Financial Accounting Blog

Sunday, August 28, 2005

"...the agreement is about survivability." The NY Times tries to explain why KPMG sold out some of its partners by admitting to "unlawful conduct" regarding tax shelters.

Related story here.

Independence in Appearance. NY Times
Public documents show that the chief financial officer and head of compliance for the Bayou Group was also a principal in an accounting firm that audited the hedge funds' books.

Daniel E. Marino was the No. 2 man at Bayou, a hedge fund company founded in 1996 by Samuel Israel III that appeared to have $411 million in assets at the end of last year. Mr. Marino is also listed as a registered agent at Richmond-Fairfield Associates, the accounting firm that signed off on the Bayou funds' financial statements in 2004 and earlier. Such a dual role could cast doubt on the accuracy of Bayou's financial statements.