The Big 4
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Ähnlich argumentieren daher Abgeordnete um die liberale Neos-Politikerin Stephanie Krisper, die auch Fraktionsführerin im ÖVP-Korruptions-Untersuchungsausschuss ist, in einer Anfrage an das Justizministerium. Sie fragen, ob zu einer Insolvenzverschleppung ermittelt werde, und kritisieren, dass Wirtschaftsprüfer die hohen Immobilienwerte der Signa-Gruppe durchwinkten.
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2.2.
Verdacht auf Straftaten: Politiker nehmen René Benko ins Visier
https://www.spiegel.de/wirtschaft/unternehmen/signa-oesterre…
Ähnlich argumentieren daher Abgeordnete um die liberale Neos-Politikerin Stephanie Krisper, die auch Fraktionsführerin im ÖVP-Korruptions-Untersuchungsausschuss ist, in einer Anfrage an das Justizministerium. Sie fragen, ob zu einer Insolvenzverschleppung ermittelt werde, und kritisieren, dass Wirtschaftsprüfer die hohen Immobilienwerte der Signa-Gruppe durchwinkten.
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2.2.
Verdacht auf Straftaten: Politiker nehmen René Benko ins Visier
https://www.spiegel.de/wirtschaft/unternehmen/signa-oesterre…
25.10.
Adani Auditor EY Faces Inquiry by India’s Accounting Regulator
https://finance.yahoo.com/news/adani-auditor-ey-faces-inquir…
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One of the Adani Group’s longtime auditors is being scrutinized by India’s accounting regulator, according to people familiar with the matter.
The National Financial Reporting Authority, or NFRA, has in recent weeks started an inquiry into one of the member firms of EY in India, S.R. Batliboi, said the people, who asked not to be identified discussing confidential information. The regulator has requested files and communications related to its audits on some of the companies controlled by billionaire Gautam Adani going as far back as 2014, the people said.
It’s unclear how long NFRA’s inquiry may take or what repercussions, if any, may be faced by the auditor and Adani’s companies. Representatives for NFRA and the Adani Group didn’t respond to an emailed request for comments. A representative for EY and S.R. Batliboi declined to comment.
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Adani Auditor EY Faces Inquiry by India’s Accounting Regulator
https://finance.yahoo.com/news/adani-auditor-ey-faces-inquir…
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One of the Adani Group’s longtime auditors is being scrutinized by India’s accounting regulator, according to people familiar with the matter.
The National Financial Reporting Authority, or NFRA, has in recent weeks started an inquiry into one of the member firms of EY in India, S.R. Batliboi, said the people, who asked not to be identified discussing confidential information. The regulator has requested files and communications related to its audits on some of the companies controlled by billionaire Gautam Adani going as far back as 2014, the people said.
It’s unclear how long NFRA’s inquiry may take or what repercussions, if any, may be faced by the auditor and Adani’s companies. Representatives for NFRA and the Adani Group didn’t respond to an emailed request for comments. A representative for EY and S.R. Batliboi declined to comment.
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12.10.
KPMG Hit with Record £21M Fine Over Carillion Audit Failures
https://www.msn.com/en-gb/money/other/kpmg-hit-with-record-2…
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Global auditing giant KPMG has been slapped with a monumental fine by the Financial Reporting Council (FRC), a watchdog for the UK’s auditing industry. The council has fined KPMG a record £21 million over its audit failings related to the construction behemoth Carillion, which collapsed in 2018.
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The FRC’s decision to impose the highest fine ever in its history is reflective of the sheer magnitude of KPMG’s audit failings. Carillion’s sudden collapse in 2018 left thousands of jobs hanging in the balance and a slew of building projects unfinished. KPMG, which had consistently audited Carillion’s accounts over the years, failed to detect the company’s mounting financial issues.
The FRC’s investigation discovered an unusually high number of breaches in KPMG’s audits. The auditing firm was found to have failed in gathering sufficient evidence and exercising necessary professional skepticism during its audit work.
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Considering the number, range, and severity of the issues detected in KPMG’s audits, the firm’s UK chief executive has described the findings as ‘damning’. The executive has also issued an apology for the firm’s shortcomings, assuring that significant improvements have been made to prevent such failures from recurring in the future.
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Tag: It's not a bug, it's a feature.
KPMG Hit with Record £21M Fine Over Carillion Audit Failures
https://www.msn.com/en-gb/money/other/kpmg-hit-with-record-2…
...
Global auditing giant KPMG has been slapped with a monumental fine by the Financial Reporting Council (FRC), a watchdog for the UK’s auditing industry. The council has fined KPMG a record £21 million over its audit failings related to the construction behemoth Carillion, which collapsed in 2018.
...
The FRC’s decision to impose the highest fine ever in its history is reflective of the sheer magnitude of KPMG’s audit failings. Carillion’s sudden collapse in 2018 left thousands of jobs hanging in the balance and a slew of building projects unfinished. KPMG, which had consistently audited Carillion’s accounts over the years, failed to detect the company’s mounting financial issues.
The FRC’s investigation discovered an unusually high number of breaches in KPMG’s audits. The auditing firm was found to have failed in gathering sufficient evidence and exercising necessary professional skepticism during its audit work.
...
Considering the number, range, and severity of the issues detected in KPMG’s audits, the firm’s UK chief executive has described the findings as ‘damning’. The executive has also issued an apology for the firm’s shortcomings, assuring that significant improvements have been made to prevent such failures from recurring in the future.
...
Tag: It's not a bug, it's a feature.
6.6.
PwC Woes Grow as $159 Billion Australian Fund Joins Boycott
https://hk.finance.yahoo.com/news/pwc-woes-worsen-159-billio…
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Australia’s second largest pension fund has joined the boycott of PricewaterhouseCoopers as the fallout of the embattled accounting firm’s tax evasion scandal spreads.
Australian Retirement Trust, which manages A$240 billion ($159 billion) for 2.2 million members, “will not be undertaking any new contracts with PwC at this time,” a spokeswoman told Bloomberg in an emailed statement.
The action, following similar moves by industry giant AustralianSuper and a slew of government entities since last week, is the latest sign of the costly fallout caused by revelations that PwC’s Australia unit used confidential government tax policy information to advise its global clients.
PwC stands to lose millions of dollars in revenue as clients review their relationship with the accounting agency. The firm describes itself as an “active participant” in Australia’s A$3.4 trillion pension industry, known locally as superannuation, according to its website.
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PwC said this week it had identified 76 current and former partners associated with the scandal, and names have been handed to Australian lawmakers.
Nine senior partners were put on leave last week and the firm appointed independent directors to its board. A review is being conducted into its governance and culture, which is due in September.
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PwC Woes Grow as $159 Billion Australian Fund Joins Boycott
https://hk.finance.yahoo.com/news/pwc-woes-worsen-159-billio…
...
Australia’s second largest pension fund has joined the boycott of PricewaterhouseCoopers as the fallout of the embattled accounting firm’s tax evasion scandal spreads.
Australian Retirement Trust, which manages A$240 billion ($159 billion) for 2.2 million members, “will not be undertaking any new contracts with PwC at this time,” a spokeswoman told Bloomberg in an emailed statement.
The action, following similar moves by industry giant AustralianSuper and a slew of government entities since last week, is the latest sign of the costly fallout caused by revelations that PwC’s Australia unit used confidential government tax policy information to advise its global clients.
PwC stands to lose millions of dollars in revenue as clients review their relationship with the accounting agency. The firm describes itself as an “active participant” in Australia’s A$3.4 trillion pension industry, known locally as superannuation, according to its website.
...
PwC said this week it had identified 76 current and former partners associated with the scandal, and names have been handed to Australian lawmakers.
Nine senior partners were put on leave last week and the firm appointed independent directors to its board. A review is being conducted into its governance and culture, which is due in September.
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19.4.
PwC paid €53m to settle €900m claim over Quinn Insurance collapse
Insurance Compensation Fund to benefit from between €20m and €30m once fees have been deducted from settlement sum
https://www.irishtimes.com/business/financial-services/2023/…
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The settlement was one of the biggest of its kind in Irish corporate history. But the State fund that pays the liabilities of the failed insurer received considerably less than €53 million because of large legal fees incurred in the case against PwC.
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The insolvent insurer has been run for 13 years by administrators Michael McAteer and Paul McCann of accountants Grant Thornton. They took charge in 2010 as Co Cavan entrepreneur Seán Quinn, once considered to be the wealthiest Irish businessman, lost control of an empire that included cement, manufacturing, hospitality and banking interests.
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Quinn’s administrators sued PwC for negligent auditing of the insurance underwriter in 2005-2008. The firm denied such claims but settled last June on terms not disclosed then.
When PwC legal fees of some €25 million were paid, the cost to the firm was €78 million. That sum is considered virtually certain to have been covered by PwC’s professional indemnity insurers.
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PwC paid €53m to settle €900m claim over Quinn Insurance collapse
Insurance Compensation Fund to benefit from between €20m and €30m once fees have been deducted from settlement sum
https://www.irishtimes.com/business/financial-services/2023/…
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The settlement was one of the biggest of its kind in Irish corporate history. But the State fund that pays the liabilities of the failed insurer received considerably less than €53 million because of large legal fees incurred in the case against PwC.
...
The insolvent insurer has been run for 13 years by administrators Michael McAteer and Paul McCann of accountants Grant Thornton. They took charge in 2010 as Co Cavan entrepreneur Seán Quinn, once considered to be the wealthiest Irish businessman, lost control of an empire that included cement, manufacturing, hospitality and banking interests.
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Quinn’s administrators sued PwC for negligent auditing of the insurance underwriter in 2005-2008. The firm denied such claims but settled last June on terms not disclosed then.
When PwC legal fees of some €25 million were paid, the cost to the firm was €78 million. That sum is considered virtually certain to have been covered by PwC’s professional indemnity insurers.
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Trading Spotlight
15.3.
Signature Bank Executive Used to Audit Firm
https://www.wsj.com/livecoverage/stock-market-news-today-03-…
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Keisha Hutchinson signed off on KPMG’s clean audit of Signature Bank in March 2021, public records show. That June, she was appointed chief risk officer for the New York lender.
Her rapid transition from a senior KPMG auditor to a senior executive at a KPMG client adds to the list of questions facing the accounting firm over its audits of Signature and Silicon Valley Bank.
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Antwort auf Beitrag Nr.: 73.466.128 von faultcode am 13.03.23 19:44:53
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https://twitter.com/EmmaCFA1/status/1635542393008136192
"make it work"
Credit Suisse und PwC:
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https://twitter.com/EmmaCFA1/status/1635542393008136192
Antwort auf Beitrag Nr.: 73.465.942 von faultcode am 13.03.23 19:27:31
ein "Trick", der dann gerne nach einer Zeit lang im Job (man lernt ja auch von den Alten) angewendet wird, ist es eigentlich Larifari-Fragen vor Ort zu stellen (weil man gar nicht weiß, wie die richtigen Fragen in der jeweiligen, oftmals spontanen Situation lauten könnten).
Das aber dann richtig tough und vor Zeugen, so daß man später - im Falle eines Falles - besser behaupten kann, man hätte wirklich geprüft und wenn dann doch was übersehen wurde, dann war the Client halt kriminell und dagegen kann sich sowieso keiner richtig schützen.
Oder die Jungen merken nach einer Weile, daß den Alten im eigenen Haus richtiges Prüfen gar nicht so wichtig ist.
Zum Beispiel weil the Client richtig viel Geld einbringt ("Wenn wir nicht prüfen, prüfen die anderen und die prüfen genauso wie wir!") oder den Alten im eigenen Haus mehr oder weniger mit Auftragsentzug oder dem Entzug von anvisierten Beratungsverträgen drohte.
Ein ewiges Katz-und-Maus-Spiel.
Zitat von faultcode: ...
Oft sind diese Jungs und Mädels vor Ort auch in der - wie sie gerne sagen - kurzen Zeit vollkommen überfordert, zumal sie auch mitunter Leuten gegenstehen, die von der von der Pike auf gelernt haben, wie man mit Zahlen mehr verschleiert als aufdeckt (*).
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ein "Trick", der dann gerne nach einer Zeit lang im Job (man lernt ja auch von den Alten) angewendet wird, ist es eigentlich Larifari-Fragen vor Ort zu stellen (weil man gar nicht weiß, wie die richtigen Fragen in der jeweiligen, oftmals spontanen Situation lauten könnten).
Das aber dann richtig tough und vor Zeugen, so daß man später - im Falle eines Falles - besser behaupten kann, man hätte wirklich geprüft und wenn dann doch was übersehen wurde, dann war the Client halt kriminell und dagegen kann sich sowieso keiner richtig schützen.
Oder die Jungen merken nach einer Weile, daß den Alten im eigenen Haus richtiges Prüfen gar nicht so wichtig ist.
Zum Beispiel weil the Client richtig viel Geld einbringt ("Wenn wir nicht prüfen, prüfen die anderen und die prüfen genauso wie wir!") oder den Alten im eigenen Haus mehr oder weniger mit Auftragsentzug oder dem Entzug von anvisierten Beratungsverträgen drohte.
Ein ewiges Katz-und-Maus-Spiel.
13.3.
KPMG Gave SVB, Signature Bank Clean Bill of Health Weeks Before Collapse
Accounting firm faces scrutiny for audits of failed banks
https://www.wsj.com/articles/kpmg-faces-scrutiny-for-audits-…
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Silicon Valley Bank failed just 14 days after KPMG LLP gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit.
What KPMG knew about the two banks’ financial situation and what it missed will likely be the subject of regulatory scrutiny and lawsuits.
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10.3.
Silicon Valley Bank had no official chief risk officer for 8 months while the VC market was spiraling
https://fortune.com/2023/03/10/silicon-valley-bank-chief-ris…
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wer noch immer glaubt, daß Wirtschaftsprüfer tatsächlich was belastbar prüfen würden, dem ist leider nicht mehr zu helfen.
Die gucken halt auch nur, daß nach außen hin alles formal OK aussieht.
Oft sind diese Jungs und Mädels vor Ort auch in der - wie sie gerne sagen - kurzen Zeit vollkommen überfordert, zumal sie auch mitunter Leuten gegenstehen, die von der von der Pike auf gelernt haben, wie man mit Zahlen mehr verschleiert als aufdeckt (*).
Und die Alten im Hintergrund (Partners) kassieren
(*)
13.3.
Top Silicon Valley Bank execs worked at notoriously troubled Lehman Brothers, Deutsche Bank
https://nypost.com/2023/03/13/silicon-valley-bank-execs-work…
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Two executives at doomed Silicon Valley Bank had previously worked at a pair of notoriously troubled financial giants — the now-shuttered Lehman Brothers and the scandal-scarred Deutsche Bank.
The employment records of SVB executives Joseph Gentile and Kim Olson raised eyebrows on social media after the tech lender’s rapid meltdown prompted fears of a systemic economic crisis. The feds were forced to bail out SVB on Sunday to restore public confidence in the banking sector.
Gentile serves as chief administrative officer of SVB Securities, a standalone investment bank wholly owned by parent company SVB Financial. But prior to taking that role in 2007, Gentile had a short stint as the chief financial officer for the fixed income division of Lehman Brothers’ Global Investment Bank.
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KPMG Gave SVB, Signature Bank Clean Bill of Health Weeks Before Collapse
Accounting firm faces scrutiny for audits of failed banks
https://www.wsj.com/articles/kpmg-faces-scrutiny-for-audits-…
...
Silicon Valley Bank failed just 14 days after KPMG LLP gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit.
What KPMG knew about the two banks’ financial situation and what it missed will likely be the subject of regulatory scrutiny and lawsuits.
...
10.3.
Silicon Valley Bank had no official chief risk officer for 8 months while the VC market was spiraling
https://fortune.com/2023/03/10/silicon-valley-bank-chief-ris…
___
wer noch immer glaubt, daß Wirtschaftsprüfer tatsächlich was belastbar prüfen würden, dem ist leider nicht mehr zu helfen.
Die gucken halt auch nur, daß nach außen hin alles formal OK aussieht.
Oft sind diese Jungs und Mädels vor Ort auch in der - wie sie gerne sagen - kurzen Zeit vollkommen überfordert, zumal sie auch mitunter Leuten gegenstehen, die von der von der Pike auf gelernt haben, wie man mit Zahlen mehr verschleiert als aufdeckt (*).
Und die Alten im Hintergrund (Partners) kassieren
(*)
13.3.
Top Silicon Valley Bank execs worked at notoriously troubled Lehman Brothers, Deutsche Bank
https://nypost.com/2023/03/13/silicon-valley-bank-execs-work…
...
Two executives at doomed Silicon Valley Bank had previously worked at a pair of notoriously troubled financial giants — the now-shuttered Lehman Brothers and the scandal-scarred Deutsche Bank.
The employment records of SVB executives Joseph Gentile and Kim Olson raised eyebrows on social media after the tech lender’s rapid meltdown prompted fears of a systemic economic crisis. The feds were forced to bail out SVB on Sunday to restore public confidence in the banking sector.
Gentile serves as chief administrative officer of SVB Securities, a standalone investment bank wholly owned by parent company SVB Financial. But prior to taking that role in 2007, Gentile had a short stint as the chief financial officer for the fixed income division of Lehman Brothers’ Global Investment Bank.
...
8.3.
UK watchdog fines PwC for failings in Babcock audits
Financial Reporting Councl issues €6.3m penalty after finding serious breaches over two years
https://www.irishtimes.com/business/financial-services/2023/…
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The UK accounting regulator has fined PwC £5.6 million (€6.28 million) for failings in its audits of defence group Babcock over two years.
The investigation covered a number of areas of the audits, including seven long-term contracts, which made up about a quarter of Babcock’s revenue in the financial year ended March 2018.
The Financial Reporting Council said on Wednesday it found serious breaches during audits of accounts for the 2017 and 2018 financial years, including repeated failures by PwC to challenge Babcock’s management and obtain sufficient appropriate evidence during its work.
The FRC reprimanded two former PwC audit partners. Nicholas Campbell Lambert, who led the Babcock audit, was fined £150,000, while Heather Ancient, who headed the audit of a Babcock subsidiary, was ordered to pay £48,750.
The FRC is still investigating PwC’s audits of accounts for the 2019 and 2020 financial years.
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UK watchdog fines PwC for failings in Babcock audits
Financial Reporting Councl issues €6.3m penalty after finding serious breaches over two years
https://www.irishtimes.com/business/financial-services/2023/…
...
The UK accounting regulator has fined PwC £5.6 million (€6.28 million) for failings in its audits of defence group Babcock over two years.
The investigation covered a number of areas of the audits, including seven long-term contracts, which made up about a quarter of Babcock’s revenue in the financial year ended March 2018.
The Financial Reporting Council said on Wednesday it found serious breaches during audits of accounts for the 2017 and 2018 financial years, including repeated failures by PwC to challenge Babcock’s management and obtain sufficient appropriate evidence during its work.
The FRC reprimanded two former PwC audit partners. Nicholas Campbell Lambert, who led the Babcock audit, was fined £150,000, while Heather Ancient, who headed the audit of a Babcock subsidiary, was ordered to pay £48,750.
The FRC is still investigating PwC’s audits of accounts for the 2019 and 2020 financial years.
...
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