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Opinions and views from expert CFOZone members.

Tag >> Big 4
Aug 27
2010

Upscale California county scrapping Deloitte-installed SAP system

Posted by Going Concern in SAPERPDeloittebiztechBig FourBig 4auditorsauditingaudit feesaudit

Going Concern

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

Aug 12
2010

Reining in the PCAOB

Posted by Going Concern in Securities and Exchange CommissionSarbanes-OxleyPublic Company Accounting Oversight BoardPCAOBCPAscomplianceBig FourBig 4auditorsauditingauditAccounting

Going Concern

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

The PCAOB has had a pretty good run of late. It all started with the SCOTUS handing them a loss that was really a win and the Board has, most recently, gotten ambitious with new risk assessment standards. What's more is the call of acting Chair Dan Goelzer to have the Board's enforcement inspections held publicly so audit firms can't get all mysterio about what they did and did not do to warrant said inspection.

Jul 26
2010

SEC looks to fill auditor oversight board vacancies

Posted by Going Concern in Supreme CourtPublic Company Accounting Oversight BoardPCAOBcomplianceBig 4auditAccounting

Going Concern

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

Since the PCAOB is here to stay, the SEC figured it was probably best that they get some people sit on this thing to, ya know, help protect the investors, the public at large, so on and so forth.

The problem, as it appears to us, is that Mary Schapiro and the gang are plumb out of ideas for nominations. Accordingly, they're out there looking for help from some of the best and beardest, including the Beard, acting PCAOB chair Dan Goelzer, AICPA President and CEO Barry Melancon and a few other noted notables.

Jun 24
2010

Audit fees declined in 2009: Survey

Posted by Stephen Taub in complianceBig 4audit feesaudit

Stephen Taub

It looks like audit fees are stabilizing.

The 150 publicly-held companies responding to a recent survey paid an average of $4.8 million in audit fees in 2009, down 2.4 percent from the total shelled out by these respondents the prior fiscal year.

May 06
2010

Deloitte has top restatement rate

Posted by Stephen Taub in restatementsPricewaterhouseCoopers, KPMG, Glass 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.

Apr 07
2010

Big companies, big auditors, sitting in a tree

Posted by Ron F in PwC, KPMG, Goldman 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 13
2010

More Lehman fallout: Outside auditors’ relevance questioned

Posted by Going Concern in Lehman Brothers, complianceBig 4auditingAccounting

Going Concern

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

Okay, the calls for the complete obliteration of the accounting world have begun. Check that. It's more or less the accounting world as it relates to auditors of public companies (i.e. Big 4 auditors).

Mar 09
2010

MedAssets ditches BDO as auditor due to ‘tremendous growth’

Posted by Going Concern in SEC filings, KPMG, disclosurecomplianceBig 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 20
2010

Ready to be Facebook friends with your auditor?

Posted by Going Concern in social medianetworkingCareers/ManagementBig 4Accounting

Going Concern

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

Accounting firms seem to be on the fence when it comes to social media. While the Big 4 recruiting teams (and non-Big 4 for that matter) are into it full force, we're skeptical about the enthusiasm of the firms' leadership, especially the operational leaders.

To them blogs, Facebook, Twitter et al. is a way to waste time and has nothing to do with producing results. But now that Microsoft has announced that it will be including plug-ins for Outlook (sorry, firms on Lotus Notes), we wonder if the momentum behind social media will prove too much to ignore forever.

Feb 04
2010

Big 4 CEOs get some media love in Davos

Posted by Going Concern in PwC, KPMG, IFRSErnst & 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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