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September 25, 2023

Accounting News Roundup: Deloitte Fails to Keep a Secret; GlaxoSmithKline’s Mystery Audit Partner; CliftonLarsonAllen ‘Novel’ Acquisition | 01.03.14

Do not trust Deloitte – whistleblower edition… [Bronte Capital]
John Hempton of Bronte Capital has an interesting anecdote about a response he receieved from a Deloitte attorney after asking about some potentially fraudulent accounting. "I specifically told them that I was keeping the letter confidential and that they should do the same. This was explicitly a speculative letter. Moreover if the speculations were right then the company in question was controlled by criminal elements. However there was a reasonable chance that I was wrong – and so general publication – especially on this blog – was not reasonable. Deloitte did not honor that request for confidentiality." 

GlaxoSmithKline Keeps Name of PwC Lead Engagement Partner Under Wraps [Re:The Auditors]
Even in the UK, where rules mandating naming audit partners have been in place for years, the firms managed to squeeze out some exceptions. 

Grant Thornton to stay in downtown Dallas [DBJ]
I was secretly hoping for GT Southfork.

SEC's Mary Jo White wants companies to fess up [LAT]
Not only that, but we learn that she doesn't require much sleep and she's pretty sure no one has tried to "mess" with her since she's been at the SEC.

Accounting firm CliftonLarsonAllen buys mortgage compliance consultant [MST]
The company is Boston-based Bankers Advisory, Inc. and the move is supposed to "beef up [CLA's] ability to help lenders comply with complex new mortgage rules." Sounds fancy! "Pete Mills, senior vice president at the Mortgage Bankers Association, said it seems 'fairly novel' to have a CPA firm acquire a mortgage quality control company."

Massive East Coast snowstorm snarls flights nationwide [CNBC]
Hope you're not trying to fly anywhere today. " reported 2,793 delays and 1,832 cancellations as of 8:40 a.m. ET. Roughly 20 percent of the flights destined for New York City's LaGuardia, New Jersey's Newark and Philadelphia were canceled, the site said."

Wipfli acquires Chicago-area accounting, consulting firm [MJS]
The Condon Group "serves wealthy individuals and privately held companies, particularly those in manufacturing, construction and real estate."

How to Beat the Winter Blues When You Work from Home [Lifehacker]
Break out the generators!

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