We waited eight hundred and eighteen (818) days to see
Price Waterhouse India held accountable for audit failure at Satyam Computer
Services, the NYSE-listed Indian IT services provider. On April 5, 2011, the Securities
and Exchang e Commission (SEC...
I view successful
litigation against negligent auditors and strong
enforcement of sanctions for auditor malpractice as positive developments.
This is a view many of my readers would disagree with. However, I've learned
over the last four years...
No Big 4 audit firms or their partners have been named in
the insider trading scandal surrounding the now-defunct hedge fund Galleon
Management. But the SEC has accused one of the most prominent businessmen ever
implicated in such crimes, Rajat Gupta...
Big 4 audit firms are focusing on growth in their global
consulting businesses but the conflicts that drove three
out of four of the firms to sell them after Enron are a bigger problem than
ever before. Deloitte was the only firm that held on to its...
Mainstream media, and the Financial Crisis Inquiry Commission , are focused mainly on
Ernst & Young as the auditor whipping boy of the financial crisis. That's
really by default not by design and is thinly justified. No one has given
The UK accounting firms' response to the "pressure" on
their industry post-crisis has been sharp, quick, and on message.
But the "pressure" itself feels like a strategy
orchestrated by the audit firms to force legislators...
Martin Luther King Jr.: "Morality cannot be
legislated, but behavior can be regulated. Judicial decrees may not change the
heart, but they can restrain the heartless."
Cindy Fornelli, the Executive Director of The Center for Audit Quality...