The SEC vs. The PCAOB and Jim Doty: Impasse or Détente?

Jim Doty’s term as chairman of the PCAOB, the audit regulator, expired in October. All summer since I arrived in Washington D.C., leading up to that date and since, there’s been speculation about whether or not SEC Chairwoman Mary Jo White would reappoint him to the job.

The Leading Indicator of Repurchase Risk Losses? Audited By KPMG

If you are a regular reader of this site, you may remember the first time I warned you about the poor disclosure practices surrounding repurchase risk. It was all the way back in March of 2007 and I was referring to the lack of disclosures surrounding New Century Financial. I warned you again seven months ago that another KPMG client, Wachovia/Wells Fargo, has the same disclosure issues with regard to repurchase risk. The latest announcements of potentially material losses due to forced repurchases of mortgages from Fannie Mae (Deloitte) and Freddie Mac (PwC) were made by JP Morgan and Bank of America – both audited by PwC. Maybe ya’ll should kick the tires a little more on Citibank’s big comeback.

Privacy Policy and Terms of Use

The events of last week, including those that occurred in the world around us, have prompted me to formalize my Comments Policy and Privacy Policy/Terms of Use. These policies, to be honest, were always my standard operating procedure, but given the heightened and constant nature of the threats all around us, it’s time to commit them to print. I want you to know what they are, so you can act accordingly both on and off the site.

You Can Put Lipstick On A Pig, But…

Yesterday I mentioned in passing that Deloitte is considering a rebranding effort, ostensibly to solidify their position as a Consulting Firm rather than an Audit Firm. I can understand the desire to distance yourself from the train wreck that is the auditing business. It’s less a business model than government-sanctioned vehicle for organized crime against […]