The collapse of Lehmans might have been averted if its board asked more
questions about accounting treatments that added “window dressing” to the firm’s
quarterly financial statements, according to the investigator looking at the
Anton Valukas, the bankruptcy examiner for Lehmans, told a New York County
Lawyers Association panel that director should have questioned why transactions
known as Repo 105s were used to remove assets and liabilities off the investment
bank’s balance sheet, reported Reuters.
“Questions about window dressing and transactions whose purpose is window
dressing should be asked,” said Valukas.
“There’s no evidence Lehman personnel lied to the board.
“Basic questions were not being asked by the board about things such as
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges