Sarbanes Oxley
Posted by Mitch Townsend on December 28th, 2004 (All posts by Mitch Townsend)
According to an unsubstantiated rumor, PricewaterhouseCoopers (the largest of the Big 4 accounting firms) has sent one of three letters to the boards of directors of their audit clients with December year-ends. The first says that the company is likely to pass its tests of internal controls; the second that the company could maybe pass if they bust their humps; the third is that they are unlikely to get a clean opinion. The unsubstantiated rumor also has it that as many as one-third of their clients are getting letter number 3 and are truly, deeply unhappy about it. I will be happy to retract this post as the occasion requires, since my source could be blowing more smoke than Pittsburgh in its heyday. We should know shortly.
December 29th, 2004 at 12:15 pm
In which sense? They broke some laws and regulations or did they fail to exercice due dilligence?
December 29th, 2004 at 12:20 pm
It means they didn’t engage PWC Consulting for a SA compliance gig.
I jest, of course.