Article can be found at http://cpatrendlines.com/2008/10/31/jim-peterson-the-risk-of-catastrophic-failure-grows/
Are the days of the big accounting firms numbered?
Peterson thinks so. And he may know better than most, as a former general counsel at Andersen. In his latest post at Re:Balance, Jim suggests: “the bust-up figures would be as small as $560 million.”
He notes that Seidman already has a $521-million verdict pending against it. And just three or four years of sub-par profits could push enough partners to the doors that a firm could simply dissolve.
Read it all here…
Posted October 31, 2008
Related Topics: audit, Big 4, litigation, malpractice liability
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