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January 28, 2023

auditor independence

an Ernst & Young umbrella

EY Is Haunted By Some Lingering Independence Problems

Yesterday the PCAOB made public additional portions of EY’s 2018 inspection report “because the firm did not address certain quality control issues to the satisfaction of the Board within the 12 months following the date of the report.” EY’s 2018 PCAOB inspection report is dated April 28, 2020 and in it, the Board said EY […]

The SEC Only Gives Out Wrist-Slaps to the Big 4 When They Break Independence Rules On Providing Non-Audit Services to Audit Clients

The big news in the accounting profession yesterday afternoon from Dave Michaels of the Wall Street Journal was that the SEC is investigating the Big 4 and other public accounting firms on whether the consulting and non-audit services they sell to clients is conflicting with their independence as the auditors of said clients. Michaels reported […]

Deloitte’s Dutch Firm Takes Its Turn With PCAOB

The PCAOB has announced another settlement with a Deloitte firm today, this time the Dutch version. This relates to an independence snafu that happened back in May of 2012 when the new CEO, Piet Hein Meeter, resigned abruptly, after serving in that role for just a few months. Here's Michael Rapoport's report in the Wall […]

EY Runs Afoul of Auditor Independence Rules Thanks to Sporting Events, Office Romance

One of the keys to being a successful partner in a large accounting firm is client management. If you’re a tax or advisory partner, this is pretty simple: you wine, you dine, you do the work with a smile on your face. The client is happy. You are a good partner. Audit partners don’t have […]

Exposure Drafts: Is the Auditor Independent in Appearance?

Exposure Drafts is a satirical look at the eccentricities of the accounting profession brought to you by veteran Going Concern contributor Greg Kyte. Send comments and suggestions to [email protected]