August 16, 2022

FAIL

Maine’s ‘Utterly Unqualified’ State Auditor Just Stepped Down Because He Couldn’t Pass the Certified Internal Auditor Exam

In January of this year, seasoned bureaucrat Matthew Dunlap took the helm as state auditor in Maine despite having no background in accounting, much less auditing. Rather, he has a bachelor’s degree in Roman history and a master’s in English literature, the former of which would come in handy should Maine have a vacant State […]

The SEC Is On An Insider Trading Losing Streak

The U.S. Securities and Exchange Commission, in a third insider-trading trial defeat in the past year, lost its lawsuit claiming STEC Inc.’s former chief executive officer made $134 million by selling stock before divulging a sales setback to investors. Federal jurors in Santa Ana, California, returned their verdict on the first day of deliberations. The […]

PwC Sued for $1 Billion Over MFGlobal; Accused of ‘Erroneous’ Advice

Well it's a good thing we didn't check out early and head to the bar tonight, the ish just hit the proverbial fan for PwC: The administrator of MF Global Holdings Ltd's bankruptcy plan on Friday sued the auditor PricewaterhouseCoopers for at least $1 billion over its advice on a $6.3 billion European sovereign debt […]

Is the PCAOB’s “Audit Failure” Rate Really a Little Dramatic?

Here's the deal. Last week, Mark Peecher and Ira Solomon published an opinion piece on CFO.com titled PCAOB’s ‘Audit Failure’ Rate Is Highly Suspect. Just so we know these guys might have some idea what they are talking about, Mark teaches accounting at the University of Illinois Urbana-Champaign and Ira is dean of the A. […]