PapeurJam

US audit watchdog criticises a number of PwC audits just weeks after slamming Deloitte for audit deficiencies

The Public Accounting Oversight Board has criticised PricewaterhouseCoopers and Deloitte over audit deficiencies after undertaking audit inspections of the firms.

According to the Wall Street Journal the US audit watchdog had criticised both firms for audits conducted in 2005. The PCAOB said that Deloitte had failed to obtain sufficient evidence to back up decisions in a number of audits of public companies.

PwC was also slammed for improper applications of generally accepted accounting principles and inadequate checks on revenue value, inventory and accounts receivable.

PwC said it was performing quality audits and that it would ‘incorporate the board’s findings’ into its practices. Deloitte disagreed with the board’s conclusions in nearly two thirds of the audits cited, offering a rebuttal of many of the board’s criticisms as part of a response letter included with the PCAOB’s report.

Firms have 12 months to correct any deficiencies cited by the PCAOB

Technorati Tags: audit, big four, pcaob

It is a well-known fact, employees of the largest audit firms (the “big four”) have no social life. Unmanageable schedules (9:30 am – 11:30pm, on average), a stressful job, a lack of social consideration… the consultant or the average auditor looks like an Ugly Duckling in the eyes of decent people (accountants, etc.)

Moreover, 80% of the manpower is constituted by young people, coming from a distant village or even a distant country. All of them have left their buddies, girlfriends, and landmarks to join these prestigious companies. In short, we may conclude that if emotional misery bore a name, it would be called the financial auditor.

On the basis of this excruciating report, one of the audit firms (no-one remembers exactly which one) had a brilliant idea: creating an online dating web site dedicated to the employees of these firms. A kind of Intranet common to these 4 firms, on a worldwide scale.

James H. Quigley, CEO, Deloitte & Touche USA: “At first, the idea came from PWC Luxembourg. It is true that in this small country, one must feel completely alone and lost during the long winters evenings. Thus they launched this idea during one of the meetings between the human resources partners of the 4 audit firms in Luxembourg. When we finally heard about it, we immediately adhered to the concept. What a wonderful way for our staff to finally meet somebody who, eventually, will have about the same intellectual level, the same wages, same values. It’s not like all those loony geeks you can usually find on traditional dating web sites”.

A few weeks after the initial idea was launched, a dedicated Internet web site was put online. It’s not worth the trouble to precipitate you on the web site, the access is strictly reserved to the employees… Nevertheless, we tested it for you, and the result (edifying!) you will be reported in a forthcoming article.

Source: http://www.worldnews-factory.net/online_dating/index.html

Technorati Tags: dating, online dating, audit, big four, dating services

Le Ministère des Finances luxembourgeois a, comme tout le monde, appris la douloureuse nouvelle de la mort de Pinochet. Après avoir exprimé ses condoléances à la famille dans un communiqué, et sans perdre de temps, le Ministre des Finances, a tenu à rencontrer la veuve Pinochet pour discuter de l’utilisation des quelques dizaines de millions d’euros déposés par feu son mari dans les caisses des banques grand ducales. En effet, le Luxembourg avait l’honneur d’être l’un des banquiers de Pinochet, au côté de Panama et des îles Caymans.

C’est accompagné du directeur de Dexia-Bil, l’une des principales banques Grand-ducales, que le Ministre des Finances a vanté à Madame Pinochet le mérite des fonds de placements luxembourgeois, détaillant les diverses possibilités de placement. Cela va du placement en bon père de famille dans des fonds monétaires à cliquet, jusqu’au placement en venture capital, en passant par les fonds éthiques (comme les affectionnait Pinochet), sans oublier les start-up en instruments de torture. Le ministre a même suggéré un placement direct dans Arcelor/Mittal, qui pourtant n’en a pas besoin.

La veuve Pinochet a fait savoir qu’elle allait réfléchir, mais qu’elle était prête à considérer l’offre du ministre, moyennant quelques petits aménagements fiscaux…

pinochet actualite luxembourg fortune humour

The Luxembourg Ministry of Finances has, as everyone, heard the painful news of the die of Pinochet. After having expressed its condolences with the family in an official statement, and without wasting time, the Minister for Finance, met with the Pinochet widow to discuss the use of a few million Euros deposited by her husband in the Luxembourgish banks. Indeed, Luxembourg had the honor to be one of the bankers of Pinochet, together with Panama and Caymans islands.

With the director of Dexia-Bil, one of the principal Luxembourgish banks, the Minister for Finance praised the merit of the funds of Luxembourg placements, detailing the various possibilities of placement. That goes from the safest investment in monetary funds, to the investment in venture capital, ethical funds (as Pinochet liked them), or even start-ups in instruments of torture. The minister even suggested a direct placement in Arcelor/Mittal, which however does not need any.

The Pinochet widow let know that she was going to think about it, but that she was ready to consider any offer from the minister, with the help of some small tax arrangements…

pinochet actualite luxembourg fortune humour