There was minimal mention of a minimal number of audit firms in the final FCIC report.
Since audit firms tend to specialise by industry, some companies have no choice at all.
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This is bringing the strategy shops into competition with the biggest players: the Big Four audit firms.
The U.S. auditing regulator, the PCAOB, also inspects the largest global audit firms on an annual basis.
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When it comes to the Big 4 audit firms, the established policy is, Too Few To Fail.
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Are any of the largest audit firms besides EY vulnerable to a large legal claim such as Lehman?
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The audit firms are loathe to be in an adversarial, challenging relationship with the management of their clients.
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Bankers and their enablers, the audit firms, have no risk to their reputation from anyone that matters.
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Yet serious conflicts of interest remain for audit firms that continue to do consulting work for audit clients.
On the direct question of whether the audit firms had given private testimony Mr. Warren would not comment.
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No Big Four audit firms came but next-tier firms like Grant Thornton, McGladrey and Crowe Horwath sent professionals.
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He would like it to punish those audit firms that are over-zealous in their interpretation of Section 404, too.
FASB's controlling board of trustees comes from industry groups and its funds from audit firms, industry and financial groups.
The last out for the audit firms could come from almost anywhere.
However, 3 of the ten audit firms were already registered with the PCAOB because they audit other public companies.
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Click here for a list of the top ten things I believe lawyers should know about the audit firms.
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The audit firms are indispensable to the global capital markets because they have a government-sanctioned franchise to provide audits.
FORBES: Is Any Other Audit Firm Vulnerable Besides Ernst & Young?
What the audit firms ask for is a government-sponsored franchise to print money in spite of nearly perfect moral hazard.
It not only bankrupted the company but also destroyed Arthur Andersen, one of the largest audit firms in the world.
More serious scrutiny by the PCAOB and SEC of the large audit firms who cover the largest FCMs is also required.
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Settlements against audit firms have been significant in the past, but have not been catastrophic, yet, in any specific case or overall.
FORBES: Is Any Other Audit Firm Vulnerable Besides Ernst & Young?
Names of key engagement leaders, especially from the Big Four audit firms.
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The inspections of the ten audit firms and 23 audits performed by those firms took place between October 2011 and February 2012.
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The report could be expedited because it does not name the audit firms inspected, unlike an individual public company auditor inspection report.
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No Big 4 audit firms or their partners have been named in the insider trading scandal surrounding the now-defunct hedge fund Galleon Management.
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Some are more dramatic: having auditors appointed by regulators, or stripping out audit firms from the multidisciplinary monsters the Big Four have become.
We do not need 800 audit firms covering this industry, most of which are not ready for prime time and never will be.
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Some assignments have been made amongst the Big Four audit firms to work on the liquidation outside of the US. Deloitte gets Australia.
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The audit firms are too needed by TARP, the Treasury, the Federal Reserve Bank, and similar programs and agencies in the UK and Ireland.
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No one would doubt anymore that some executives and audit firms had been self-serving and active, rather than passive, actors in this economic tragedy.
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