What the Collapse of the Large Firms Would Mean

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March 01, 2017

Comments

Herb Chain

Excellent piece, as usual, Jim. The part about the intrusion of the human factor overriding processes and controls hits home, especially as we are cautioned repeatedly about management override of controls as a fraud risk.

In this case there appears to have been a compliance issue as well (and I am NOT piling on PwC - a firm I have great respect for). Today's papers are reporting that the Academy told the partner before the event not to tweet during the event. So, if one wants to view that as a compliance issue, I would support it.

It was also reported today that both partners were removed from the engagement. PwC had no choice to try to salvage an 80+ year relationship. Time will tell if this was not only a necessary but also sufficient condition for the save.

John

And the Oscar for best picture goes to . . . Black Swan

sludgemonkey

So if they are doing this work for a nominal fee relative to other clients, in effect for the exposure, does that render PWC no longer "independent", ending any chance they continue to audit here? Seems rational

Anthony Fitzsimmons

A system failure with a touch of hubris.
As Richard Jukes wrote here http://www.spearswms.com/book-review-rethinking-reputational-risk/, they could do with rethinking their approach to reputational risk.

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  • © 2007-2016 James R Peterson Special thanks: Francine McKenna. Always with love: Kat and Julie. In memory: Bob White, Stuart Kadison