Accounting firm Procenture LLP was hired to audit fiscal year 2008 financial statements of…

Accounting firm Procenture LLP was hired to audit fiscal year 2008 financial statements of BardGramercy Corporation, a public company with assets of $7.3 billion and a market value of $2.7 billion. Procenture completed the audit, and its audit opinion was included in Bard-Gramercy’s annual report filed with the SEC. Because of time constraints, Procenture did a cursory review of Bard-Gramercy’s internal financial controls, essentially asking management and receiving oral confirmation that management was satisfied with Bard-Gramercy’s processes for recording financial transactions. Although Procenture’s audit opinion made no mention of Bard-Gramercy’s internal controls, Procenture was confident based on its inquiries that Bard-Gramercy’s internal controls were adequate. Did Procenture meet its duty under the Sarbanes–Oxley Act of 2002?

 

 

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