Sunday, September 7, 2008
Will the PCAOB Do Anything?
"In the midst of an otherwise difficult time, auto maker [GM] is close to putting one problem behind it, announcing Thursday that the company has reached a $277 million settlement with a class of shareholders over alleged accounting irregularities. GM auditor Deloitte and Touche LLP [D&T] will kick in an additional $26 million, bringing the total settlement to $303 million. The settlement is still subject to court approval. ... In a statement, [D&T] said it was 'pleased' to be able to resolve the matter. 'Although it has strong defenses to these claims, Deloitte concluded that it was in the the best interest of the firm and its clients to settle this matter now rather than face the burden, expense and uncertainty of continued lititgation'," Ashby Jones at the WSJ, 9 August 2008.
I await the PCAOB taking any action against D&T in this matter. Well Mark Olson, what will you do about this? Kick sand in the face of another 97-pound weakling CPA firm?