Professor Elam

Whistle Blower Sues PwC

Friday Feb 26, 2021

https://www.goingconcern.com/big-4-lawsuits-2-25-2021/?utm_source=GCweeklyANRnewsletter&rx_source=GCweeklyANRnewsletter

 

This whistle blower claims PwC fired him for reporting audit violations. Cses like this are why I asked my classes to read article and video on the big four an report their iimpressions.

Botta testified that PwC stopped having him audit Cavium at the request of Cavium’s chief financial officer.

“I felt that I was being punished” for following firm protocol, Botta told the judge.

Botta said it “doesn’t seem to be very independent” for a client to decide who will be auditing it.

He said the partner told him that PwC “would not have been market-competitive” if it flagged Harmonic’s issue as a material weakness — which must be reported in its public filings — and told him that many other companies had similar material weaknesses not flagged by PwC.

2019 Audit Inspection Reports

Weekend Feb 21, 2021

Here is a link to the  2019 PCAOB Audit Inspection Reports for Large Firms.  Notably the internal control section is the most frequent problem.

Why is it that such big firms cannot get this right, surely not for lack of resources!

 

https://www.auditupdate.com/post/2019-pcaob-large-firm-inspection-reports

and here is a link to a useful bi monthly newsletter

Daniel Goelzer is a retired partner in the law firm of Baker McKenzie.  He is a member of the Sustainability Accounting Standards Board and advises a Big Four accounting firm on audit quality issues. 

 

From 2002 to 2012, Dan was a member of the Public Company Accounting Oversight Board and served as Acting PCAOB Chair from August 2009 through January 2011.  From 1983 to 1990, he was General Counsel of the Securities and Exchange Commission.  Mr. Goelzer is a CPA and a lawyer.

 

He prepares a bi-monthly newsletter, Audit Committee and Auditor Oversight Update, which focuses on issues relevant to audit committees, auditors, and their professional advisors:

 

   https://www.auditupdate.com/audit-update-archive

 

 

Millions in Bribes at Randolph

Wed Sept 16 2020

A Virginia based software engineering firmpleaded guilty to millions of bribes.

 

A Virginia-based software engineering firm has pleaded guilty to federal charges in a long-running bribery and fraud scheme at Joint Base San Antonio-Randolph that involved hundreds of millions of dollars in government contracts.

William Dunn, the majority owner and president of QuantaDyn Corporation, entered the guilty plea on behalf of his company to conspiracy to commit wire fraud.

A criminal trial for three others involved is set here early next year. They were indicted in January and face conspiracy and fraud charges in a contract scheme that allegedly ran from 2006 to 2018.

Where were the internal auditors?

Robinhood Under Scrutiny

Reported in Thursday Sept 3 WSJ

Robi

nhood Markets faces a civil fraud investigation over its failure ot fully disclose the practice of selling client orders  to high speed trading firms.

This speaks to transparency and good governance which we study in Audit.

EY Losing German Clients

Posted Monday Sept 7 2020

In the Thursday Sept 3 WDj, Ernst and Young has lost two prominent clients in Germain over the Wir3ecard scandal

Comerzbank and Deutsche Bank wil not be using EY.

Commerzbank is a creditor of Wirecard and DWS is a investor. so there would be a conflict of interest. Now that we are down to four International Acct Firms this will be a more frequent ocurrence,

China Still Deficient on US Audit Demands

Thursday August 27 2020

The US threatens to remove Chinese companies from US listing on exchanges unless they fully cooperate on 

haccess to audit working papers.

The recent fraud at Luckin Coffee in China could not have come at a worse time.

These are good examples of the problems with globalization and a central govt that will not be open in business dealings

The Latest from Going Concern

Wed June 17 2020

Goingconcern.com is not your typical accounting blog. This is literally a tell it like it is blog.

BDO stil struggling to recover audit deficiencies

Why Accountants Can''t Use Spreadsheets

 

Link to Gleim

Monday March 23 2020

Here is the correct link to access Gleim Audit Questions

https://www.gleim.com/?promoID=PLED-TAMU-SA-SPR(20)-ACCT-4311

Gleim On Line Audit Exam

Friday March 13, 202

Dear Texas A&M University - San Antonio Student,

I hope this email finds you well. You will use the Gleim CPA Professor-Led Assessment Quiz for FAR in your ACCT 5308 class for the FALL(18) semester as required material.

To obtain access to the Gleim CPA Professor-Led Assessment Quiz for FAR and allow your instructor to track your progress, click the link below or copy/paste the URL into a web browser. Note that you MUST use this link to order your materials because it indicates to Gleim which virtual class to enroll you in. If you order via any other means (e.g., the Gleim website), you will not receive credit for your work.

https://www.gleim.com/?promoID=PLED-TAMU-SA-FALL(18)-ACCT-5308

The link will send you to the Gleim website, where you must create your account or log into an existing account. Then, you will be taken to the shopping cart with the correct item listed at $0.00. Complete the check out process by following the on-screen instructions.

Please contact me if you have any questions regarding access to the course.

Thanks, and have a great day!

Big Data Free Webinar

Posted Sat Feb 29 2020

 

http://info.mheducation.com/Auditing_RegistrationLandingPage.html