The Royal Canadian Mint (RCM) had a discrepancy between their book inventory of precious metals and the actual count, so natch, they called in a Big 4 accounting firm to do an audit and get to the bottom of this.
Deloitte got the honor of investigating and…wait for it…determined that there is gold missing. 17,500 ounces to be precise, worth about 15.3 million Canadian Dollars (approximately $13.2 USD). Oh, and there’s probably some silver missing too.
In classic auditor fashion, Big D issued a recommendation to the RCM to review its security.
Audit fails to find missing gold [BBC]
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Congress Needs More Testimony on Accounting Stuff They Won’t Understand
We don’t know about you but we here at GC are relieved that Congress is back in session this week. For starters, we’re trying to find someone that will help Charlie Rangel keep track of all his money.
Also, we feel as though we’re a little overdue for some legislative nose-poking into accounting and auditing rules. Thankfully, the House Financial Services Committee is scheduled to revisit H.R. 2664 this week.
The Promoting Transparency in Financial Reporting Act would require annual testimony from the SEC, FASB, and PCAOB big wigs on accounting and auditing rules before the committee.
More legislative wisdom, after the jump
The testimony is supposedly going to enlighten the committee on progress of:
• Reassessing complex and outdated accounting standards;
• Improving the understandability, consistency, and overall usability of the existing accounting and auditing literature;
• Developing principles-based accounting standards;
• Encouraging the use and acceptance of interactive data; and
• Promoting disclosures in ”plain English”.
Excuse the cynicism, but since this particular bill’s title doesn’t include the words “patriot”, “American People”, or “anti-bonus”, there is virtually no opportunity for shameless grandstanding and most members of the committee will probably opt out of sitting in on the testimony.
That being said, the collective competence of the committee will increase exponentially if Maxine Waters is not in attendance so maybe our judgment is premature.
Promoting Transparency In Financial Reporting Act Up For Vote In Congress [FEI Blog]
Footnotes: Pleasing the PCAOB; Deloitte UK Adds a Couple Partners; Freaking Narcissists | 06.09.14
A British accountant who took a trip to Sri Lanka to climb Mount Everest is […]
Look Man, Not Even Ron Paul is Buying Your Fed Conspiracy Story, So Can We Drop it?
Because we know you haven’t gotten enough of the whole Bank of America/Merrill Lynch deal-under-duress drama, we’re happy to report that Representative Darrell Issa of California (seen at left, with, we can only assume, a constituent, not a high-priced call girl or his staffer’s wife, or his Argentinean soulmate) isn’t satisfied by B-squared’s testimony and likely won’t be satisfied with Hank “Just call me Lance Armstrong” Paulson’s testimony that is scheduled for Thursday.
No, no. Issa wants more information, “[he] wrote to Treasury Secretary Timothy Geithner July 2 asking for all records surrounding an October 13 meeting and decision to use government bailout funds to buy equity in financial institutions.”
You think that’s good? He’s not done:
Issa also asked the Treasury to provide records and communications, including notes and e-mails from a range of officials, relating to the Bank of America-Merrill merger from August 1 though February 1. Issa also asked New York Attorney General Andrew Cuomo in a July 1 letter to provide transcripts of interviews with Paulson and any other communications with federal officials on the Bank of America-Merrill merger.
That’s right. Six months worth of emails and notes. Every single post-it that you did your best Jackie Treehorn sketch on MUST. BE. SAVED.
Issa, a believer in a Nixon-esque coverup at the behest of Bernanke, has clearly channeled his inner-Maxine Waters and will BE DAMNED if this is happening on his watch.
Lawmaker seeks more data in BofA-Merrill deal [Reuters]