we’re down to the B3 now


Does EY’s vision plan not cover eye exams?
It’s been real uncle D, but the bag has called
Any travel recommendations in December?
How much do VPs at Summit or TA make?
Made it through another day of the Hunger Games!
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Looks like it’s BDOs time to shine
Chief
Who’s Nexia?? Literally never heard of this company before
One of about 20 for Deloitte this decade 🤦♂️. Is it possible that all the Big 4 suck and it’s horrible idea to have college grads with minimal experience running audits? Or is the Deloitte kool aid really that good?
https://www.google.com/amp/s/www.wsj.com/amp/articles/deloitte-was-a-common-factor-at-troubled-mexican-shadow-banks-11657272601
Chief
but KPMG
And with EY spin-off.. big 2?
Wow Id love to start telling people I work in Big 2. Also KPMG EY post-merge needs to be called KEY cos they be unlocking values, synergies, and all other buzzwords
They will just pay the fine and move on. Fine will be 25% of listed amount if that. Just like hedge fund insider trading, the fine is peanuts compared to what they bring in. If they can prove the company hid information from them, there is potential of exiting with a couple million dollar fine
You can read the article if you just look it up via Google app. Lol apparently for stuff that happened forever ago:
“The liquidator of China Medical Technologies, which collapsed in 2012 and whose senior executives are wanted on fraud charges in the US, said the Big Four audit firm failed to ask “obvious” questions that would have “easily” exposed the fraud.
These included not questioning a large related-party transaction by the group in 2006, when it acquired a Chinese diagnostics business worth $155,000 for $176mn, according to the liquidator.
It is suing KPMG on the grounds that losses at China Medical “flowed from” its negligent audit work, which gave the company accounts a clean bill of health in 2007 and 2008, according to Monday’s hearing. It is asking for as much as $454mn to cover allegedly misappropriated cash and dividends that were paid out to shareholders while the company was operating under a negligent audit, plus interest of more than $376mn.
KPMG has denied the allegations. Documents detailing its defence said the claims were “without merit . . . [and] fail to demonstrate a plausible link between KPMG’s alleged breaches and the losses”. It has filed a counterclaim that alleges that China Medical made “false representations” to its auditors.”
Chief
link here (it’s paywalled though): https://www.ft.com/content/07af027a-a1ed-4847-bcfc-263ce9b48a03
here use this ladder to climb over the paywall:
https://12ft.io/proxy?q=http://www.ft.com/content/07af027a-a1ed-4847-bcfc-263ce9b48a03
Pro
if you think they are the only firm in China that operates this way you are mistaken, they just haven’t been caught yet. One of my good friends who is a partner in the China firm currently has about 50 audit clients, no way you can do a quality job with that many clients.
Like what the …. 50???