BF Borgers

1,500 bogus audits. A $14 million fine. A lifetime ban from the SEC. But no jail time?

1,500 bogus audits. A $14 million fine. A lifetime ban from the SEC. But no jail time?

1,500 bogus audits. A $14 million fine. A lifetime ban from the SEC. But no jail time? On today's live stream, we led with the breaking news about the charges against BF Borgers, a one-partner audit firm charged with faking hundreds of public company audits – including Trump's SPAC.

Why Fines Don't Deter Auditor Misconduct

Why Fines Don't Deter Auditor Misconduct

A small audit firm with only one CPA on the website takes on a multi-billion dollar client. The client turns out to be a fraud. And the auditor? They face a measly $65,000 fine, less than the fees they earned from the audit. It's a true story that David and I shared on The Accounting Podcast. And it's just the tip of the iceberg when it comes to the lack of accountability in the auditing profession.