How do Big4 companies check if their employees are actually compliant with their independence? Eg folks who don't fully report all their securities

likehelpful
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They audit and go through tax returns and statements. Don’t do it

likesmart

First of all if you are audited they will require copies of tax returns. Secondly they run credit reports which list all deposits and debt. Third they get reports from financial institutions which are required to report any accounts with your name or SSN on them with amounts redacted. Fourth they will ask for all statements of all accounts, with amounts redacted. And they do this for you and all dependents. Lastly, there is this concept of chain auditing. They check all your dependents data and transactions for holes in your submission. They can and will find everything.

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Like trading wise. Don’t do it. Some older alum from my bschool just got arrested for insider trading. So embarrassing

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SA1 that’s pretty common and that’s why they ask. I think OP is asking what if she just didn’t mention his IRA? Like do they subpoena all your finances?

helpful

Ok Bobby Axe...are you planning on making billion dollar trades? Not with the risk with peanuts

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I see it differently. The down side of purposefully not reporting info can be very adverse , regardless of how they find out. So yeah, how do they know if you’re are driving without license if you are the greatest driver ever , would you like to find out ?

like

They find out eventually

They don’t find out. But. If they do. You’re fucked. So don’t lie on the reporting.

Had a co-worker get popped for an independence check when she got promoted to manager. I think they ask for all your investments and banking information. Her husband had an IRA that had to be moved.

They’d ask u for absolutely everything ... they’ll find out cracks in ur submission... the interns n staff in audit practice are tasked to do. They’ll burn midnight oil to find gaps so as to impress 😎

Like D1 said they audit individuals randomly. Mostly managers and above.

How would they do the audit though? Not saying they don't but I'm not seeing how it would work. They can't access tax forms unless you give them to them, and even if you do there's nothing on there about assets you own until you sell them.

Just asking because I'm curious. Agree with the others that there's no point in intentionally violating independence.

They trust the people they hire, and come down with the hammer if it ever comes out that the trust was misplaced. For intentionally lying or misleading, fines are probable, jail time a possible worst case

If it was dubious why would you even have it in your own portfolio?

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