In the Parmalat fraud case, a judge serves notice that audit firms can't boast of global reach while claiming no connection to local units
In a lawsuit over the demise of an Italian milk company, global audit firms this week were sent a serious warning that they may be on the hook for a host of local blowups they had long sought to avoid.
Though they heavily market their global reach to clients, the Big 4 and other large accounting firms have long argued in legal proceedings that their global entities are simply loose affiliations. But in a Jan. 27 ruling in a case centered on Italian shelf-stable milk maker Parmalat, Judge Lewis Kaplan of U.S. District Court for the Southern District of New York ruled in effect that they can't have it both ways.
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