Beware of defensive auditing

first_img continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Greetings from Albany, New York where I now know the answer to the following question: Can ten degrees feel like a heat wave at 7 a.m.? Yes, it can.Here is another question for you: Can a recent victory by the FDIC actually make things more expensive and difficult for not only banks but credit unions? To me the answer is yes.Colonial Bank was victimized by a major fraud between 2002 and 2009 in which some of its key employees conspired with its major customer to allow it to overdraw the bank’s line of credit and then cover up this fact. By the time the fraud was discovered, $2 Billion had been lost. During much of this time the accounting firms PricewaterhouseCoopers LLP and Crowe Horwath LLP were responsible for auditing the bank. The FDIC brought a lawsuit in 2012claiming that but for their accounting negligence, the fraud would have been discovered sooner. Among the arguments advanced by the accounting firms in defending themselves was that the bank and the FDIC were effectively trying to get them money to pay for actions committed by the bank’s own employees. Late last week, the Court ruled that the bank could not win a lawsuit against the accountants but the FDIC could. This is a big deal and will presumably be appealed.last_img read more

Priyanna Ramdhani makes it into men’s doubles final

first_imgCARIBBEAN Junior Girls’ badminton champion Priyanna Ramdhani, has reached across barriers to play in the Men’s doubles and made it all the way to the final with partner, Avinash Odit, in the GUMDAC Annual Open Doubles, when the 2017 badminton season commenced last Wednesday. Played at the National Gymnasium, the first day of competition also saw Ramdhani win in the Ladies’ doubles, where she teamed up with Greer Jackson. In the open Mixed doubles she will join forces with Jonathan Mangra.Due to lack of competition in the Ladies’ division, Ramdhani is being allowed to play in the men’s competition to keep up her top form, according to a press release from the Guyana Badminton Association.Though unusual, it is not the first time something like this has been done. In squash, Guyana’s Nicolette Fernandes has played in the men’s competition before.Ramdhani and Odit made it into the final after ousting Marlon Chung and partner Ronald Yen in 21-15, 21-16 semi-finals match-up.The duo also had an earlier win when they took out veterans George Melville and Leslie Lui 21- 11, 21-15.The other men’s doubles semi-final win went to Nicholas Ali and partner Jonathan Mangra. Ali and Mangra won 21-18, 21-18 sets against the pair of Gokarn Ramdhani and Javid Rahaman.In other wins in the quarter-finals Chung and Yuen defeated Tyrese Jeffrey and Akili Haynes 21-7, 21-10, while Gokarn and Javid prevailed against Stephan Murdilall and Haymant Ramdhani 21-9, 21-13.In the only Ladies’ doubles match of the day Priyanna and Jackson triumphed 21-5, 21-9 over Emelia Ramdhani and Ayanna Watson.In the open Mixed doubles final Priyanna and Mangra will take on Ali and Jackson.Priyanna and Odit were on opposite ends in their Mixed doubles match-up. Odit teamed up with Angelica Holder and lost 19-21, 12-21 to Priyanna and Mangra.The tournament continues tonight at 18:00hrs with play-offs in the finals and third-place matches along with the presentation of prizes.The tournament, being played for the 5th year, is sponsored by GUMDAC through Managing Director Darrell Carpenay, who is also an executive on the GBA.last_img read more