The Talent Shortage Has Gotten So Bad Clients Are Now Doing Their Own Audit Documentation
The Securities and Exchange Commission has charged Deloitte China with failing to comply with fundamental U.S. auditing requirements because in numerous audits over numerous years Deloitte China asked clients to select their own samples for testing and to prepare their own audit documentation. From the SEC press release: The Securities and Exchange Commission today charged […]
PCAOB: Just Stop Altering Audit Workpapers Already
Are you an auditor? Do you have any public company clients? Have you recently been notified that the PCAOB will be inspecing the audit of one of those public company clients? Are you now just remembering that you may have left something out of the audit documentation that would definitely get you in trouble with […]
Ex-Deloitte Partner Learns That Procrastination Has Its Consequences
All humans procrastinate from time to time. Whether it's putting off washing the car or feeding the kids, we simply can't get to everything. I mean, who can? As indentured servants to the capital markets, you are all too familiar with this dilemma. The to-do list grows long quite quickly and it's difficult to prioritize. […]
PwC Partner Who Blamed Staff for Audit Failure Asks That You Not Misinterpret His Tiny Notes As an Attempt To Bury His Error
If you've been following the Centro shareholder lawsuit against PwC, you know that the partner in charge of the engagement, Stephen Cougle, wasn't exactly jumping at the chance to take responsibility for any of the audit team's shortcomings. If you were to ask Mr. Coulge – and Centro lawyers did – he'd say the person responsible […]