Professor Elam
Accounting & Investing Info for San Antonio A & M
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Category: Audit
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Thursday July 18, 2013 I attended the IIA monthly meeting this week. The cheif internal auditor from Rackspace, the CIty of San Antonio, and one other organization took questions from the audience. My question regarded the necessity of certifications upon being hired. The City Auditor, wihtout consulting any notes, reamrked that of the 19 on…
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Friday June 21 2013 The House Rinancial Services Committee approved a bill prohibiting mandatory auditor rotation. Here is an example of companies beating the PCAOB at its political game. Companies and certainly not the external audit firm did not want mandatory five year rotation of audit firms.
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Weekend June 15 2013 Crazy Eddie was one of the stand out fraud cases of the 1980s. It is featured in many accounitng ethics texts including Mintz and Morris. Here sam Antar holds forth on why audits are inadequate. Barry Minkowk, of ZZZZ Best Fame and now back in jail, pretty much said the same thing. …
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Thursday June 6 2013 The National Association of Security Dealers NASD had a proposal to required an internal audit function to list on their exchange. After receiving comments on the issue the NASD tabled the idea for the time being. Here is the responses from the head of the NASD. I agree with him that internal audit…
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Wednesday April 10 2013 There are more reports on the KPMG Los Angeles partner resignation in the news. As one client asks, what controls does KPMG have in place to prevent a 'rogue' employee from peddling inside information. I published a Business Case Study on KPMG's Tax Shelter Fine. The fact that there are recurring problems at KPMG after…
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Tuesday April 9 2013 KPMG and Skechers part company. THe lead audit partner is under SEC investigation. KPMG kicked out of Herbalife Audit, partner fired. When it rains it pours eh? The press release says the 22,000 partners condem all this but the publicity is never good.
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Thursday March 28 2013 Tim Kuhn Chief internal Auditor for HOLT CAT , spoke to students and faculty at TAMUSA at noon today. Ten faculty members toured HOLT CAT two years ago hosted by Paul Hensley CFO for HOLT. Tim did a fine job explaining the various entities involved in HOLT CAT. HOLT CAT is…
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Wed March 27 2013 Tim Kuhn with Holt CAT will speak in the small auditorium tomorrow at noon. His position as Chief Internal Auditor brings him in contact with the entire operation. I met him at the SA IIA chapter meeting. Please plan on attending; networking is key to your career success.
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Tuesday March 5 2013 Ernst and Young agreed to pay $123 Million to settle charges of peddling abusive tax shelters. This comes several years after a similar plea deal with KPMG which paid $450 Millon , the largest fine ever. EY does not know right from wrong? How do these guys retain credibility? Did anyone lose their…
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Friday Jan 18 2013 A University of Glasgow Professor takes a look at the body language Lance Armstrong expressed on the first night of his interview with Oprah. I have said as much the same thing but interesting to hear someone outside this country with an academic opinion. Again the second segment airs at 8 CST tonite,…
Professor Elam 