Can you get in serious trouble for having stocks in your portfolio that your firm works on? How would they find out?

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When you say works on, what do you mean? Are these companies audit clients? Or maybe consulting clients? Either way your firm has a very detailed policy that would include termination as result of violation. It could cause significant risk both for independence and reputation...not something anyone would take lightly.

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If it puts the company's independence at risk (impact a contract, relationship or reputation) you will get blacklisted rather quickly - PA is a small world. They can pretty easily find out. I know at EY you had to sign a declaration quarterly affirming you disclosed all financial relationships and can provide statements if requested.

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We all know that if we end up searching the internet we just end up watching hours of porn

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If you're holding securities of a company you audit then yes

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If it causes a breach in independence, your company could lose its client. You would lose your job and probably your license

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I just interviewed for a position w/Independence guess I need to let them know they are failing miserably when it comes to training. 😜

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I've been independence audited. They reviewed my tax returns, brokerage accounts, etc to find my investments. Unless you are committing tax fraud, they can find it.

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It depends. If you're not a manager and you personally are not on the audit team, you're probably ok. When in doubt, check with your firms independence people.

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EY does random audits where they look at all your accounts. If you're holding a non-approved security you can be held back, fired, dinged a rating, and even be liable for damages

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Partner 1- a response like that just further validates my decision not to work for B4. Fortune 500 is not part of our strategy and culture as a firm, but thank you for sharing your arrogance.

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Can invest in single equities where we are not the auditors. Otherwise MFs and ETFs

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They find out through random audits for independence.

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Similar to EY, Deloitte does random audits as well. It would be smart to move any investments and partnerships away from attest clients.

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Don't risk it; disclose. That way you won't inadvertently be put on that engagement

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You wouldn't want to own any crap public company audited by RSM. Seriously, do they audit one Fortune 500 company? I bet not...

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It goes to character. If you lie about that, what else have you lied about? All we have is our word. If you don't have that, you have nothing.

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Partner 1, really?? Don't be like the 🐸 on Twitter.

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@KPMG 2 it depends on the firm. At EY you (regardless of level) cannot hold any of the firms audit clients.

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So what do you (mainly big 4) invest in? Etfs and mutual funds?

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The firm has a restricted securities list and all personal holding are supposed to be disclosed in Sunguard. If you haven't disclosed then you've perjured yourself through completion of your annual independence survey because it explicitly asks.

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