Sources in the US are telling me that Ben Bernanke, Chairman of the Board of Governors of the United States Federal Reserve is establishing an endowment at Harvard for MBA students wishing to study the topic of governance. I’m also told that the Big 4 auditors have each agreed to contribute $1 million each as part of the total funding.
A spokesperson for Bernanke’s office said: “It is clear that regulators have not done a great job over the last few years. We’re hoping that by establishing an educational foundation that future MBA students will have a better grasp of the issues that lead to a need for better transparency, the exercise of sound judgment and independnce of thinking. It will be a good adjunct to the quant course.”
The Big 4 added: “We’re keen to put the mistakes of the past behind the profession. We realize that our role is going to be crucial in ensuring that companies present a transparent yet understandable set of accounts. We think this is a responsible move, coming at a time when IFRS is being implemented.”
Asked for her comments, uber-Big 4 critic Francine McKenna said: “It is good to see the Big 4 take responsibility. Let’s hope it leads to a higher standard of audit in the future, especially in the NYSE 100.”
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