Sometimes, just when you think the blog gods have smiled sweetly upon you, disappointment occurs.The latest victim of the PCAOB's version of the public rectal exam was a Tramp fave, KPMG.
But to the disappointment of the Tramp, the Radio Station didn't really fare that bad compared to the lashings that were received by the Big D, E&Y, and McGladrey.
The PCAOB, in its infinite wisdom, stated that "KPMG did not show enough skepticism toward clients last year". What did they use to measure the skepticism shown, a Rolatape? They went on to say that in one instance the firm was "shy an appropriate amount of internal controls testing".
Have you ever done internal control testing? I'd only wish a fate of that magnitude on the likes of Dick Cheney. Of course someone is going to be shy the appropriate amount of testing. Had they continued to the "appropriate amount" there certainly would have been mass suicide on engagement teams.
No auditor is perfect, Peek-at-boobs, so making mountains out of molehills in this case won't fly with us.
Nicely played Radio Station. You've earned this one.
KPMG Should Be Tougher on Testing, PCAOB Finds [CFO.com] Sphere: Related Content
As a FB4'er myself, I appreciate your transparency here. Criticism is often appropriate, but in this case you went the right way. Keep it up the excellent work.
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