soxfirst
The Brocade case: now for the gatekeepers
Filed in archive executive pay by leon on August 21, 2007
calendar_pages.jpg
Now that the Justice Department got its first backdating scalp in Brocade Communications System's former CEO Gregory Reyes, the Securities and Exchange Commission has now targeted company's former chief financial officer, Michael J Byrd, claiming he was well aware of the falsification of the documents.

But his lawyer has told CFO.com that the court had already rejected Reyes' claims that Byrd was aware of the shenanigans.

In her blog, Re The Auditors, Francine McKenna looks at the question of whether the gatekeepers, including the auditors KPMG, were at all culpable but makes the point that KPMG "put their finger on the issues and stood hard and fast when they did". Indeed, it was their investigation that resulted in Reyes' resignation.

Still, by targeting Byrd the SEC has made it clear that none of the gatekeepers should rest easy. And with more prosecutions coming up, that should be a worry for auditors and CFOs.

Related Entries:

Permalink: The Brocade case: now for the gatekeepers
Tags: Brocade  backdating  Michael  J  Byrd  corporate  brocade+case  case+gatekeepers 
Trackback: http://publish.creative-weblogging.com/publish/mt-tb.pl/87030
img Addthis img Ask img Blinklist img del.icio.us img Digg img Fark img Facebook img Google img Lycos img Ma.gnolia Add this page to Mister Wong Mr Wong img Netscape img Netvousz img Newsvine img Reddit img StumbleUpon img Slashdot img Tailrank img Technorati img Wink img Yahoo

Vote for The Brocade case: now for the gatekeepers:

  • Currently 9.14/10
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
Rating: 9.14 out of 7 vote(s) cast.
 
Subscribe
Share It
RSSrss
See all blog subscribe options
Google google
What is RSS?
Yahoo! yahoo
Addthis Subscribe using any feed reader!
Bloglines Bloglines
Newsletter

TwitterFollow us on Twitter!