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December 6, 2022

Friday Footnotes: PCAOB Rebukes BDO; SEC Juking the Stats; Dropping LSD at Work | 11.06.15

Always read the footnotes, capital market servants. Drop us links and tips over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook, Pinterest. Submit questions, elaborate spreadsheets and Marco Rubio's tax plan slams to Open Items.

PCAOB Admonishes BDO USA for Quality Control Lapses [CW]

Dewey Jury’s Deadlock Exposes a System’s Flaws Interviews with several jurors make clear that they were floundering during their deliberations and could not agree on even the most basic definitions. The jurors sent a note to the judge asking for an explanation of what it means to deliberate. There was confusion over the concept of burden of proof, even though they were repeatedly told it was the government’s obligation to prove guilt beyond a reasonable doubt. They had to wrestle with arcane rules related to accounting adjustments and how they applied to the dozens of charges against each defendant. They also debated irrelevant tangents, such as why Mr. Sanders and Mr. DiCarmine had such deep suntans. [DealBook]

Is Your Company Encouraging Employees to Share What They Know? [HBR]

[Emory Professor Urska]Velikonja examined 9,679 “enforcement actions” taken by the SEC between 2000 and 2014. She calculates that the SEC inflates the number of actions it brings each year by 23-34% by double-counting and other forms of padding. [The Economist]

Internship Training [Open Items]

Doing LSD at work. [ReplyAll (podcast)]

Wyoming Has Gonorrhea' billboard removed after complaints [UPI]

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