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September 27, 2023

When accounting goes unaccounted for

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BDO USA and Two of Its Audit Partners Got in Trouble and It’s Gonna Cost Them $2 Million and Change Firms Aren’t Doing So Bad According to Them, Almost Half Are Outsourcing Work Accountants Behaving Badly: Police Department Accountant Couldn’t Be Bothered, PPP Loan Fraud, and a Creepy Tax Preparer Monday Morning Accounting News Brief: UK Big 4 Firms Overhired, Dump Staff; KPMG Bracing For (Another) Big Fine | 9.25.23 Friday Footnotes: Remembering Legend Sid Kess; Andersen’s Doing Great; Poland Banned Deloitte From Auditing? | 9.22.23

just because we’re paying a settlement doesn’t mean we’re admitting guilt

Deloitte

Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit Thing

by Jason Bramwell

That’s because the $234.6 million settlement Deloitte, EisnerAmper, and five other companies reached with investors of the now-defunct Oregon investment company Aequitas last July was approved in Oregon federal court on Dec. 16. According to Law360, the judge also approved nearly $58 million in attorneys fees and costs. Deloitte, EisnerAmper, law firm Sidley Austin, securities […]

Deloitte

Deloitte, EisnerAmper, 5 Others to Pay $235 Million to Settle Aequitas Investors’ Lawsuit

by Jason Bramwell

Why go through a lengthy, expensive trial, not knowing whether you’ll win or lose, when you can pay a shit-ton of money to make it all go away? That’s what the seven defendants, including Deloitte and EisnerAmper, did to settle a class-action lawsuit filed three years ago by investors of Aequitas accusing the accounting firms, […]

EY

EY Still Planning to Settle With Lehman Investors, Also Still in Denial

by Adrienne Gonzalez

Back in October, it was reported that EY planned to settle with Lehman Bros investors, subject to court approval (EY's denial notwithstanding): Ernst & Young LLP has agreed to pay $99 million to settle investor class-action allegations that it turned a blind eye when its audit client Lehman Brothers Holdings Inc. misled investors before the […]