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KPMG Fires Six Partners
Posted on 4/13/17 at 3:59 pm
Posted on 4/13/17 at 3:59 pm
LINK
quote:
The accounting firm KPMG has fired six employees, including the head of its audit practice in the United States, after it learned they were given improper warnings ahead of planned audit inspections by its regulator, the Public Company Accounting Oversight Board. KPMG said that an individual who had joined the firm from the Public Company Accounting Oversight Board had received confidential information from an employee of the oversight board and shared it with others at KPMG. “That information potentially undermined the integrity of the regulatory process,” KPMG said in a news release on Tuesday. The accounting firm said it had learned of the matter from a whistle-blower in February.
3
Posted on 4/13/17 at 4:13 pm to RollTide4Ever
Who will audit the auditors auditing the auditors' auditors?
Posted on 4/13/17 at 4:20 pm to sneakytiger
The market is the ultimate auditor.
Posted on 4/13/17 at 4:28 pm to RollTide4Ever
Snitches get stitches
Posted on 4/13/17 at 4:31 pm to RollTide4Ever
We need more auditors in this world. And attorneys.
Posted on 4/13/17 at 5:28 pm to RollTide4Ever
We were talking about this over lunch. Simply knowing the info doesn't mean much. However, if they took the info and used it to sanitize the audit binders before inspection, that's not good.
The pressure to do that, though, is because the PCAOB process is absolutely horrific and an insane amount of government overreach. It's the only "test" in the world were scoring 99 out of 100 means you fail.
The pressure to do that, though, is because the PCAOB process is absolutely horrific and an insane amount of government overreach. It's the only "test" in the world were scoring 99 out of 100 means you fail.
Posted on 4/13/17 at 5:41 pm to LSUFanHouston
Agree. I work in a compliance function and the PCAOB is out of control. I hope the new administration blows them up.
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