Grant Thornton is really making our lives easy today: “Grant Thornton has agreed to pay nearly £6,000 in fines and costs after it failed to correctly sign off 43 audit reports.”
Measly fine, obv but 43 audit reports? And a incorrectly signed off report is one that, “had not been signed off by a responsible individual of the firm”.
So apparently the Brits have got their interns signing off on the audits. Gold star for you today, GT.
ICAEW fines Grant Thornton over audit sign-offs [Accountancy Age]
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Some Might Call it Revenge, Others May Call it Justice
In the fallout of the last weeks layoffs at KPMG, we’ve received many tips that tell stories of betrayal, shock, bitterness, etc. One particular story that we were tipped about however, tells us a story of sweet, sweet revenge in Palin-country:
Get details on the accountant equivalent to Charles Bronson, after the jump
In May KPMG fired a long time partner in its Anchorage office…In the course of a few months the fired partner convinced many of the offices major clients to request proposals from other firms…The three top revenue clients left for other firms. Two of the clients went to Grant Thornton Seattle where it now appears the fired KPMG partner has landed himself. Did I mention that was 30% of the offices revenue?
We’re not sure which of our readers are able to exert this type of influence over clients to get back at their former employers, so we’ll open it up to all stories of revenge for those of you getting the axe. Nothing is too petty so let’s hear it. Besides, isn’t vengeance part of the American way? We would ask that you keep your revenge tales of Kill Bill proportions to yourselves. Discuss in the comments or shoot us your cold dish at [email protected].
SHOCKER: Doesn’t Appear that Stanford Auditors were Doing Any Auditing
Last week’s indictment of Allen Stanford has brought up the always popular question when fraud, occurs: “Who are the auditors that were asleep at the wheel of this disaster?”
Well, in this case, the auditors were a local UK two-person shop, CAS Hewlett, which must be Queen’s English for Friehling & Horowitz.
It doesn’t appear that CAS Hewlett has a website, but they’ve been doing the Stanford “audits” for at least 10 years, so obv they’re legit. PwC and KPMG both have offices on Antigua but Stanford preferred to stay with its “trusted firm”. Totally understandable.
And the best part? The founder of the firm, Charlesworth “Shelly” Hewlett died in January, approximately a month before the story broke on the Ponz de Stanford.
This all adds up to who-the-fuck-knows if audits were even occurring and for us to speculate if Shelly needed to get got because Stan knew that the poo and fan were coming together. Just sayin’.
New Bail Hearing for Stanford Set for Monday Because He Just Might Split
Stan the Man will spend the weekend pumping iron in a Houston jail because all signs are kinda, sorta pointing to the possibility of him going on the lam after a judge granted the silver medalist in the Ponzi competition a measly $500,000 bail.
Stanford’s attorney called bullshit because “he had already shown the financier was no flight threat.”
Judge David Hittner didn’t buy it and remanded Stan to jail until Monday based on the evidence presented by prosecutors:
testimony from a pilot who flew Mr. Stanford to Libya and Switzerland before government officials raided his Houston offices; testimony from a friend of Mr. Stanford’s daughter who gave him $36,000 in cash, and claims that $100 million was withdrawn from a Swiss bank account Mr. Stanford controlled
C’mon, your honor, that’s just walking around money! My client can’t be expected to strut around without serious money on hand!
New Bail Hearing Set for Stanford [WSJ]