An accounting firm on the front page of a newspaper, rather than just on the business page, is no longer an anomaly. In the last week or so, I have seen a number of accounting firms making the headlines. One involved the financial problems involving Parmalat, the second was the shake-up of the tax leadership at KPMG, and the third, a SEC enforcement action against two firms. The last was the one I found the most interesting.
The SEC instituted a fraud action against Grant Thornton and Doeren Mayhew as well as a partner in Grant Thornton and two directors in Doeren Mayhew. This was in connection with a joint audit of MCA Financial Corporation, a mortgage banking company.
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