Friday, August 28, 2009

The Awful Truth: Michael Moore (No, not THAT one) Slammed for Super Sloppy Audit

The Securities and Exchange Commission has hit Las Vegas accountant Michael Moore with over $300,000 in fines and interest and suspension of practice rights before the SEC after Mr. Moore hired two high school students to work on an audit. The over 300 audited companies were highly speculative ventures, many of which were classified as "penny stocks." The students indicated that they received very little on-the-job training to go with their highly insufficient formal education.

We have a homework item in my auditing class which involves an auditor who fails to meet any of the 10 generally accepted auditing standards (GAAS) including hiring community college students. Never did I dream that I would be able to match the homework item with something from real life.


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