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 not to get too excited by any one positive development...
you follow news affecting auditors, you may have noticed that the PCAOB made a
very rare disclosure yesterday about one of the big four firms,
Deloitte. The PCAOB said that Deloitte was previously sanctioned for not
being skeptical enough to challenge statements made by management and that they...
The PCAOB, the audit industry regulator, shamed
global audit firm Deloitte recently when they exposed the private portion
of the inspection report of the firm's 2006 audits. It was the first time that
had happened to one the Big Four audit firms, the largest firms that audit the
E&Y was censured and fined a record $2 million by the
PCAOB in connection with repeated violations of professional standards. It was
imposed in a proceeding that was filed in March 2011 as a non-public but which,
for good cause shown, was made public. In the Matter of Ernst & Young
Last week I posted a column at Forbes: Already Behind The Eight-Ball: Auditors of Broker-Dealers Are A
The Public Company Accounting Oversight Board, the US
audit industry regulator, issued its
first report on the auditors of broker-dealers this week and it was ugly.
The PCAOB inspection...