July 17, 2018

BDO Joins the Auditor Resignation Party

The firm has had about all the fun it can handle trying to audit Chaoda Modern Agriculture.

In a statement Thursday, Chaoda said that in a letter on Apr. 26, BDO said that despite continuing with the audit for a prolonged period, it was not in a position to conclude. It said the move was based on a reassessment of the professional risk associated with the audit, among other factors. Chaoda said in a statement the auditor confirmed that there are no matters that need to be brought to the attention of the company's shareholders, but the decision will delay the resumption of trading in its shares. Chairman Kwok Ho said in the statement the company was surprised by BDO's decision and the reasons the auditor gave for the move.
I guess if you weren't talking about the Kwok Ho that was accused of insider trading last fall, I suppose this resignation could come as a surprise. But since we are talking about the same Kwok Ho, we'll stick with the theory that trying to audit in China is nightmare.
 

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Jeremy Newman Just Wants to Be Clear, We are NOT Declaring Victory Over Banco Espirito…YET

BDO_International.pngAfter throwing an all night rager last week when BDO International Global Coordination skated on the $521M verdict, Jeremy Newman, BDO Boss, wants everybody to chill.

Newman said he had always been confident that BDO International’s arms-length approach would be proved but added: ‘There is still the risk of a further appeal, as well as the appeal by the US firm.’

See? Staying cool. Not out of the woods yet. But when we beat those bastards on appeal, then we are getting down.

Newman stays cool after BDO victory
[Accountancy Age]

You Know That Guy That Panhandles on Your Block? He May Be a CPA.

Anybody out there looking to help their fellow CPA, who’s down on his luck?
The Wall St. Journal is reporting that the former BDO Seidman LLP CEO, Denis Field may have to pay back a portion of $180 million that is being sought by prosecutors in the tax shelter case that involves Field and six others.
Natch, everybody has denied wrongdoing. The charges include conspiracy and tax evasion. Good luck with that.

Prosecutors Seek Ex-BDO Seidman CEO, 6 Others To Forfeit $180M
[WSJ]