Here’s an interesting story coming out of Dallas: Embattled multi-level marketing firm Mannatech has fired its independent auditor, Grant Thornton, after the auditor gave the company an ultimatum: Remove Chairman and founder Sam Caster from the company or find yourself another auditor. So they found themselves another auditor, BDO Seidman, and let Grant Thornton go. [...]

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From Lickspittle Shite-a-bed comes this very funny “history” of auditors, including this gem: Stocktaking is a strange version of foreplay perculiar to auditors. The audit pack will arrive at an industrial premises at 6am in the morning and demand to know how many widgets they have. The auditors will then spend many happy hours counting [...]

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The SEC has announced it’s going to be including companies’ external auditors in their investigation into options timing abuses commonly known as backdating. Authorities were said to be looking at what auditors knew about company manipulation of options’ grant dates and exercise prices to boost their value to executives who got them. About 30 companies [...]

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