Archive for the ‘The Big 4 And Globalization’ Category

Dear PCAOB Board: Your Job Is To Serve And Protect Investors

By Francine • Jan 16th, 2011

It’s time for the PCAOB Board to think about how they might respond when the audit firms are not going to be so pleased as punch. There’s much for them to address. I’ll be talking about some of those changes and improvements in future posts. But, the most important role of the PCAOB is the inspections process. Let’s take a look at how well that’s going.

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Big 4 Bombshell: “We Didn’t Fail Banks Because They Were Getting A Bailout”

By Francine • Nov 28th, 2010

The Economic Affairs Committee of the House of Lords questioned representatives of the four largest audit firms on the issue of “going concern” opinions during the financial crisis. In particular, why were there none for the banks that failed, were bailed out, or were nationalized? The auditors admitted that they did not issue “going concern” opinions because they were told by government officials, confidentially, that the banks would be bailed out.

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Systemic Risk! Dominance! Momentum! Auditors In Crisis. Again.

By Francine • Oct 15th, 2010

Politicians are again trotting out the same old ideas and suggestions for audit industry reform. Does the UK also pop in new politicians every four years as we do here in the United States such that we get a fresh crop of potato heads every term, fresh from the field, with nary a clue about the history, legacy, machinations and pervasive influence of the largest global accounting firms?

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Yukos Slicks Accuse PricewaterhouseCoopers Of Succumbing To Kremlin Pressure

By Francine • Sep 10th, 2010

There’s quite a bit of bad news coming out of Russia about PricewaterhouseCoopers and their client Yukos. Former Yukos chief Mikhail Khodorkovsky and his business partner Platon Lebedev stand co-accused in a new trial brought by prosecutors intent on preventing their scheduled release from prison in 2011. Khodorkovsky and Lebedev have decided to target PwC in their defense.

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Auditors Say Jump… New “Appeals” Process Will Impede Timely PCAOB Inspection Reports

By Francine • Aug 3rd, 2010

The SEC did not issue a press release for this rule. Chairman Shapiro did not mention it in her July 27 speech that discussed actions the SEC was taking in response to the passage of the financial regulatory reform bill. It was not an explicit requirement of the Supreme Court decision regarding the PCAOB.
So where did it come from? Why is it necessary?

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PwC “Restructures” Indian Consulting Business: Will It Be Enough To Preserve US and UK Interests?

By Francine • Jul 12th, 2010

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.

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Bigger, Stronger, Faster: The PCAOB After The Supreme Court Ruling

By Francine • Jun 26th, 2010

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.

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Auditors Under Fire. In The UK. That Is All.

By Francine • Jun 7th, 2010

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.

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Worlds Apart But Two Of A Kind: Glitnir, Satyam And Their Auditor PwC

By Francine • May 17th, 2010

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.

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Keeping Watch

By Francine • May 2nd, 2010

This was my first blog post.  It was originally published in October 12 of 2006.
Financial Times, “Merger moves see firms boost their global credentials,” October 11, 2006
The big four firms such as KPMG and Deloitte never miss an opportunity to plug their global business credentials and their commitment to serving clients across borders – [...]

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