Let's see probably on the payroll!
http://www.marketwatch.com/story/where-was-wells-fargos-auditor-kpmg-while-the-funny-business-was-going-on-2017-08-17
3 replies (most recent on top)
run it like you own it! for many executives that meant doing whatever it took to make themselves rich at wells fargos and team members expense. just ask john stumpf, carrie tolstedt, dawn martin harp, tim sloan, hope hardison, avid modjtabai, and all those other senior executives who show up at town halls thinking "why do we have to pretend to care what all these little people think???"
@OQgTSoo-prl You are correct. It just seems like everyone has their hands in the cookie jars and regular employees are the ones that will suffer the most.
i havea friend who works for big audit. she said that when companies (e.g. wells fargo) hire auditors (e.g. kpmg), an implicit understanding is established. the company basically directs the auditor to really conduct a thorough due diligence and review of the company OR the company directs the auditor to do the absolute minimum to satisfy federal/state requirements. since the auditor is paid by the company, the auditor follows the companys lead. guess which direction wells fargo gave kpmg?
why else do you think the wells fargo board of directors hired an independent firm (law firm) instead of kpmg to conduct an independent audit.
as time progresses, more skeletons at wells fargo will be uncovered. more executives will be fined and/or fired. and more team members will be laid off.