August 16, 2022

wrist slaps

Just Think, An EY UK Partner Was Allowed to Keep His Job After (Allegedly) Telling a Female Co-Worker This (UPDATE)

[UPDATE] Neil Hutt quit or was forced to resign or whatever. Point is, he no longer works at EY in the UK. From the The Times of London on Nov. 13: EY, the Big Four accountancy group, has accepted the resignation of one of its partners, who told a female trainee “I’m going to f*** […]

FRC Fines Grant Thornton UK For Something We’re All Used to Grant Thornton UK Doing

A little over a month after being fined more than £2.3 million by the Financial Reporting Council for that whole Patisserie Valerie mess, Grant Thornton got called to the principal’s office once again for audit failures—this time for its 2015, 2016, and 2017 audits of outsourcing company Interserve, which went into administration in 2019. GT […]

Grant Thornton Let Off the Hook Big Time By UK’s Audit Cops

Back in August 2018, Grant Thornton UK was given a £4 million fine by the Financial Reporting Council (reduced to £3 million after a settlement discount) for a then-partner’s conflict of interest in serving on the audit committees of two audit clients, in addition to “widespread and serious inadequacies in the control environment in Grant […]

Anyone Holding Their Breath for the SEC to Give Lehman Brothers a Slap on the Wrist Will Be Passing Out Soon

Bloomberg reports that an internal memo states that the crack squad looking at the Commission is wrapping up their investigation and a stern talking to is the probably the worst it'll get for Dick Fuld et al.:  Under a heading reading “Activity in Last Four Weeks,” the undated document reads, “The staff has concluded its […]

Brits Want to Make Wrist Slaps for Big 4 Auditors Slightly More Uncomfortable

Britain's audit regulator, the Financial Reporting Council's accountancy and actuarial discipline board (AADB), has decided that even though its fine of £1.4 million of PwC in January was a record, it really didn't satisfy as a "credible deterrent." Accordingly, the AADB is floating some ideas on how to make the fines a little less "meh" […]