PricewaterhouseCoopers in Hot Russian Tea

Following the two billion dollar suit from Fannie Mae against KPMG, we now hear that the Russian tax authorities are filing a suit against the local PricewaterhouseCoopers firm. The accusation: creating a "false audit" for Russian oil giant Yukos.

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Fannie Mae Sues KPMG for $2 Billion! Alleges Abysmal Auditing

Fannie Mae (NYSE: FNM) is suing KMPG LLP for $2 billion today, indicating that it was negligent in playing its role as an independent “watchdog” and preventing billions of dollars of accounting errors. The firm is being sued for 17 counts of negligence and breach of contract in a suit filed in DC, Fannie apparently had $2 billion in damages and $1 billion in costs to restate earnings. Fannie had fired KPMG in December 2004.


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Deloitte Pays $210 million to Settle Adelphia Case: 45% of Total Sum

Deloitte & Touche LLP will end up ponying up $210 million as part of a larger $455 million amount along with a number of banks, including Bank of America, Citigroup, JPMorgan Chase, Wachovia and 35 others, which have agreed to pay to settle an investor lawsuit in the Rigas family-run bankrupt cable company, Adelphia Communications Corporation...

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Big Four Results: - Huge Size and Interesting Surprises

All the Big Four firms (Deloitte and Touche LLP, Ernst and Young LLP, KPMG LLP and PricewaterhouseCoopers LLP) recently reported their 2006 financial results, which we have compiled for a very interesting analysis.


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PCAOB 2006 Report on Deloitte - Issues and Disagreements Too

PCAOB recently released its 2006 report on Deloitte and Touche LLP based on its inspection in 2005 and complying with Sarbox Act. The Board identified 17 unnamed public companies (Issuer A to Issuer Q) where it identified a variety of audit deficiencies, ranging from revenue recognition, inventory control, debt covenants, cash flow statement preparation, allowance for loan losses etc...

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KPMG Revenue Up 10%, BRIC on Fire!

KPMG LLP just reported its 2006 strong annual results in line with other Big Four firms. 2006 revenues of US$16.9 billion grew 7.6% from US$15.7 billion in 2005 (KPMG LLP's fiscal year ends in September 30, 2006). In local currency terms, revenue growth was 9.6%, indicating that the falling dollar reduced revenue growth by 2%...


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