Behind every spectacular corporate meltdown, there’s an auditing firm sweating bullets.
Little surprise, then, that when the entire financial sector melts down, all four of the Big 4 auditing firms start to sweat. Each one has (or had) at least several clients in the financial sector that have recently been forced into acquisition, government oversight, or bankruptcy. That means greater litigation risk—as you can see from this story in Compliance Week, the sub-prime lawsuits have barely begun—and the probable loss of a client engagement. That can’t be fun. For our amusement here, however, I’ve compiled a short list of recent financial failures and who the auditing firms were:
