Washington Mutual was also acquired by PwC audit client JPMorgan and Merrill Lynch was bought, under duress, by Bank of America, another PwC audit client.
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Does the relationship result in the accountant acting as management or an employee of the audit client?
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Deloitte provided reports of their 10-Q reviews for audit client Merrill Lynch prior to its absorption by Bank of America and for client Bear Stearns prior to its absorption into JPM Chase.
FORBES: Ernst & Young's Liability For Lehman Larger Than Claimed
How can Deloitte maintain its independence at JPMorgan Chase given the number of parties suing its former audit client Bear Stearns?
FORBES: New York Attorney General Sues JP Morgan And Raises Question Of What The "Auditor" Knew
PwC U.S. GCMG performed, over the years, additional consulting and transaction advisory work for Satyam, in spite of their status as an audit client.
FORBES: The Grand Illusion: PwC Settles Satyam U.S. Class Action Claims
Notably, EY does not provide signed reports for their 10-Q reviews for audit client UBS. PwC does not provide signed reports for their 10-Q reviews of audit clients JPM Chase or Bank of America.
FORBES: Ernst & Young's Liability For Lehman Larger Than Claimed
Does the relationship place the accountant in a position of being an advocate for the audit client?
FORBES: PwC and Thomson Reuters In China, U.K. Business Alliance Violating Auditor Independence
That type of financial relationship between an auditor and its audit client - or between an auditor and a vendor to its audit client - is prohibited by auditor independence standards except in limited circumstances.
FORBES: PwC Ensures Oscar? Ballot Integrity In 'Partnership' With Everyone Counts, Inc.
In 2002 the Sarbanes-Oxley act limited what kind of non-audit services an American accounting firm can offer to an audit client.
Auditors have traditionally opposed individual partner signatures for audit reports arguing the engagement partner is already known to the client audit committees and partners already hold themselves accountable to their own own high standards of professionalism and accountability.
FORBES: Auditors and Audit Reports: Is The Firm's "John Hancock" Enough?
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