Word: audition
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Dates: during 2000-2009
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...spokesperson from KPMG says that the firm's audit of the Rye Select Broad Market fund conformed to all professional standards and that the firm would vigorously defend its work. A BDO Seidman spokesperson says that his firm is not and has never been the auditor of Madoff Securities. The BDO spokesperson also says that his firm's audit of Ascot Partners met professional standards and that the firm would defend its work. "It is unfortunate that these investors would bring legal action before all of the facts are known and seek to blame others for their own investment decisions...
...Cindy Fornelli, executive director of the Center for Audit Quality, which is a Washington-based public-policy organization that represents public-company auditors, contends that all the Madoff case amounts to is a lack of sufficient regulation, not a failure of the accounting profession. "It is not the responsibility of the accountant for a capital-management firm to audit the underlying investments of the firms it invests in," says Fornelli. "The auditor is not in a position to test the existence of the underlying securities - especially in a fund-of-funds situation...
Trethewey also suggests investing in a home energy audit to help figure out exactly where the holes are. Such audits aren't cheap - they can range up to $800 - but as "fuel costs rise, the payback improves," notes Trethewey. A good auditor will use a blower test, which lowers the air pressure inside a home - air from the outside will then rush through openings, revealing any leaks. A truly high-tech test will use thermographic cameras, which detect infrared light, to detect exactly where heat might be leaking...
...talk to people, and answer questions about recycling. Passerbys were pleasantly surprised by how small the trash pile was, including University President Drew G. Faust, who commented to a volunteer that she thought it would be bigger. REPs also conducted a virtual waste audit that mimicked the annual audit of Harvard’s trash that happened earlier that week. In the waste audit, REPs went through a sample selection of Harvard’s trash, assessing its makeup and recovering recycled materials. The most “surprising” result, said Gogan, was that paper, which generates methane...
...some helpful scientific advice: When that IRS agent comes to your office to conduct an audit, offer him a cup of coffee. And when you're sitting down to do your holiday shopping online, make sure you're cradling a large glass of iced tea. The physical sensation of warmth encourages emotional warmth, while a chilly drink in hand serves as a brake on rash decisions - those are the practical lesson being drawn from recent research by two Yale-educated psychologists, published last week in Science magazine...