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    Carl Olson
    Why do State Boards of Accountancy lack sufficient...
    question posted July 16, 2011 by Carl Olson 
    347 Views
    question:
    Why do State Boards of Accountancy lack sufficient investigators to protect public?
    details:
    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 
    Stearns
    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 www.cpawatch.org.
    
    Sincerely,
    
    Carl Olson
    Founder, www.cpawatch.org
    P.O. Box 6102
    Woodland Hills, California 91365
    818-223-8080