BDO Seidman Vs Banco Espirito Case - Trial Begins Tomorrow in Florida Court
In August of 2007, we had blogged about a large $521 million financial judgment against BDO Seidman in its audit of Banco Espirito Santo of Portugal. At that time, we said,
“Banco Espirito Santo claimed it partnered with Bankest Capital to form E.S. Bankest in late 1990s relying on (BDO Seidman's) faulty audits that Bankest Capital's income had nearly tripled from 1995 to 1996. The bank also relied on later audits from BDO Seidman, which certified audits for E.S. Bankest accounts totaling some $225 million, of which only $5 million represented legitimate income.The bank is understandably happy with this verdict, but BDO Seidman will appeal it vigorously, by posting a $50 million bail. As expected, the firm will argue that senior management at Banco Espirito Santo was aware of this fraud and was also complicit.”...
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
A little under a month ago (May 14, 2009) we blogged about a number independently conducted recent surveys by the Big 4 firms as a gauge for the depth and breadth of the global economic crisis and any nascent signs of its ending...
We see from KPMG’s website this morning that there is an internal reorganization of its KPMG Advisory Service Line with a new operating model and reducing its currently nine different service lines:
We looked at some survey results from independently conducted surveys by the Big 4 firms in recent months as a gauge for the depth and breadth of the global economic crisis and any nascent signs of its ending...
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