{ "media_type": "text", "post_content": "In my second busy season of PA (2 years ago), auditing a specialty finance company that we all quickly came to realize stunk to high hell. We ended up issuing an adverse opinion over a disagreement with the client to book an approx. 100MM write down adjustment to deferred revenue. We walked away with the thought that we had just scratched the surface of their corruption. Fast forward 2 years and low and behold they’re under a 1.2B dollar investigation by the SEC and their CEO is in prison.", "post_id": "5f9468eb0a2f910024fa79e2", "reply_count": 9, "vote_count": 14, "bowl_id": "599b9d5f9970bf0010772e8d", "bowl_name": "Audit Bowl" }

In my second busy season of PA (2 years ago), auditing a specialty finance company that we all quickly came to realize stunk to high hell. We ended up issuing an adverse opinion over a disagreement with the client to book an approx. 100MM write down adjustment to deferred revenue. We walked away with the thought that we had just scratched the surface of their corruption. Fast forward 2 years and low and behold they’re under a 1.2B dollar investigation by the SEC and their CEO is in prison.

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I’m keeping that to myself, just because it’s all currently evolving right now. Feel like it’s inappropriate to air out identifiable stuff while my firms work could end up being used as part of the legal process.

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If it helps, this was not a publicly traded company. So their information (albeit except for the SEC announcement and some local news) is not as publicly available as you would imagine. I don’t work for my PA firm anymore, so I have no reason to be quiet. But I respect the hell out of my managing partner, who issued the adverse and I know he’d not like me airing it out.

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What company?

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