Accounting’s Larry Crumbley Named to Oil Spill Audit Panel

05/06/2014 03:30 PM

BATON ROUGE – Larry Crumbley, KPMG Endowed Professor in the LSU Department of Accounting, has been appointed to participate on a three-person audit panel that will review the settlement program arising from the 2010 BP oil spill in the Gulf of Mexico. The panel was appointed in response to a motion from the office of Claims Administrator Patrick Juneau.
 

According to the motion, the committee will review the work of firms hired to do an audit of the claims process and will make recommendations for a quality control system aimed at preventing errors in paying claims from property damage and economic loss settlements.
 

The audit committee will have two primary functions. First, it will receive and review the audit work of CliftonLarsonAllen LLP and McGladrey LLP, the two national accounting firms performing the audit work required by the trust agreement. Secondly, the committee will make recommendations to the Claims Administrator’s Office.
 

The Deepwater Horizon oil spill began April 20, 2010, with a blowout of a drilling rig that resulted in an explosion that killed 11. BP officially declared the well permanently sealed Sept. 19, after an estimated 4.9 million barrels of oil were released into the Gulf of Mexico.
 

The Department of Accounting at LSU’s E. J. Ourso College of Business strives for excellence in teaching, research and service to the accounting profession. With a mission of producing graduates at all levels who excel in their pursuits, the department offers undergraduate and graduate programs that prepare students for careers in various fields, including industry, auditing, finance, government and academia. For more information, visit www.business.lsu.edu/accounting, call 225-578-6202, or email accounting@lsu.edu.

Wendy  Marx 
E. J. Ourso College of Business
225-578-8865
wendy@lsu.edu

Posted on Tuesday, May 6, 2014