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re: The Auditors

  • They Weren’t There: Auditors And The Financial Crisis

    "When the power brokers of the business world meet, the accountants are never far behind. While other industries have downsized through the turmoil of the financial crisis, the "Big Four" accounting firms -- PricewaterhouseCoopers, KPMG, Deloitte Touche Tohmatsu, and Ernst & Young -- will end the year with more employees ...

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    Fetched: December 07, 2009, 9:57pm EST

  • McKenna To Speak At IIA Chicago 50th Annual Seminar

    Save the date.  I have been invited to speak twice at the 50th Annual IIA Chicago Chapter Annual Seminar, April 19th, 2010. Conversations Rule: Employees Drive Your Company’s Brand And Add Risk, jointly with Jason Moriber, Director of Strategy & Planning, Wise Elephant and Lessons  From The Financial Crisis For Internal Auditors Please check my Speaking page for [...]
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    Fetched: December 05, 2009, 12:58pm EST

  • @Going Concern “Sarbanes-Oxley Doublespeak”

    My new post is up @Going Concern. "A law by itself does not bring benefits. Measure the benefits of the moral and ethical behaviors the law promotes and requires, instead. Certainly, all the above requirements — except perhaps “real-time” reporting that will implemented by XBRL mandates — are now second nature" [...]
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    Fetched: December 02, 2009, 6:57pm EST

  • Suing Audit Firms re: Madoff: The Iguana In The Room

    From Kevin LaCroix's blog, D&O Diary: "When I first started tracking the Madoff-related litigation last December, it seemed like a relatively straightforward undertaking. But now the list of Madoff-related lawsuits (which can be accessed here) runs to some 18 pages, and the lawsuits continue to pour in...the most striking thing ...

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    Fetched: November 29, 2009, 6:58pm EST

  • Taking Your Pulse

    Taking Your Pulse Thanksgiving 2009 It's a variety pack of searches bringing readers to this blog overnight November 26-27, 2009. 5th year senior got cut no cpa higher salaries big 4 w/masters? audit associate pwc auditor blog auditors of bear stearns auditors societe generale bank fraud bdo litigation bank case cpa shortage 2009 cpa starting salary at big 4 deliotte starting [...]
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    Fetched: November 27, 2009, 3:58pm EST

  • Leadership: A Guest Post from Tenacious Truman

    Leadership: One Man’s Perspective by Tenacious Truman Upon retiring after serving 30 years in the U.S. Air Force, Chief Master Sergeant (CMSgt.) Tim Omdal offered some parting words of wisdom to his fellow airmen. As he transitioned into civilian life, he wanted most to talk about leadership. At re: The Auditors ...

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    Fetched: November 25, 2009, 12:57am EST

  • Sarbanes-Oxley For Everyone: To Be Or Not To Be? (With Postscript)

    Sarbanes-Oxley (SOx) made law what is best practice for all public companies or companies that issue public debt. That includes "smaller" companies. Some argue that the cost of SOx for companies under $75 million in capitalization - the thresholds mentioned in some legislation - is prohibitive. I would argue that identification ...

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    Fetched: November 25, 2009, 12:57am EST

  • Sarbanes-Oxley For Everyone: To Be Or Not To Be?

    Sarbanes-Oxley (SOx) made law what is best practice for all public companies or companies that issue public debt. That includes "smaller" companies. Some argue that the cost of SOx for companies under $75 million in capitalization - the thresholds mentioned in some legislation - is prohibitive. I would argue that identification of [...]
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    Fetched: November 24, 2009, 3:58pm EST

  • More From NYC, FEI’s CFRI Conference, And The Directorship Forum

    It was a busy couple of days in New York last week.  I hadn't planned on splitting my time between two conferences.  But when one of my Twitter contacts said he would be at the Directorship Boardroom Leaders Forum and I looked at their agenda, I knew I had to do' [...]
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    Fetched: November 23, 2009, 3:57am EST

  • Public Service Announcement: Adopt A Greyhound

    Please indulge me in this appeal to dog lovers in the Midwest. More than 300 dogs will be "out of a job" by December 31st.  But if they're not adopted, they may be destroyed.  Literally. Here's an article from the Chicago Reader that describes the process. From the website of the Greyhound' [...]
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    Fetched: November 21, 2009, 6:58pm EST

  • @Going Concern “Lost Your Job? No One Cares!”

    My new post is up @Going Concern. "You may have been cut from one of the audit firms in the past several months. You may still be working but feeling a bit insecure. The cuts have been well documented here and on re: The Auditors. Regardless of how much the firms" [...]
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    Fetched: November 19, 2009, 3:57pm EST

  • The FEI CFRI Conference…And More

    Charlotte: Let's never come here again because it will never be as much fun. ******************************************************************************************* I've just wrapped up two days of conference attendance here in New York City - The FEI Current Issues in Financial Reporting Conference and the Directorship Boardroom Leaders Forum. How were these conferences the same: Attendees were corporate' [...]
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    Fetched: November 18, 2009, 12:57pm EST

  • Where The Wild Things Are… FEI’s CFRI Conference Next Week NYC

    I'm off to NYC next week to cover FEI's Annual Current Financial Reporting Issues Conference. In addition to spending some time with my friend and technical guru, Edith Orenstein, I hope to see even more people at some formal and informal gatherings. It's been a while since I last visited New York.' [...]
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    Fetched: November 16, 2009, 3:58pm EST

  • Where The Wild Things Are… FEI’s CFRI Conference Next Week NYC

    I'm off to NYC next week to cover FEI's Annual Current Financial Reporting Issues Conference. In addition to spending some time with my friend and technical guru, Edith Orenstein, I hope to see even more people at some formal and informal gatherings. It's been a while since I last visited New York.' [...]
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    Fetched: November 13, 2009, 3:58pm EST

  • Privacy Policy and Terms of Use

    Last week was a very busy and very difficult week at re: The Auditors HQ. However, those of you who lost your jobs at PwC and other firms, or those who were left behind with survivor’s guilt, faced much tougher challenges. Yes. Look to your left, look ...

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    Fetched: November 12, 2009, 12:58am EST

  • Live Our Values, Demonstrate Our Behaviors, Support Our Strategy…

    The Train Paradox: Time Dilation and Length Contraction "One-firm" firms, and those that aspire to this goal, share the following characteristics: Loyalty - Great emphasis is placed on firm-wide coordination of decision making, group identity, cooperative teamwork an institutional commitment. Downplaying stardom - Leaders and members of the firm view themselves as [...]
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    Fetched: November 11, 2009, 12:58am EST

  • @Going_Concern “I Pity The Fool: Partners Are Being Cut, Too”

    It's not often that I feel sorry for the firms, especially their partners.  But go take a look at my latest @Going_Concern post.  I do the best I can under the circumstances. "Firms should grow, especially if that means serving clients (in particular multinational clients) better. But I, for one, believe" [...]
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    Fetched: November 11, 2009, 12:58am EST

  • Veteran’s Day In PwC Advisory: Say Auf Wiedersehen

    I've just received word: There was a PwC Advisory partners emergency conference call tonight announcing upcoming involuntary staff reductions.   (This time the source is impeccable.) New US Advisory Leader, Dana McIlwain laid out the bad news:  The time has come to cut. Average utilization is hovering at 69%. Cash collections are millions' [...]
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    Fetched: November 11, 2009, 12:58am EST

  • Taking Your Pulse

    Taking Your Pulse Sunday morning 11/08/09 How many different ways can you search for news of the PwC Advisory layoffs and find this blog? 7 habits of strong ehical leaders big 4 coached out unemployment big 4 salary big 4 starting salary big four salaries nyc blog november, auditors, pwc advisory bonus of big 4 deloitte resignation procedure graduate enron [...]
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    Fetched: November 11, 2009, 12:58am EST

  • Zombies Among Us: The Mainstream Media and Financial Journalism

    Cranberries - Zombie Whatever I do now, it's in service to my desire to write. If I work for pay, whether as a consultant or a paid speaker, the objective is to earn enough to be able to write. For now, the blog is my main content distribution vehicle. Occasionally the [...]
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    Fetched: November 01, 2009, 12:58am EDT

  • @Going Concern “Prevent Bailout Alzheimer’s: Some GMAC Fun Facts”

    My new post is up @Going_Concern On the eve of what will probably be — despite loud protestations and numerous solid reasons why not — the third round of bailout money thrown at GMAC, I thought it might be fun to give you some Fun Facts About GMAC. Sometimes the whirl and swirl of an [...]
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    Fetched: October 29, 2009, 12:58am EDT

  • Only You Can Prevent White-Collar Crime: A Guest Post

    A guest post from Troy Costlow. Troy Costlow is an MBA student studying Accounting & Finance at DePaul’s Kellstadt Graduate School of Business.   I’m frightened in a way I haven’t felt since I was little. Dr. Kelly Pope is my professor at DePaul/Kellstadt and a regular contributor to this blog. It’s her fault. Maybe I [...]
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    Fetched: October 26, 2009, 12:58pm EDT

  • @Going Concern “KPMG: That’s Just The Way We Roll”

    My latest post is up @Going Concern. Sex.  Drugs.  They didn’t mention rock and roll but I’m sure those stories will come out too eventually.  Bernie and Elton John.  Bernie and Mick Jagger. Bernie and Pink.  Never mind.  Scratch Elton John.  If it weren’t bad enough to have so many subprime lawsuits hanging [...]
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    Fetched: October 21, 2009, 3:58pm EDT

  • Taking Your Pulse

    Taking Your Pulse         Tuesday mid-day 10/20/09 Quite a variety of interesting searches.  Looks like PwC layoffs and Deloitte's Tom Flanagan are trending topics. The Top Searches landing here.   auditor blog top 10 bdo litigation big 4 layoffs canada big 4 partner bentley big 4 starting salary 2009 books all accountants should read chevron audit integrity defenses for going concern [...]
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    Fetched: October 20, 2009, 4:32pm EDT

  • From re: The Auditors’ Mailbag: A Selected Sample

    I'm getting more mail now than ever before.  Word has gotten out that I will answer personally via email, on the phone, or in person if you like.  In the last three years - this blog's third year anniversary was October 12th - the more things have changed, the more' [...]
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    Fetched: October 19, 2009, 12:58am EDT

  • From re: The Auditors Mailbag: A Selected Sample

    I'm getting more mail now than ever before.  Word has gotten out that I will answer personally via email, on the phone, or in person if you like.  In the last three years - this blog's third year anniversary was October 12th - the more things have changed, the more' [...]
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    Fetched: October 18, 2009, 3:58pm EDT

  • @Going Concern “It’s Only Money: How PwC Got Jammed Up On The AHIP Report”

    My latest post is up @Going Concern. "It seemed like a good idea at the time.  Analyze a few numbers for an insurance industry lobby and write a report.  I suspect this was, at most, a $150k engagement. Small change.  But that’s what trusted advisors do.  Come, panting, when called.  Help" [...]
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    Fetched: October 14, 2009, 3:58pm EDT

  • So Much Auditor Litigation Makes For Strange Bedfellows

      Every one of the Big 4 (and the next tier) has a handful of lawsuits on their desk related to their audits of the banks and other financial institutions that failed, were taken over in the dead of night, or bailed out by their respective central banks. That's in addition [...]
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    Fetched: October 12, 2009, 9:58pm EDT

  • @Going Concern “Birds On A Wire: How Do The Firms Get The Word Out?”

    My new post is up @Going Concern "...I’ve been ruminating about these global engagements and the new organizational structures. I’ve also been thinking about the communication approaches these firms use when a crisis hits. What was the reaction of the PwC partners last December when Satyam’s CEO confessed? PwC has its" [...]
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    Fetched: October 07, 2009, 3:58pm EDT

  • Taking Your Pulse

    Taking Your Pulse         Monday night 10/5/09 Quite a variety of searches this evening.  Looks like KPMG layoffs is still a trending topic. The Top Searches landing on this blog.     adverse opinion on internal control 2009 pwc layoffs arguments in favor of ifrs bdo seidman push back start dates big 4 accounting firms avg mgr salary big 4 [...]
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    Fetched: October 06, 2009, 12:58am EDT

  • Auditing Standard 5: How Now, Brown Cow?

    How Now Brown Cow "Thunderbird" On September 24, 2009 the Public Company Accounting Oversight Board issued a report on the first year of implementation of Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements (AS No. 5). The report [...]
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    Fetched: October 03, 2009, 12:58pm EDT

  • @Going Concern “Can I Have Your Autograph?”

    My new post is up @Going Concern. "The PCAOB approved Auditing Standard No. 7, Engagement Quality Review on July 28, 2009. They also issued a Concept Release on requiring the engagement partner to sign the audit report.  The comment period closed September 11th and boy oh boy were there a lot" [...]
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    Fetched: September 30, 2009, 7:32pm EDT

  • @Going Concern “EY Goes To Hong Kong For A Scandal”

    My new post is up @Going Concern: "...who knew there was a huge lawsuit in Hong Kong bubbling, brewing and causing EY constant constipation for years? The trial started September 16th with a bang - and not the good kind - for EY:   “Accounting firm Ernst & Young used “false documents” in" [...]
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    Fetched: September 30, 2009, 7:32pm EDT

  • McKenna Quoted In Accounting Web UK

    "Francine McKenna, a sharp-eyed observer of Big Four machinations on her re: The Auditorsblog site, offered a trans-Atlantic view of the deal: “With everything going on here, Deloitte is probably in the worst shape of the Big Four. Deloitte lost the most clients through failures and bailouts and are really hurting," [...]
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    Fetched: September 28, 2009, 7:31pm EDT

  • @Clusterstock Did KPMG Fudge Repurchase Risk Again?

    I wrote a post today, joining the discussion over at Clusterstock.com regarding Wells Fargo and their apparent lack of disclosure for various risks.   Did Wells Fargo's Auditors Miss Repurchase Risk? "How does the New Century situation and KPMG’s role in it remind me of Wells Fargo now?  Well, in both cases, there’s" [...]
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    Fetched: September 24, 2009, 3:58pm EDT

  • “Wait! I Was Just Getting Started…” - A Response From Professor Kelly Pope

    I'd like to introduce Professor Kelly Richmond Pope.  She will be contributing to this blog on an ongoing basis and I am thrilled.  Professor Pope is a Ph.D. and CPA and Assistant Professor in the School of Accountancy and MIS at DePaul University here in Chicago. She received her Ph.D. from Virginia Tech University' [...]
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    Fetched: September 24, 2009, 3:58pm EDT

  • @Going Concern - EY Goes To Hong Kong For A Scandal

    My new post is up @Going Concern: "...who knew there was a huge lawsuit in Hong Kong bubbling, brewing and causing EY constant constipation for years? The trial started September 16th with a bang - and not the good kind - for EY:   “Accounting firm Ernst & Young used “false documents” in" [...]
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    Fetched: September 24, 2009, 3:58pm EDT

  • Won’t you consider…

    ...supporting this site? Your voluntary subscription will help me keep non-essential advertising to a minimum. Less advertising means less pressure on the independence and objectivity required to keep the truth about the accounting/audit industry front and center. The sustaining subscription is $10.00/month and can be cancelled at any time. Thank you to all [...]
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    Fetched: September 24, 2009, 3:58pm EDT

  • Going Concern Audit Opinions: Why So Few Warning Flares?

    Photo From the Eyes Wide Open Exhibit, Chicago, November 2006. Lehman Brothers.  Bear Stearns. Washington Mutual. AIG. Countrywide. New Century. American Home Mortgage. Citigroup. Merrill Lynch. GE Capital. Fannie Mae.  Freddie Mac. Fortis. Royal Bank of Scotland. Lloyds TSB. HBOS. Northern Rock.  When each of the notorious “financial crisis” institutions collapsed, were [...]
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    Fetched: September 18, 2009, 1:31pm EDT

  • @Going Concern “Lehman: The Razor’s Edge”

    My new post is up @Going Concern. "What really happened?  Brad Hintz, a CFO of Lehman in the late ‘90s told Reuters, "It was a series of small steps -- rising leverage, retention of risky positions, delay of raising capital and reliance on 'hot money' for financing..." All those things contributed to" [...]
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    Fetched: September 17, 2009, 9:58am EDT

  • @Going Concern “Lehman: The Razor’s Edge”

    My new post is up @Going Concern. "What really happened? Brad Hintz, a CFO of Lehman in the late ’90s told Reuters, “It was a series of small steps — rising leverage, retention of risky positions, delay of raising capital and reliance on ‘hot money’ for financing…” All those things contributed to the untenable" [...]
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    Fetched: September 16, 2009, 3:58pm EDT

  • “Wait! I Was Just Getting Started…” A Guest Blog Post For Roger CPA Review

    I've written a guest blog post for my sponsor, Roger CPA Review. "...Losing your Big Firm job before you've gained 3-5 years of experience puts you in a "limbo" of sorts. You're no longer a new graduate and, yet, you're not qualified for an "outside" job, at least according to the" [...]
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    Fetched: September 15, 2009, 3:58pm EDT

  • PwC’s “Bundler” Outlives His Usefulness

    R. Carter Pate is no longer the US Advisory Leader at PwC.  There was no announcement.  I can't even find an announcement of his replacement, Dana McIlwain, on the PwC US website.  Only this short snippet in the September 2009 Faculty Newsletter: "Continuing PwC's decades long tradition of working together with'" [...]
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    Fetched: September 12, 2009, 9:58pm EDT

  • Taking Your Pulse

    Taking Your Pulse         Friday afternoon 9/18/09 Quite a variety of searches this morning.  Looks like KPMG layoffs is the trending topic. The Top Searches landing on this blog.   accounting network liability parmalat audit partner salaries auditor liability subprime bdo international big 4 big 4 accounting raises this year big 4 average partner compensation audit big 4 partner salary big [...]
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    Fetched: September 09, 2009, 9:58pm EDT

  • @Going_Concern “If I Told You I’d Have To Shoot You…”

    My new post is up @Going_Concern. "Bank of America (BAC) is in the news again today. The reason is one of my favorite subjects, attorney-client privilege. From the New York Attorney General’s (NYAG) letter to Bank of America’s attorney, Lewis J. Liman: “Bank of America’s indiscriminate invocation of the attorney-client privilege is hindering this" [...]
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    Fetched: September 09, 2009, 3:58pm EDT

  • McKenna Interviewed By @MissTrade’s Matt Davio

    I was video interviewed earlier this week by Matt Davio @MissTrade.  Matt is a full time trader who both swing position trades and daytrades. For whatever reason, there are hundreds of traders who follow me on Twitter and they're starting to visit this blog in greater and greater numbers.  They tell me that they're [...]
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    Fetched: September 04, 2009, 9:59am EDT

  • @GoingConcern “Professional Rogues”

    My new post is up @GoingConcern "Not only is everything I tell you true, but the truth of what these guys do is often stranger than fiction. Each day I can choose from a long list of incidents - egregious violations of personal and professional ethics and accounting standards as well as disregard" [...]
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    Fetched: September 04, 2009, 9:59am EDT

  • Damn The Conflicts: Arthur Levitt Still Won’t Shut Up

      The piece reprinted below was posted back in March, 2009 at The Huffington Post. I've put it up here again because of the heightened interest in Mr. Levitt. He wrote a recent Op-Ed piece for the New York Times defending "high frequency trading."  As you can see, the conflicts for Mr. Levitt, especially now that' [...]
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    Fetched: September 04, 2009, 9:59am EDT

  • Won’t you consider…

    ...supporting this site? Your voluntary subscription will help me keep non-essential advertising to a minimum. Less advertising means less pressure on the independence and objectivity required to keep the truth about the accounting/audit industry front and center. The sustaining subscription is $10.00/month and can be cancelled at any time. Thank you to all [...]
     | Rate | Archive
    Fetched: September 04, 2009, 9:59am EDT

  • Investor Relations & Web 2.0

      Many companies are using Web 2.0 tools to aid in corporate communications and public relations. How many companies are using these tools for investor relations? In order to determine this, I looked at the top 100 Fortune companies’ investor relations Web sites (the full results of which are linked below.) The primary methods [...]
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    Fetched: September 04, 2009, 9:59am EDT
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