September 25, 2021

CFTC Chairman Knows PFGBest Auditors Shouldn’t Have Passed GAAS

Gary Gensler, who may or may not be aware that PFGBest's auditor preferred to don jorts at the (home) office, is familiar enough with auditing standards to know there are certain ones that always need to happen:

Commodity Futures Trading Commission Chairman Gary Gensler told lawmakers on Wednesday that Peregrine Financial Group's outside auditors should have confirmed the now failed brokerage's bank balances. […] "The yearly certified public accountant has to use generally accepted auditing standards, and as I understand it, those auditing standards do require … the confirmation of assets," Gensler told lawmakers at a House Agriculture Committee hearing.

Of course if PFGBest isn't issuing press releases confirming the confirmation, how would anyone know?

Gensler-Peregrine's auditors should have confirmed bank balances [Reuters via Francine McKenna]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

PwC Might Do Something No Other Big 4 Firm Has Ever Done Before

After years and years of PCAOB inspections of the Big 4 in which the percentage of audits of public companies that weren’t up to snuff have been in the 30s, 40s, and even 50s, we finally had a respectable audit report card earlier this year when Deloitte nearly had a single-digit deficiency rate in its […]

Audit Market Caps In the UK: The Financial Times Fails a Math Test

“The Glacial Pace of Audit Reform Needs To Speed Up” The Financial Times might wish to reconsider this headline, above its editorial of late last week. Global climate change considered, the metaphor may be more apt than intended, as the likely fate of the world’s glaciers is their tragic and accelerating collapse into muddy puddles amid massive fields […]