Compliance Blog

Two censures/fines for Deloitte in one day by the SEC. Wow! Unfortunately, in the case of Just for Feet, Deloitte's own Risk Management Practice had designated Just for Feet as high risk and according to the SEC.

• One problem with the now bankrupt Just for Feet, based in Birmingham, AL. Click here for the complete notice.
• The other for their audit of Adelphia. Click here for the complete notice.

The issue for the Big Four is becoming huge on liability and fines. The concern is that soon, who is going to want to audit anymore? There is more money in Sarbanes-Oxley work and less liability because you are not verifying the work only performing the work for non-audit clients. There may be big problems on the horizon with access to audits. And if you are a small cap firm that is somewhat risky, forget about a Big Four audit.

For more information how your mid to emerging firm can simplify your compliance, learn more about the Sarbanes-Oxley Compliance Playbook(tm) at www.issuescentral.com or call 800.410.6681 ext 112.