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    Carl Olson
    Why do State Boards of Accountancy lack sufficient...
    question posted July 16, 2011 by Carl Olson 
    Why do State Boards of Accountancy lack sufficient investigators to protect public?
    The public lost tens of billions of dollars due to
    reliance on vastly faulty CPA auditor opinions.
    Here is a short list:
    1. PricewatershouseCoopers -- AIG, Freddie Mac
    2. Deloitte & Touche -- Merrill Lynch, Fannie Mae, Washington Mutual, Bear 
    3. Ernst & Young -- Lehman Brothers, IndyMac Bank
    4. KPMG -- Countrywide, Wachovia
    CPA auditors have been too long protected by state Boards of Accountancy, which
    license CPAs and CPA firms.  In California, there are fewer than 5 investigators
    for 85,000 CPA licensees.  No wonder no big firm is investigated.
    CPA auditor malpractice premiums are 15% of revenues -- an astounding failure rate.
    California is about to fix this failure.  The State Senate Committee on Business
    & Professions held a highly critical oversight hearing a month ago.  Contact the
    committee's consultant Bill Gage for more particulars.
    See our website
    Carl Olson
    P.O. Box 6102
    Woodland Hills, California 91365