Please ensure Javascript is enabled for purposes of website accessibility
February 5, 2023

Wanted: Auditor for a Failing Bank (And a Buyer Too)

GeorgeCostanza_art_200v_20090306003944.jpgIn another case of an auditor giving a Titantic-esque bank the ‘It’s not you, it’s me’ routine, E&Y resigned as the auditor of Corus Bankshares, Inc., in a filing late last Friday.
This one really had no chance. After the Chief Accounting Officer resigned after five months on the job, family shareholders continuing to dump their shares, and filing their Q late, you can’t really expect Ernie to stick around.
E&Y had given the going concern paragraph kiss of death on Corus’s audit opinion earlier in the year and according to the last amended quarterly filing, Corus had over $7 billion in assets but negative equity. So, nature seems to be taking its course. Chalk it up, She Bair.
Ernst & Young resigns as Corus’ accounting firm [Chicago Tribune]

GeorgeCostanza_art_200v_20090306003944.jpgIn another case of an auditor giving a Titantic-esque bank the ‘It’s not you, it’s me’ routine, E&Y resigned as the auditor of Corus Bankshares, Inc., in a filing late last Friday.
This one really had no chance. After the Chief Accounting Officer resigned after five months on the job, family shareholders continuing to dump their shares, and filing their Q late, you can’t really expect Ernie to stick around.
E&Y had given the going concern paragraph kiss of death on Corus’s audit opinion earlier in the year and according to the last amended quarterly filing, Corus had over $7 billion in assets but negative equity. So, nature seems to be taking its course. Chalk it up, She Bair.
Ernst & Young resigns as Corus’ accounting firm [Chicago Tribune]

Latest Accounting Jobs--Apply Now:

There are currently no vacancies.

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

#TBT: Retired Accountant Whose Last Name Is Bunny Wins Easter Contest

This gem comes from the Warrington Guardian in England back in April 2014: Bookmakers feared the work of a prankster when the winner of a £124,987 first prize in a nationwide contest culminating ahead of Easter was Mr. Bunny. But the winner of the Easter cash is in fact retired accountant David Bunny who now plans to spend […]

Failed CPA exam

Let’s Figure Out How This Person Bombed the CPA Exam More Spectacularly Than Any CPA Exam Bomb in History

Ed. note: an earlier version of this article contained the name of a review course the poster claimed to have used. As this information has not been verified and is not relevant to the issue at hand, it has been removed. Spotted this on Reddit this morning, and like /r/accounting I’m wondering how this is […]