S*******n
发帖数: 493 | 1 知道大家都懂英文，不过看中文还是快捷点。
次贷危机银行倒闭找出新罪魁--审计公司失职
时间:2008-03-27 10:34:17 点击:6次
美国中文网闻秉善报道：美国最大的次级贷款放贷公司之一新世纪金融（New Century
Financial）早在信贷危机初期已经倒下，数家全球著名的大银行随后也大笔冲销不良
资产；监管部门经过五个月的调查，把次贷混乱的根源指向新的罪魁祸首：会计师事务
所审计失职。
据纽约时报今天报道，司法部委托的独立调查报告说，新世纪金融的不当行为和不谨慎
做法大都得到美国四大会计师事务所之一的毕马威（KPMG）审计人员的默许或认可。
这份长达580页、关于抵押贷款机构破产的报告是这一领域最全面的公开文件。对于毕
马威的指控几乎和2001年安然公司（Enron）破产后对另一顶尖会计师事务所安达信（
Arthur Andersen）的指控如出一辙。
调查中通过电子邮件发现，毕马威部分审计人员对于新世纪金融的会计手法亮出红旗，
但负责审计的毕马威合伙人（即会计师事务所主管）拒绝了那些看法，因为他们担心失
去新世纪这个客户。
总部位于加州Irvine市的新世纪金 |
b****a
发帖数: 41 | 2 It's nothing, compared to Fannie Mae.
If you've been in public accounting for some years, you know every big-4 had
"accidents" bigger than this.
KPMG was even almost indicted last year (once a CPA firm is indicted, it'll
lose its license and effectively go bankrupt--- which was what happened to
AA).
But the reality is, each big-4 is too big to fall.
Century
【在 S*******n 的大作中提到】
: 知道大家都懂英文，不过看中文还是快捷点。
: 次贷危机银行倒闭找出新罪魁--审计公司失职
: 时间:2008-03-27 10:34:17 点击:6次
: 美国中文网闻秉善报道：美国最大的次级贷款放贷公司之一新世纪金融（New Century
: Financial）早在信贷危机初期已经倒下，数家全球著名的大银行随后也大笔冲销不良
: 资产；监管部门经过五个月的调查，把次贷混乱的根源指向新的罪魁祸首：会计师事务
: 所审计失职。
: 据纽约时报今天报道，司法部委托的独立调查报告说，新世纪金融的不当行为和不谨慎
: 做法大都得到美国四大会计师事务所之一的毕马威（KPMG）审计人员的默许或认可。
: 这份长达580页、关于抵押贷款机构破产的报告是这一领域最全面的公开文件。对于毕
|
S*******n
发帖数: 493 | 3 这个我们静观其变吧。现在谁说都不准。房利美和这个比才是小巫见大巫。 |
c***m
发帖数: 56 | 4 这种报道也相信， 小P点事儿，被有必要写的这么夸张么。
FYI, KPMG has not issued any financial statement audit reports regarding New
Century since its Auditor's report on the company year end 2005 financial
statements. The 2006 financial statement audit was not completed prior to
the company's filing for Chapter 11 bankruptcy protection. KPMG did not
issue a report on the 2006 financial statements. |
b****a
发帖数: 41 | 5 It's not a small issue.
I actually read the "Accounting Issues" part of the report. (Recommended! It
was an easy and educational reading)
1. New Century made an accounting change in Q2 2006 to eliminate LOCOM
adjustment on loans they repurchased and put in inventory. This is a clear
violation of GAAP. KPMG knew this issue and still let the company issued
their 10Q; New Century then subsequently stopped reserving for future LOCOM
adjustments starting Q3. And again, KPMG let them issued Q3 report
【在 c***m 的大作中提到】
: 这种报道也相信， 小P点事儿，被有必要写的这么夸张么。
: FYI, KPMG has not issued any financial statement audit reports regarding New
: Century since its Auditor's report on the company year end 2005 financial
: statements. The 2006 financial statement audit was not completed prior to
: the company's filing for Chapter 11 bankruptcy protection. KPMG did not
: issue a report on the 2006 financial statements.
|
p*****o
发帖数: 288 | 6 给个report的链接吧，好好学习一下。
It
LOCOM
【在 b****a 的大作中提到】
: It's not a small issue.
: I actually read the "Accounting Issues" part of the report. (Recommended! It
: was an easy and educational reading)
: 1. New Century made an accounting change in Q2 2006 to eliminate LOCOM
: adjustment on loans they repurchased and put in inventory. This is a clear
: violation of GAAP. KPMG knew this issue and still let the company issued
: their 10Q; New Century then subsequently stopped reserving for future LOCOM
: adjustments starting Q3. And again, KPMG let them issued Q3 report
|
m*****l
发帖数: 315 | 7 I really want to have a look at that 580 report. |
l***n
发帖数: 812 | 8 regarding to the 10-q report in FY2006, I don't think 10-q has to be audited
. sothe charge shouldn't be on a solid ground.
It
LOCOM
【在 b****a 的大作中提到】
: It's not a small issue.
: I actually read the "Accounting Issues" part of the report. (Recommended! It
: was an easy and educational reading)
: 1. New Century made an accounting change in Q2 2006 to eliminate LOCOM
: adjustment on loans they repurchased and put in inventory. This is a clear
: violation of GAAP. KPMG knew this issue and still let the company issued
: their 10Q; New Century then subsequently stopped reserving for future LOCOM
: adjustments starting Q3. And again, KPMG let them issued Q3 report
|
s***e
发帖数: 2795 | 9 实际上，当年政府对待Arthur Anderson的态度太严厉了。Arthur Anderson破产之后，
SOX的法案就出炉了。时隔这么多年，如果政府用对待Arthur Anderson的态度对待KPMG
，那无疑会让更多人对SOX法案的实用性产生更大的质疑。
退一步来讲，New Century的问题出在subprime mortgages - Mark to Market的时间上
。这和ENRON在balance sheet上做手脚，本来就是性质完全不同的两件事。“MARK TO
MARKET”这个话题，在会计界本来就很debatable, 很多专家都有不同的见解。
Subprime mortgage crisis，可能会给FASB敲一个警钟，出台更多关于这方面的
STATEMENT；至于楼主怀疑KPMG会像Arthur Anderson那样，被政府强迫吊销执照，那种
事情在SOX法案的背景下，是不会发生的。 |
y********e
发帖数: 8315 | 10 why KPMG is always involved with these kind of issues
again and again
KPMG
TO
【在 s***e 的大作中提到】
: 实际上，当年政府对待Arthur Anderson的态度太严厉了。Arthur Anderson破产之后，
: SOX的法案就出炉了。时隔这么多年，如果政府用对待Arthur Anderson的态度对待KPMG
: ，那无疑会让更多人对SOX法案的实用性产生更大的质疑。
: 退一步来讲，New Century的问题出在subprime mortgages - Mark to Market的时间上
: 。这和ENRON在balance sheet上做手脚，本来就是性质完全不同的两件事。“MARK TO
: MARKET”这个话题，在会计界本来就很debatable, 很多专家都有不同的见解。
: Subprime mortgage crisis，可能会给FASB敲一个警钟，出台更多关于这方面的
: STATEMENT；至于楼主怀疑KPMG会像Arthur Anderson那样，被政府强迫吊销执照，那种
: 事情在SOX法案的背景下，是不会发生的。
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m*****l
发帖数: 315 | 11 你在哪里得到这个mark to market的背景材料的？绍介一下吧。
KPMG
TO
【在 s***e 的大作中提到】
: 实际上，当年政府对待Arthur Anderson的态度太严厉了。Arthur Anderson破产之后，
: SOX的法案就出炉了。时隔这么多年，如果政府用对待Arthur Anderson的态度对待KPMG
: ，那无疑会让更多人对SOX法案的实用性产生更大的质疑。
: 退一步来讲，New Century的问题出在subprime mortgages - Mark to Market的时间上
: 。这和ENRON在balance sheet上做手脚，本来就是性质完全不同的两件事。“MARK TO
: MARKET”这个话题，在会计界本来就很debatable, 很多专家都有不同的见解。
: Subprime mortgage crisis，可能会给FASB敲一个警钟，出台更多关于这方面的
: STATEMENT；至于楼主怀疑KPMG会像Arthur Anderson那样，被政府强迫吊销执照，那种
: 事情在SOX法案的背景下，是不会发生的。
|
c*********k
发帖数: 220 | 12 Thanks for sharing.
Mark to Market, usually the FS company has their unrealized gains/losses
enginee. All testing is based on the test of enginee calculation. The
securitiy price can be obtained from Bloomberg.
I think it is more challenging is security impairments, counted for a
realized loss. How to test security impairment was one of my interview
questions. I was not 100% sure whether my answer is correct or not.
I wanna hear more inputs. Thanks. |
b****a
发帖数: 41 | 13 The issue is not on the MTM timing.
The report listed 4 issues --- see my previous post for a summary. The first
one is that New Century stopped recording the loans they bough back at
market value ----- an accounting change from gaap to non-gaap. KPMG clearly
knew about this, which is a violation of the negative assurance of their
Quarter review.
If you insist to say there's "debate" on whether to record purchase at
market value, I have nothing to say.
KPMG
TO
【在 s***e 的大作中提到】
: 实际上，当年政府对待Arthur Anderson的态度太严厉了。Arthur Anderson破产之后，
: SOX的法案就出炉了。时隔这么多年，如果政府用对待Arthur Anderson的态度对待KPMG
: ，那无疑会让更多人对SOX法案的实用性产生更大的质疑。
: 退一步来讲，New Century的问题出在subprime mortgages - Mark to Market的时间上
: 。这和ENRON在balance sheet上做手脚，本来就是性质完全不同的两件事。“MARK TO
: MARKET”这个话题，在会计界本来就很debatable, 很多专家都有不同的见解。
: Subprime mortgage crisis，可能会给FASB敲一个警钟，出台更多关于这方面的
: STATEMENT；至于楼主怀疑KPMG会像Arthur Anderson那样，被政府强迫吊销执照，那种
: 事情在SOX法案的背景下，是不会发生的。
|
G**x
发帖数: 98 | 14 Alphabetically, Arthur Anderson goes first. Then D&T, E&Y, KPMG, and PwC. So
seems like KPMG should be fine and will become one of the Big 2 in the end. |
y********e
发帖数: 8315 | 15 lol
good argument
So
end.
【在 G**x 的大作中提到】
: Alphabetically, Arthur Anderson goes first. Then D&T, E&Y, KPMG, and PwC. So
: seems like KPMG should be fine and will become one of the Big 2 in the end.
|
c*********k
发帖数: 220 | 16 Haha...
So
end.
【在 G**x 的大作中提到】
: Alphabetically, Arthur Anderson goes first. Then D&T, E&Y, KPMG, and PwC. So
: seems like KPMG should be fine and will become one of the Big 2 in the end.
|
