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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Grant Thornton is Making Their Passion Known Worldwide
Because, you know, some of you may have forgotten that they were an international firm. Nevermind the complete failure to coin “Global 6 Accounting Organization” as a way to sneak into the prestigous cool biggest firm club. GT is giving interviews with obscure accounting publications to make this happen.
Eddie Nusbaum, who will be the new Global CEO on January 1st, is going after Big 4 clients to continue building their international business, which kinda sorta works, we guess.
What’s most confusing about G to the T’s “strategy” is that no matter what happens, they’ll never compete with the big firms through organic growth.
Even if GT and BDO made sweet accounting firm love their total international revenues would still be dwarfed by what the fourth place Big 4 firm rakes in. Huge, Big 4-apocalyptic events that would involve government intervention are the only way GT is making it to the big time. So maybe the stars are lining up. WTFK…
Grant Thornton Plans International Growth [Web CPA]
Analysts, Journalists, and Short Sellers Are Out to Get Overstock.com
Probably not. But the Company has been subpoenaed by the SEC again regarding its restatement of its financial statements for 2006 and 2008.
Patrick Byrne, the Overstock head honcho isn’t crazy about all the attention:
Bad numbers, after the jump
“All of the matters that are the subject of the subpoena have been thoroughly disclosed and we are disappointed, given the extensive public disclosures Overstock has previously made, that the SEC, given all of the challenges it faces, has apparently chosen to expend time and resources on another investigation of Overstock,”
The SEC’s problems are certainly a matter of record. However, we wouldn’t call Overstock financial reporting history stellar. Restatements occurred in 2006 for “freight costs” which, we’re pretty sure is covered in the first month of Intermediate Accounting. In addition, Audit Integrity has given the company a a ‘very agressive’ rating for Accounting and Governance for 9 of the last 11 quarters.
Regardless of this lack of basic accounting knowledge or borderline reckless financial reporting treatment, Byrne has no qualms about giving the whole sitch the Maxine Waters conspiracy treatment, “Byrne has accused some financial analysts and journalists of working with short-sellers to drive down his company’s stock price.”
This claim is made in addition to the company blaming its upgrade of its Oracle accounting system. Apparently this upgrade caused revenue to be overstated by over $12 mil and understated its loss by over $10 mil back in 2005.
So if wasn’t for Oracle, analysts, the media, and some hedge funds, we’re assuming Overstock would be turning a profit by now.
Overstock.com Hit with Another SEC Subpoena [Web CPA]
Footnotes: New Digs For EY; LOL French People; Ugh Deadbeat Clients | 11.20.13
After SEC Prod, Microsoft Adds Details on Foreign Taxes and Surface [WSJ Digits] Legendary accountant […]