https://www.google.com/amp/s/amp.ft.com/content/832d9f5a-470b-11e8-8ae9-4b5ddcca99b3
I see our friends at KPMG are being asked hit the road at Wells Fargo as well as their auditor. They are not independent auditors they are crooks like GE leadership!
dogged - Stubbornly persevering; tenacious.
Well to no surprise KPMG has been voted in once again. I believe whoever was being looked at besides KPMG would have been more money. It looks like KPMG has dogged a ejection rocket. With all the side show business selling planned for FY 2018 to make their earnings this might have been a major impact to closing these deals. They need KPMG to make the books look good for their master sell plan of buy high and sell low instead of "lower"
I see all the analysts are hammering GE, Moody's is about to downgrade them another credit rating.
GE leadership needs to get back to work and stop press releasing every move they make on social media outlets.
I worked forty years as a first floor machinist in Schenectady and can tell you that KPMG is exactly what's wrong with GE.
The truth is the GE/Wells Boards don't want to change audit firms because KPMG have agreed to treat over many years very contentious accounting items in a particular way that a new firm would treat differently. Now KPMG is complicit as well. The fee efficiency argument is an excuse. I am sure PwC/EY or Deloitte would audit them for 'only' $100mm or so initially as they come up the curve. Basically this is a cover up and makes me think the Board has zero interest particularly at GE in getting their arms around their liabilities on the GE Capital and energy contract side in particular.
This is gross negligence on behalf of the board and KMPG.
Professional services firms that are now part of KPMG have audited GE since 1909.
GE is KPMG’s longest-standing client, according to data provider Audit Analytics. It has also been a lucrative one. Last year the group paid KPMG $142.9m for audit, audit-related and tax fees, including $30m for an audit of its oil and gas services business for the merger with Baker Hughes, which closed last year.
"Sorry but I am missing something here."
We know but at least the fish are biting!
GE needs to swap out auditors ever 4-5 years to ensure another set of eyes are seeing it the way KPMG is seeing it. The explanations GE leadership have made to keep KPMG on as their auditors do not make sense. GE capital has paired down in size from the smoke an mirror days of Jack and Jeff. What else do they have to worry about? GE has taken the new accounting rules into account. Sorry but I am missing something here. I am still not buying the the GE turn around if they cannot get rid of the auditors that should have identified these gross accounting practices from years ago. When you run a business you can be aggressive with accounting or you can be conservative. Clearly, with the SEC probes and the recent quarterly charges and FY adjustments GE has and had been pushing limits of what one should do as a publicity traded company.