• Archive for the ‘Latest’ Category

    VC Horowitz Implicates Auditor PwC In Story About Dodging Backdating Bullet

    By • Feb 13th, 2014

    Imagine my surprise when Ben Horowitz, one half of the venture capital team of Andreessen Horowitz, wrote a blog post about dodging a stock option backdating jail term that also implicates PwC.



    One Way Or Another: The SEC Versus The Chinese Big Four Firms

    By • Jan 25th, 2014

    SEC Administrative Judge Cameron Elliot issued a blistering decision last week in a long-running dispute over regulator access to auditor work papers in fraud investigations. The judge banned the Chinese Big Four firms from auditing US issuers for six months and lambasted them for voluntarily putting their firms “between a rock and a hard place.” The decision is not yet final but the enormous impact is already being felt worldwide.



    Call of Duty: Who Has The Last Word On “Network” Audits of US-Listed Companies?

    By • Dec 10th, 2013

    Who has the last word on audit quality and compliance with GAAP and SEC filing requirements for US-listed foreign companies? If you were hoping it was the US audit firm, you’ll have to prove your case in court.



    The “Chilling Effect”: No One Important Wants The Auditor’s Opinion

    By • Nov 13th, 2013

    Are auditors too cozy with management and the Audit Committee? Unfortunately, that the way they all seem to like it. Investors and the capital markets suffer.



    PwC To Acquire Booz But Broader Not Better For Integrity Of Global Capital Markets

    By • Nov 10th, 2013

    PwC says it will acquire Booz. Don’t count on the SEC or the PCAOB to stop PwC and its audit firm competitors from “slipping back” into the old conflicts between audit and consulting. Is anyone guarding the guardians?



    $99 Million Buys EY Ticket Out Of Private Lehman Litigation, Finally

    By • Oct 21st, 2013

    Last defendant standing. Not an enviable place for EY in the case, In re Lehman Brothers Securities and Erisa Litigation. Holding out until the end has now cost EY $99 million, more than Lehman officers and directors.



    Nothing SOx-y About SEC’s JP Morgan “Whale” Settlement

    By • Sep 23rd, 2013

    If the JP Morgan “Whale” settlement was a true Sarbanes-Oxley success story, we’d see some bank executives going to jail. For a change.



    Broker-Dealer Audits Still Badly Broken

    By • Sep 3rd, 2013

    The PCAOB’s second “progress” report on broker-dealer audits found deficiencies in all of the audit firms inspected and in 57 of the 60 audits inspected. That’s not much progress.



    Jamie Dimon (And JP Morgan) Besieged

    By • Aug 20th, 2013

    A blog post at Medium.com last Friday updated everyone with the latest on the JP Morgan “Whale” traders who were indicted last week and assorted other energy trading and mortgage related investigations. But there’s more!



    The Indictment of S.A.C. Capital Advisors: Where Was The Auditor?

    By • Jul 26th, 2013

    Unfortunately, regulatory supervision of investment advisors, broker-dealers, and their auditors leaves a lot to be desired. PwC missed years of illegal activity at S.A.C. Capital Advisors. If only we could say that’s the first time.