Professor Elam
Accounting & Investing Info for San Antonio A & M
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Category: Audit
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Weekend Sept 18 2021 It's hard to keep a sescret among 1,100 employees. KPMG was fined $1450 K for mass cheating on internal exams apparently required by the PCAOB. The fines and punishment are amazingly light. Those involved even e mailed answers around, gee rather lax don't you think?
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Tuesday Sept 14, 2021 From SEC Gary Gensler op ed in the WSJ today The Securities and Exchange Commission may need to prohibit trading in about 270 China-related companies by early 2024. The reason can be traced to the Enron and WorldCom accounting scandals. Congress passed the Sarbanes-Oxley Act in 2002, mandating inspections of…
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Thursday Sept 9 2021 Friday Sept 24 2021 5 30 – 7 00 PM on line Please share the attached flyer with accounting majors, potential accounting majors and CPA candidates who are considering their future career options. As discussed today, there will be seven presenting sponsors, in addition to the topic-specific speakers,…
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Weekend Sept 5, 2021 After years of failing grades in the 30-40 or 50%, PwC plans to improve its standing. I have wondered aloud in class as to why the Big 4 who boast of their expertise cannot score any better with PCAOB than they do. Perhaps this is a turn in the right direction.
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Monday August 30 2021 Going Concern notes the big fine EY paid for three errors in a recent audit. I have already mentioned in class that we have several TBTF Too Big to Fail Institutions, CPA firms and banks. Here the audit supervisor missed three areas that were material. He moved to another firm, EY…
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Monday August 23, 2021 lDeloitte has been running full page ads in the WSJ toutting its Insight information website. I llink all the Big Four on this weblog. I took a look and one can find articles and podcasts on the various services incuding audit that Deliotte provides. Take a look and post a comment…
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Monday August 23, 2021 The vision mission statements of TAMUSA COB suggest you are being prepared for a global economy, well here goes. (Bloomberg) — China Huarong Asset Management Co.’s credit rating was cut by Moody’s Investors Service to Baa2 from Baa1, and the borrower remains on watch for a potential further downgrade.Click for full…
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Thursday August 19 2021 I found a link to an Audit Boot Camp on the national IIA site. https://na.theiia.org/training/courses/Pages/Tools-for-New-Auditors.aspx# take a look, gee looks just like the sylllabus for 4311!
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Monday August 20 2021 Here is a good article on the big shake up at PCAOB follow Dan Goelzer's updates at this link https://www.auditupdate.com/audit-update-archive
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July 31 2021 Weekend The British Financial Reporting Council is the apparent equivalent of our PCAOB. The FRC found that 29% of the audits eamined needed serious improvement. My question why is it that alll these big firms consistently fail to live up the standards they espouse?
Professor Elam 