Polaroid Shareholders Sue KPMG


J

Jim Hudspeth

Polaroid Shareholders Sue Accountants


BOSTON, Aug. 27, 2003 (Associated Press) -- Shareholders of the former
Polaroid Corp. on Tuesday sued KPMG LLP, the company's former accountants,
alleging the firm violated accounting guidelines when it audited the
company before its bankruptcy.

<snip>

http://www.smartpros.com/x40230.xml

Jim Hudspeth
 
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A

A. L. Meyers

Jim Hudspeth said:
Polaroid Shareholders Sue Accountants


BOSTON, Aug. 27, 2003 (Associated Press) -- Shareholders of the former
Polaroid Corp. on Tuesday sued KPMG LLP, the company's former accountants,
alleging the firm violated accounting guidelines when it audited the
company before its bankruptcy.

<snip>

http://www.smartpros.com/x40230.xml

Jim Hudspeth
Jim, thanks for the reference. Each of the remaining Big X has several
big pending cases of simply not doing their job.

IMHO the SEC will ultimately have to revoke the attestation licences
of one of more of the remaining Big X. AA was not enough of a wake-up
call to get the leopards to change their spots. And the former AA
audit partners have climbed into warm beds at the other Bix X and
continue to sell US GAAP compliance avoidance and other creative
accounting schemes to their bed-fellow managers of public corporations.

A. Lucien Meyers, CIA, CMA
 
J

Jim Hudspeth

A. L. Meyers said:
Jim, thanks for the reference. Each of the remaining Big X has several
big pending cases of simply not doing their job.

IMHO the SEC will ultimately have to revoke the attestation licences
of one of more of the remaining Big X. AA was not enough of a wake-up
call to get the leopards to change their spots. And the former AA
audit partners have climbed into warm beds at the other Bix X and
continue to sell US GAAP compliance avoidance and other creative
accounting schemes to their bed-fellow managers of public corporations.
The audit was done before the collapse of AA.

Revoking one Big 4 audit license would not change the culture within this
industry - we would simply have the "unholy trinity".

Jim
 
J

Janice Davis

I was told the same thing happened to another accounting firm years ago, I
forget the name of it now, but they bankrupted a company after its audit,
and shareholders sued and won the $50m litigation. This accounting firm is
now part of Price Waterhouse. I believe the accounting firm's name was
Cooper. Sorry for the uncertainties, It's still a little early in the day
for me.

Janice
 
R

Ron Todd

The audit was done before the collapse of AA.

Revoking one Big 4 audit license would not change the culture within this
industry - we would simply have the "unholy trinity".

Jim

Culture is such a general word. Lets be frank, it is the PEOPLE.
Until we pierce the LLP and insurance protection and hold the people
accountable, and assuming this suit has merit, this situation will
continue.



Best Regards.

*****************************************
Boycott list:

Belgium, France, Germany, Finland, Sweden, Switzerland, PRC, Iran, Syria,
Hollywood, San Francisco, Massachusetts, New York City, Sierra Club, ACLU,
Movies of the first blacklist, Turner, Madonna, S. Crowe, Dixie Chicks, Cher, U2, rapp,
Trudeau, W.Miller, Disney, ABC news, CBS news, NBC news, CNN, PBS, B&H Photo Video,

Sometimes the only influence you have is to say, "No, I'm not buying."

For those who are unclear about the situation, California is the Clinton - Davis model for the rest of the United States of America.
 
C

Chris Luper

I believe the accounting firm's name was
Cooper. Sorry for the uncertainties, It's still a little early in the day
for me.
Coopers and Lybrand

I interviewed for them many, many moons ago.
 
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C

Commentator

A. L. Meyers said:
Jim Hudspeth <[email protected](Jim Hudspeth)att.net> wrote in message

Jim, thanks for the reference. Each of the remaining Big X has several
big pending cases of simply not doing their job.

IMHO the SEC will ultimately have to revoke the attestation licences
of one of more of the remaining Big X. AA was not enough of a wake-up
call to get the leopards to change their spots.
How do you come to that conclusion based on this?

This activity took place before the death of AA.
 
W

William P. Brown

Commentator wrote:

<<SNIP>>

The (e-mail address removed) is not the commentator who regularly posts on
MoneyCentral and other MSN discussion boards.

Regards,
Bill
 
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