California Board of Accountancy Wants to Throw the Book at Mayer Hoffman McCann for City of Bell Audit
25 May 2012 / By Caleb Newquist
Remember the fiasco in Bell, California? Mayer Hoffman McCann performed an audit of the city except it turned out that they didn't really perform an audit and it was later discovered that some of the city's leaders were making off with some money. The California State Board of Accountancy called MHM's audits "little more than a 'rubber-stamp,' " and by all accounts, that appears to be true.
This debacle has been dragging on, as these things often do, and the latest news is not good for MHM, as the L.A. Times reports that the firm could be fined up to $1 million and lose its license to practice in the state. That's a less than ideal scenario for MHM who has three locations in California. All this grim news has even the Mayer spinmeisters sounding dejected: