“Like Sarbox, it is destined to fail—except for all the lawyers and accountants and new bureaucrats it will enrich.”
~ Neil Weinberg found the silver lining.
Related Posts
The PCAOB Is Pleased with How the Whistleblowing Has Gone
- Caleb Newquist
- August 10, 2010
“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.
Accounting Convergence Will Claim Some Bodies
- Caleb Newquist
- June 12, 2010
“I am proud to say that so far my fellow board members and our staff, both FASB and IASB, have risen to the occasion. But I do fear potential burnout, as it’s not so easy to be running a marathon at sprint speed.”
~ Bob Herz, admitting that maybe these accounting wonks might be working too hard.
Handicapping Ernst & Young
- Caleb Newquist
- November 2, 2010
Ernst & Young, take my word for it, will never be indicted by the U.S. government, as a firm, for its role in any Lehman fraud that’s eventually proven. It’s also highly unlikely – 1000 to 1 odds I’d say – EY will be fined by the SEC or the PCAOB, as a firm, in a civil or disciplinary case.
~ Francine McKenna says it’s a longshot.