It was nearly two weeks ago when we learned that ex-KPMG partner had dabbled in insider trading of several KPMG clients, including two — Herbalife and Skechers — that were audit clients of London's. It set off quite a firestorm, however when the criminal complaint against London came out, we discovered that the manner in which he and his golf buddy/watch guy Bryan Shaw conducted this little conspiracy was not too sophisticated. Phone calls. Meetings in parking lots. Black paper bags filled with cash. The Boss. It's what you might expect from a couple of middle-aged bros who had plenty of laughs together at the 19th hole.
On Monday, PCAOB Chairman James Doty gave a speech where he mentioned, among other things, that "auditor term limits" was something the Board would consider in order to "protect the auditor's independence." Undoubtedly, this was disheartening news to auditors who count themselves as the Big 4 variety because they've gone on record to voice opposition and […]