TPTB, in their never-ending quest for world domination, have requested the CPAs out there to answer the following harmless question. Your help is appreciated.
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Grant Thornton Loses Its Fire in Letter to the SEC
Despite getting all bent out of shape in their earlier statement:
“The fraud was apparently conducted by a longtime, trusted senior financial executive who was hired and supervised by senior management,” a Grant Thornton spokeswoman said Tuesday. “The company (Koss) did not engage Grant Thornton LLP to conduct an audit or evaluation of internal controls over financial reporting. Establishing and maintaining effective internal control is management’s and the board’s responsibility.”
Grant Thornton is less enthused in their letter to the SEC:
We have read Item 4.01 of Form 8-K of Koss Corporation dated January 4, 2010, and agree with the statements concerning our Firm contained therein. We have no basis to agree or disagree with the statements and conclusions in Item 4.02(a), some of which were not disclosed to Grant Thornton LLP prior to receipt of this filing.
The only thing we read here that might be a dig at Koss is “some of which were not disclosed to Grant Thornton LLP prior to receipt of this filing.” If this is intended to be the firm’s version of the finger — straight up, at you Koss — the passive-aggressiveness is at a level that even impresses us.
At least in the Overstock letter the firm flat out called Pat Byrne and his company liars. This latest opportunity to lay the smackdown on a client in a regulatory filing seems to have been squandered.
Footnotes: All the Money is in DC; The Pentagon Sucks At Money Management; The SEC’s Latest Whistleblower Report Is Here | 11.18.13
A Biglaw partner — who kinda sorta specializes in finance — lost $19.5 million, or […]
Your New Career Goal: FEI Hall of Fame
Did you ever dream of being inducted into any form of a hall of fame. Baseball? Rock ‘n Roll? Calculus? Did you think all hope was lost for this particular career goal when you decided to become a pointy-headed number cruncher?
Well, we’ve got great news for you. The Financial Executive International Hall of Fame was established four years ago (how did we miss that?) and just announced this year’s recipients. Now you too can fulfill those dreams of giving a teary-eyed speech, thanking all the little people you stepped over and around to become the finance and accounting oracle that you are.
This year’s ceremony will induct Donald Nicolaisen, former Chief Accountant at the SEC and Dennis Dammerman, former vice chairman at GE. So what if you’ve never heard of them? They’ve achieved financial professional immortality! You could be next. Oh, and Bob Pisani of CNBC is hosting. Joan Rivers won’t be far behind. Is there a reason that this ceremony isn’t being beamed into every home in America?
Nicolaisen, Dammerman Named to FEI Hall of Fame [FEI Financial Reporting Blog]