There’s a lot of chatter about layoffs at Grant Thornton this week but we’re scant on details. So far, we’ve heard there were cuts in New York, Dallas and possibly the Southeast region.
And just for the hell of it, we called up GT to see if they could tell us anything. Unfortunately we just got voicemail but we’ll update you if they get back to us (they might, don’t be so pessimistic).
If you have more details, get in touch and ask around to your peoples that work in the House of Nusbaum to find out what’s going down.
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Grant Thornton Loses Its Fire in Letter to the SEC
- Caleb Newquist
- January 8, 2010
Despite getting all bent out of shape in their earlier statement:
“The fraud was apparently conducted by a longtime, trusted senior financial executive who was hired and supervised by senior management,” a Grant Thornton spokeswoman said Tuesday. “The company (Koss) did not engage Grant Thornton LLP to conduct an audit or evaluation of internal controls over financial reporting. Establishing and maintaining effective internal control is management’s and the board’s responsibility.”
Grant Thornton is less enthused in their letter to the SEC:
We have read Item 4.01 of Form 8-K of Koss Corporation dated January 4, 2010, and agree with the statements concerning our Firm contained therein. We have no basis to agree or disagree with the statements and conclusions in Item 4.02(a), some of which were not disclosed to Grant Thornton LLP prior to receipt of this filing.
The only thing we read here that might be a dig at Koss is “some of which were not disclosed to Grant Thornton LLP prior to receipt of this filing.” If this is intended to be the firm’s version of the finger — straight up, at you Koss — the passive-aggressiveness is at a level that even impresses us.
At least in the Overstock letter the firm flat out called Pat Byrne and his company liars. This latest opportunity to lay the smackdown on a client in a regulatory filing seems to have been squandered.
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Footnotes: Why Employees Stay; 2013 CPA Exam Candidate Performance; So Lisa Isn’t a Slut, Then? | 02.06.14
- Adrienne Gonzalez
- February 6, 2014
Unemployment Bill Stalled Anew in Senate [AP] The 2013 CPA Exam candidate performance book is […]
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Crowe Horwath Sticks to Their Guns and Gets Fired
- Caleb Newquist
- September 18, 2009
Crowe Horwath either has some shrewd auditors working there or they need to work on their people skills because First Place Financial Corp. just kicked their asses to the curb over irreconcilable differences.
The whole thing came down to the “material weakness” versus “significant deficiency” debate you auditors love so much.
More, after the jump
On September 1, 2009, Crowe notified the Company that it was its opinion that the Company had not maintained effective internal control over financial reporting as of June 30, 2009. This was in contrast to Management’s opinion that it had maintained effective internal control over financial reporting as of June 30, 2009. After subsequent discussions, the disagreement remained. The essence of the disagreement concerns a single internal control weakness which resulted in an error in valuing loans held for sale as of June 30, 2009. Crowe determined that this internal control weakness was a material weakness while the Company determined that this internal control weakness was a significant deficiency.
The shitty control in question missed an error that overstated loans held for sale by $2.17 million and understated the net loss for fiscal 2009 by $1.41 million. Crowe said that this was cause for the material weakness and First said nonsense poopy-pants, it’s not material, so it’s a significant deficiency.
Well, it was obviously mule vs. mule because First Place’s audit committee ultimately decided that firing Crowe on Tuesday was the best course of action.
Maybe First Place are the assholes. WTFK, really? Whatever the problems, KPMG gets the pleasure now. If you’ve got any further information on this one, want discuss MW/SD (vomit) or just feel like speculating, discuss in the comments.
First Place Details Disagreement with Auditor [Business Journal Daily]