SEC says Grant Thornton ignored red flags

http://accounting.smartpros.com/x76722.xml The article discusses audit deficiencies related to two different audits.

PCAOB Disciplinary Actions against PWC audit partner

http://accounting.smartpros.com/x76068.xml Discussion and link to the disciplinary actions related to an improper revenue recognition audit failure

About the term "audit failure"

PCAOB member expresses concerns about the use of the term. http://journalofaccountancy.com/News/20149822.htm

Audit failure rate questionable

Two researchers pose their opinion of the recently touted high audit failure rate by PCAOB.    See their discussion. http://ww2.cfo.com/auditing/2014/02/pcaobs-audit-failure-rate-highly-suspect/

PCAOB and Grant Thornton

High  failure rate given to the firm for audits done in 2012 as per article http://www.complianceweek.com/pcaob-gives-grant-thornton-record-failure-rate/article/328793/

Here is copy of the report
 http://pcaobus.org/Inspections/Reports/Documents/2013_Grant_Thornton_LLP.pdf

Firtst time for FDIC to target the auditor

FDIC and the independent auditor  http://professionalliabilitymatters.com/2013/09/26/a-first-of-its-kind-fdic-v-independent-auditor/#!

Ex-Enron CEO Jeff Skilling's prison sentence shortened

under an agreement with Federal prosecutors.  He could get out in 2017 with the time he has served.  http://www.usatoday.com/story/money/business/2013/06/21/ex-enron-ceo-skilling-resentenced-to-14-years/2447223/

SEC, fraud, CPAs

This post by Francine McKenna is rich with links that synthesize issues of interest to those interested in studying and finding fraud   http://www.forbes.com/sites/francinemckenna/2013/06/18/where-should-sec-start-a-fraud-crack-down-maybe-look-at-fake-restatements/

High school training sufficient for audits?

http://www.sec.gov/litigation/litreleases/2009/lr21189a.htm
This litigation release for Michael Moore filed 8/27/2009 shows an unfortunate situation with an accounting firm charged with fraud. This has an accompanying AAER 3040 as well.