PricewaterhouseCoopers a Defendant in Two Lawsuits Over Audits

In the last week Big Four auditing firm PricewaterhouseCoopers has been sued over its performance of audits of companies with massive frauds. First, PwC was named as a defendant in a suit filed by the Federal Deposit Insurance Corporation as the receiver for Colonial Bank. Colonial Bank went under thanks …

Green Mountain Coffee: Accounting Irregularities and Other Concerns

A couple of weeks ago, David Einhorn bashed Green Mountain Coffee Roasters (NASDAQ:GMCR) in a 110-slide presentation called “GAAP-uccino” at the Value Investing Conference, sending the company’s shares down. The stock opened at $91.66, and closed at $82.50 the day of his presentation. Over the next two weeks, the stock …

Bailout Head Neel Kashkari Wants Transparency (Except When He Doesn’t)

It’s been widely reported that Neel Kashkari, Goldman Sachs alum and head of the $700 billion bailout, has said he wants transparency in administering the whole process. He is quoted as saying: “Consistent with Congress’ intent, we are committed to transparency and oversight in all aspects of the program and …

Overtime Lawsuits For Big Auditing Firm: Could It Lead to Problems For Other Firms?

Class action suits against auditing firms PricewaterhouseCoopers and Deloitte & Touche are raising questions about future lawsuits. Auditors are suing PwC because they say they were denied overtime pay and benefits, and the suit covers all associates and senior associates of PwC in California. The firm is saying that the …

Morningstar on PricewaterhouseCoopers and Usana

Today (bold added by me): USNAannounced Wednesday that PricewaterhouseCoopers has been hired as the company’s new independent auditor. We are encouraged by this news as we view PwC’s new role as a sign of Usana’s financial legitimacy; however, we are still wary of Usana’s management team. PwC will immediately begin …