The PCAOB, bless their hearts, released a forgettable inspection report from PwC today.
Like that miserable couple you know that have been together far too long, here's a, seemingly, dramatic auditor/client interlude, starting with an auditor walking out after years of neglect:
A Deloitte survey of investors, financial statement users and audit committee members found that an overwhelming majority of these people, "believe auditors should use advanced technologies more extensively in performing an audit."
In a speech given yesterday, PCAOB Chairman James Doty said that the Board will seek comment on a third proposal for naming the lead audit partner.
Here's one way to stay out of hell:
Francine McKenna gets in on KPMG’s flop as FIFA auditor today, and Jerry Silk, a lawyer who has represented investors in lawsuits against Big 4 firms, suggests that the firm may have been ball watching:
The FIFA scandal is increasingly ridiculous as was so deftly shown by John Oliver last night. But now a Big 4 firm appears to be caught in the tentacles of it, which further demonstrates its depth and reach.
Sometimes we just don't get around to #TBT.
People like getting worked up about auditor independence. For firms, it's a badge of honor. They like pointing to it as a virtue of their business. You know -- objectivity, integrity, all that crap.
Here's a story of hedge fund of fund guys doing hedge fund of fund guy things -- onshore fund, offshore fund, master fund, an investment advisor, along with a couple other affiliated companies -- and not being very good at some of the finer details: