Monday April 10 2023 from the WSJ When KPMG LLP gave Silicon Valley Bank a clean bill of health just 14 days before the lender collapsed, the Big Four audit firm flagged potential losses on loans as a so-called critical audit matter. But the audit opinion was silent on what actually brought down the bank—its…

Monday March 20 2023 Imagine a bank in Houston that caters to the oil-and-gas industry. It makes low-cost loans with credit-friendly terms to unprofitable shale frackers on the condition that they hold their deposits exclusively at the bank, where they earn an above-market return. It also manages the wealth of oil and gas executives. The…

Tuesday March 14 2023 Hi Dennis,   We recently listed an Internal Audit Intern position with Clear Channel Outdoor. Unsure if you have any contacts that you might be interested in sharing this with, but I informed my team that I would pass it around. Happy to answer questions if you have any.   https://clearchanneloutdoor.wd5.myworkdayjobs.com/CCO/job/San-Antonio-TX-North-Loop-1604/Internal-Audit-Intern_Req20689…

Tuesdady  March  14 2023 That giant slurping sound on Friday was Silicon Valley Bank imploding. America’s 16th-largest bank had some $175 billion in deposits and disappeared by breakfast. It wouldn’t have happened if not for management mistakes. This was a 21st-century bank run—customers tried to withdraw about $42 billion, a quarter of all deposits. But…

Tuesday Feb 28 2023 Oe would think a bank the size of J P Morgan would have a copetent due diligence team what with their involvement in captial markets. Apparently not.  The seller of Frank says  the buyer knew she only had  5,000 actual clients, those millions were just reading her website. Both parties are…

Thursday Feb 2 2023 IIA Call to ActionStop the PCAOB Attack on Internal Audit▪ On December 22, 2022, the Public Company Accounting Oversight Board (PCAOB) published, forpublic comment, a proposed auditing standard entitled: “The Auditor’s Use of Confirmation, andOther Proposed Amendments to PCAOB Standards.”▪ The proposed standard, in relevant part, bars external auditors from utilizing…

Tuesday Jan 31 2023 7 Audit Procedures January 27, 2023   Be proud and say it loud if you’re an auditor, because unlike many journalists and political leaders, we can back up what we say with evidence! Auditors can be trusted to tell the truth. Hallelujah! But how do we gather this convincing, truthful evidence?…

Wed Dec 28 2022 WSJ Article today More than 300,000 U.S. accountants and auditors have left their jobs in the past two years, a 17% decline, and the dwindling number of college students coming into the field can’t fill the gap.  The exodus is driven by deeper workplace shifts than baby-boomer retirements. Young professionals in…