Accounting Newsletter 

Big 4 Item of the Week on eBay: Peat Marwick Cap

Klynveldians, forget about all of the dark blue and plain white Phil Mickelson KPMG golf hats currently on eBay. If you want to look good even if you don’t play good the next time you have a tee time scheduled (probably sooner than later for many of you KPMGers), then you need this rare teal Peat Marwick snapback cap. It’s even got one of them retro-looking ropes above the bill. If not the golf course, you’ll definitely stand out with this on your dome the next time you’re at the…

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Accounting Newsletter 

It’s True: PwC Had a Nearly Flawless 2020 PCAOB Inspection Report

The PCAOB blessed us this morning with its first batch of 2020 inspection reports, which included BDO USA, Deloitte, EY, Grant Thornton, KPMG, and the highly anticipated one for PwC. Back in August PwC released its 2021 audit quality report, which included a lot of bragging about how much more competent P. Dubs’ auditors have been in the past year. In a video accompanying the report, Wes Bricker, PwC Trust Solutions co-leader and former SEC chief accountant, mentioned that when the PCAOB releases the firm’s 2020 inspection report, the lack…

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Accounting Advices 

FRC Fines Grant Thornton UK For Something We’re All Used to Grant Thornton UK Doing

A little over a month after being fined more than £2.3 million by the Financial Reporting Council for that whole Patisserie Valerie mess, Grant Thornton got called to the principal’s office once again for audit failures—this time for its 2015, 2016, and 2017 audits of outsourcing company Interserve, which went into administration in 2019. GT got a £1.3 million fine from the UK’s audit cops on Nov. 1, but it was reduced to £718,250 because of the firm’s “exceptional cooperation in the investigation” and early admissions to audit wrongdoing, according…

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