Professor Elam
Accounting & Investing Info for San Antonio A & M
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Category: Audit
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Monday Oct 24, 2011 Olympus Imaging , the camera and endoscope company, paid a fee equal to one third of the acquisition price for a British company. Olympus then switched auditors from KPMG to Ernst. Now an ousted CEO has revealed the extent of the blunder. The stock price has collapsed and the FBI is investigating. …
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Tuesday Oct 18, 2011 The PCAOB ( now what does that stand for) released a May 2008 report critical of DeLoitte. It suggests the auditor is not skeptical enough and relies too much on management assurances. We reported on the DeLoitte University in this post. Indeed the firm's response was that they had built a $300 M…
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Monday Sept 19, 2011 UBS has responded that there is nothing one can do to stop someone with criminal intent. Please read this response posted on Business Insider. The comment that one should not put someone from the back office,the area that processes trades, into the front office, the area that executes trades. As noted this…
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Monday Aug 22, 2011 Deloitte is apparently replicating the old Arthur Andersen idea of a 'college campus' AA bought an actual college campus in Chicago as a training center. Deloitte is building in Westlake TX for the same reason. There are many reasons for the success of Texas which have nothing to do with who…
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Monday July 4, 2011 The PCAOB has a concept release on expanding the auditor's role. Oddly I don't see a link to the actual document, but perhaps this one page summary is more appropriate for summer reading.
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Wed June 22, 2011 We currently have a Management Discussion and Analysis in annual reports. Now the PCAOB suggests a Auditor Discussion and Analysis. This idea would have auditors expressing opinions of financial management of the firm. It is hard to me to see how this will work when the firm employs the auditor. As the article…
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Sunday april 3, 2011 We mentioned this past week that bear markets often result in tarnished reputations. The Buffet saga continues on pages B1 and B7 of the Weekend WSJ. This got me to wondering, is there such a thing as insider trading anymore? Barry Minkow plead guilty to securities fraud for a false report…
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Tuesday March 29, 2011 William Burrus, Education Outreach Chair for San Antonio Institute of Internal Auditors spoke to our accounting classes Tuesday March 28, 2011. Internal Audit is one of the fastest growing segments of accounting. The SA IIA Chapter website is linked on the sidebar of this blog. We have a fine relationship with…
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March 24, 2011 Arlena Sones will address the combined classes of Intermediate II and Ms. Chapman's Audit class this next Monday March 28. She is a past president of the San Antonio Institute of Internal Auditors. Learn more about this active group at the SA IIA site. Internal Auditing is one of the fastest growing…
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Saturday March 5, 2011 Here is one for the Ethics and Criminology Files. Bernie Madoff called a writer for the New York Times Magazine and told his story. It runs about nine pages and is well worth the read. Ulysses had himself tied to the mast of his ship so that he would not be…
Professor Elam 