“U.S. GAAP is founded upon principles, that’s what the P is supposed to stand for.” – SEC Chief Accountant James Kroeker arguing at a Pace University IFRS discussion that GAAP is just as principles-based as IFRS.
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The PCAOB Is Pleased with How the Whistleblowing Has Gone
“We thought auditors and investors would like to have an avenue to report violations of accounting and auditing standards and financial fraud.”
~ Claudius Modesti, PCAOB Enforcement and Investigations Division director. Last year, the Board fielded 179 tips – a record – that alleged wrongdoing by audit firms and their employees.
Warren Buffet Will Bring His A-game Next Time
“It was a very soft sell, but 40 signed up.”
~ The Oracle of O probably didn’t even mention the fact that the estate tax will eventually come back.
KPMG UK Already Gearing Up For Massive Punishment Over Carillion Audit Failures
“It is of course for the tribunal to reach a conclusion on the allegations as […]