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Tag >> KPMG
Nov 23

Auditor changes up 33 percent in 2010

Posted by Stephen Taub in PricewaterhouseCoopersKPMGGrant ThorntonGlass LewisErnst & YoungDeloitte & TouchecomplianceBDO USAauditors

Stephen Taub

Companies are switching auditors at a more rapid clip these days.

According to Glass Lewis, 61 companies changed auditors in the first three quarters of 2010, 33 percent more than in the same period last year.

Sep 16

UK watchdog barks at auditors

Posted by nicklord in PwCKPMGErnst & YoungDeloitteauditing


The Financial reporting Council of the UK has released the annual results of its inspection of the big four accounting firms. Its verdict? Could do better.

Each of the big four - KPMG, PwC, Deloitte and Ernst & Young - were found to have been less than perfect. Each was found guilty of specific misdemeanors, but the common thread running through the report was that auditors faced too much internal pressure to do non-audit work, so that the quality and independence of the audits were in danger of slipping.

Jun 08

KPMG loses a client over loan accounting

Posted by Going Concern in SEC filingsKPMGGAAPcomplianceAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

KPMG has been kicked to the curb by Enterprise Financial according to an 8-K that was filed on Friday by the company. The ubiquitous claim of "no disagreements with [insert firm]" was there along with a mention of a material weakness that was related to the restatements issued for both 2008 and 2007 but that couldn't possibly have anything to do with the dismissal of the auditors:

May 06

Deloitte has top restatement rate

Posted by Stephen Taub in restatementsPricewaterhouseCoopersKPMGGlass LewisErnst & YoungDeloitte & TouchecomplianceBig FourBig 4

Stephen Taub

If a company announces a restatement, chances are Deloitte & Touche is the auditor if it were a Big Four firm. At least that is the conclusion of a recent analysis of financial reporting issues conduct by Glass Lewis, the governance research firm.

It found that since 2007, more companies audited by D&T restated financial reports to correct errors than those examined by any other of the largest audit firm. D&T also had the highest restatement rate among Big Four firms in each of the last three years and through the first quarter of 2010.

May 06

Treasury votes to keep KPMG as Citi’s auditor

Posted by Going Concern in treasuryKPMGcomplianceCitigroupbailoutaudit

Going Concern

Submitted by Francine McKenna, republished from Going Concern, Accounting News for Accountants and CFOs.

The US Treasury recently decided to vote its proportionate ownership interest in Citigroup to affirm reappointment of KPMG as Citi's auditor for the 41st consecutive year.

Maybe Treasury married KPMG all over again because they're cheap compared to what Goldman and AIG are paying PwC.

Maybe KPMG knows this client best - a dubious honor. KPMG has been on the scene of Citi's crimes and misdemeanors all over the world for 41 years.

Maybe Treasury feels like a mother who puts up with a gold digging daughter-in-law because daughter-in-law saw mom kissing the tennis pro and mom knows her son has slept with the baby-sitter...

From Citigroup's most recent proxy:

Apr 07

Big companies, big auditors, sitting in a tree

Posted by Ron F in PwCKPMGGoldman SachsGeneral ElectricErnst & YoungDeloittecost cuttingCashBig FourBig 4auditorsauditingAccounting

Ron F

Hey, I got hold of some interesting data from Audit Analytics on the length of time that some US companies have had the same auditors.

The issue arises in connection with a CFO cover story on audit fees that I wrote about yesterday.

Mar 15

Which auditors have the highest error rate?

Posted by Stephen Taub in restatementsKPMGGrant ThorntonErnst & YoungDeloitteBig Four

Stephen Taub


Ernst & Young is under fire for its role in Lehman’s bankruptcy filing. According to some press reports, it might even face liability for its audit.

Mar 09

MedAssets ditches BDO as auditor due to ‘tremendous growth’

Posted by Going Concern in SEC filingsKPMGdisclosurecomplianceBig 4auditAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Today in boilerplate press releases, MedAssets dropped BDO Seidman as its auditor for the bigger KPMG and the CFO punted on giving a real reason as to why.

Feb 04

Big 4 CEOs get some media love in Davos

Posted by Going Concern in PwCKPMGIFRSErnst & YoungDeloitteDavoscomplianceCEOsCareers/ManagementBig 4Accounting

Going Concern

Submitted by Francine McKenna, republished from Going Concern, Accounting News for Accountants and CFOs.

It's sort of sweet to see the CEOs of the Big 4 audit firms being treated like big deals at Davos. In the U.S., the media typically pays no attention to these guys unless there's either a catastrophic accounting related failure - and the recent crisis is not being viewed as such by the media - or some icky accounting issue like mark-to-market or IFRS that necessitates an interview with some accountant. Any accountant.

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