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2ndandlong wrote:

Dutch wrote:don't know. my copy is at home. i'm sure they have a 3rd party audit though.

KPMG is the auditor

Interesting they didnt use E&Y since they have like a big room in fincher... maybe its because they dont want to be attach to a firm that has alot of legal issues

that's probably why they don't use E&Y. same with the PwC SMU Athletic Forum.

If the audit firm is paying or accepting money from a client, there is a clear independence violation.

Reading over the annual report, we look great, but obviously they a whole lot of accounting information, such as statement of cash flows and important disclosures. Of course they dont need to, which is a great perk of being a private institution. Its great that they arent sitting on a ton of cash and using their spare cash to invest in a pretty diversified portfolio. Looking at their expenses, we must be hiring some pretty expensive teachers, and probably alot of them under tenure. A reasonable concern and also institutional support is interesting high value. I wonder how some of these are calculated that are vagued descriptions.

2nd and long: Also PWC has a room in Collins building. For private clients there is no independence mandate. Only for public clients they require the auditor to have no other business or related issues. I can try to find the accounting standards. Alot of them are very legal intensive, so trying to find one thats easy to read is usually daunting.

purchase a brick or two

SMU_Alumni11 wrote:Reading over the annual report, we look great, but obviously they a whole lot of accounting information, such as statement of cash flows and important disclosures. Of course they dont need to, which is a great perk of being a private institution. Its great that they arent sitting on a ton of cash and using their spare cash to invest in a pretty diversified portfolio. Looking at their expenses, we must be hiring some pretty expensive teachers, and probably alot of them under tenure. A reasonable concern and also institutional support is interesting high value. I wonder how some of these are calculated that are vagued descriptions.

2nd and long: Also PWC has a room in Collins building. For private clients there is no independence mandate. Only for public clients they require the auditor to have no other business or related issues. I can try to find the accounting standards. Alot of them are very legal intensive, so trying to find one thats easy to read is usually daunting.

They also issue bonds, so that might add restrictions

SMU_Alumni11 wrote:Reading over the annual report, we look great, but obviously they a whole lot of accounting information, such as statement of cash flows and important disclosures. Of course they dont need to, which is a great perk of being a private institution. Its great that they arent sitting on a ton of cash and using their spare cash to invest in a pretty diversified portfolio. Looking at their expenses, we must be hiring some pretty expensive teachers, and probably alot of them under tenure. A reasonable concern and also institutional support is interesting high value. I wonder how some of these are calculated that are vagued descriptions.

2nd and long: Also PWC has a room in Collins building. For private clients there is no independence mandate. Only for public clients they require the auditor to have no other business or related issues. I can try to find the accounting standards. Alot of them are very legal intensive, so trying to find one thats easy to read is usually daunting.

only independence requirement for publicly traded co's audit firm is that the external auditor isn't also a consultant or participates in writing the financial reporting systems. in this case, making a charitable contribution to sponsor a lecture hall or dining room (whatever you wan to call either), there is probably an easily defensible case since neither of the accounting firms (E&Y or PWC) has an exclusive deal with the university in terms of the audit business.