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Examiner’s Report on New Century Financial (Missal)

Report of 29 February 2008 by the bankruptcy court’s examiner, Michael Missal, made public in March 2008.

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Dates
29 Feb 2008
The debate

What it found

contributed to certain of these accounting and financial reporting deficiencies by enabling them to persist and, in some instances, precipitating the Company’s departure from applicable accounting standards1

Who disputes it

  • KPMG LLP 2008

    We strongly disagree with the report's allegations concerning KPMG2

Each side is quoted in its own words. Whether a finding holds is not decided here.

Connections 2

part of

finding disputed by

Timeline 2 dates
  1. 2008 KPMG LLP disputes a finding of Examiner’s Report on New Century Financial (Missal) According to KPMG LLP
  2. 29 Feb 2008 Examiner’s Report on New Century Financial (Missal)
Proof 3 sources
  1. New Century Examiner’s Report Faults KPMG, Company Officials, The D&O Diary, Mar 2008. Scholarship & press
    contributed to certain of these accounting and financial reporting deficiencies by enabling them to persist and, in some instances, precipitating the Company’s departure from applicable accounting standards
    the estate may be able to assert causes of action against KPMG for “professional negligence and negligent misrepresentations.”
  2. KPMG cited in collapse of subprime lender, Accounting Today, 4 May 2008. Scholarship & press
    We strongly disagree with the report's allegations concerning KPMG
    The examiner's report however also said that a negligence case would be difficult to win.
    failed to exercise due care in planning and carrying out its audits and reviews, failed to demonstrate appropriate professional skepticism with respect to management’s judgments
  3. Report Faults New Century Execs, KPMG, Orange County Business Journal, 25 Mar 2008. Scholarship & press
    Examiner Michael J. Missal’s report laid blame with New Century’s senior management and auditor KPMG LLC.
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