower. I do not see him really warming up to that label or really warming up at all. [...]
Last week while I was in New York, I had the pleasure of sitting down with Maria Woehr, a Financial Services reporter for The Street.com. We talked for about a half an hour and she’s produced three videos from that material so far.
The way I see it, the in pari delicto doctrine is being used like a pair of needle nosed pliers by audit firm defense lawyers to diffuse the bomb – huge liability for some of the biggest frauds in history. The in pari delicto doctrine attempts to pull the auditors’ tails from the fire by excusing any of their guilty acts due to the approval of those acts by potentially equally guilty executives.
Which firms have the most Madoff-related claims? Which audit firm locations are named most often? Which filings do not name an audit firm and why? How many name the international audit network umbrella firm? Shouldn’t they all?
Sarbanes-Oxley (SOx) made law what is best practice for all public companies or companies that issue public debt. That includes “smaller” companies.
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?
Both are accused of being corrupt.
One gentleman has been under a cloud of suspicion for a while. He’s denied it and dared prosecutors to wiretap his conversations, to come and get him. He hid his activities in plain site. As visible as a major state Governor has to be, he also kept a low profile, [...]
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 [...]
 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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