Will Auditors Ever Answer To Investors For Aiding And Abetting?

The House – Senate Wall Street Reform and Consumer Protection Act Conference reconvened on Tuesday, June 15 and Compliance Week says a version of the Specter Bill – to repeal the Supreme Court’s Stoneridge decision – will not be included in whatever comes out of the process. However, a coalition of state regulators, public pension funds, professors, consumers and investors and the attorneys who advise them, are still working to put something back in the bill as an amendment to restore the right of investors to defend themselves and hold white collar criminals accountable.

The Auditors And Financial Regulatory Reform: That Dog Don’t Hunt

I was invited to talk with Delaware Senator Ted Kaufman (D) and his staff last week about accounting industry reform. It’s not every day that a regular girl from Chicago has a chance to talk with a sitting US Senator about the subject most important to her.
No… I’m not talking about Rosie, my Rott.
I’m talking about the auditors’ role in the financial crisis and their place in the regulatory reform bills now being considered.

“Too Few to Fail” or Something More?

So picture this scene…

KPMG is negotiating with the Department of Justice about its troubles while Department of Justice is negotiating with KPMG, their auditors, regarding their audits of DOJ financial statements. Given the major issues in found at DOJ during fiscal year 2004, DOJ must negotiate a way to get KPMG to show that there is some improvement and that they are not in violation of federal regulations and other such bothersome requirements. Who had the leverage here? I would venture to guess that in addition to the “too few to fail” doctrine at work here, there was also an attitude on the part of KPMG of, “Hey DOJ losers, who are you to call us a mismanaged, uncontrolled mess?”

McKenna Selected As Finalist: 2010 Gerald Loeb Awards for Distinguished Business and Financial Journalism

On Monday night I saw the press release naming me as a finalist for the 2010 Gerald Loeb Award for Distinguished Business and Financial Journalism in the Online Commentary/Blogging category. I’m thrilled.

re: The Auditors Mentioned In The Columbia Journalism Review

It’s been my great pleasure to get to know Ryan Chittum, the reporter for the Columbia Journalism Review’s (CJR) The Audit, a blog devoted to the critical look at business journalism. Ryan and I have not yet met in person, but  The Audit is a daily must read. I did have the opportunity to meet […]

Fraud Happened: The No-Account Accountants Stood By

The financial crisis is now about fraud. The word that dared not be uttered, even behind closed doors, has now disturbed the peace of a nascent “recovery.”

My Commentary Part 2: Ernst & Young’s Letter To Audit Committee Members

Unfortunately for Ernst & Young, even before the release of the Lehman report, too many things had already gone wrong. Their credibility is, pretty much, shot to hell. Their only hope may be that both civil and criminal proceedings take so damn long that they’ll instead die a slow and painful death by litigation and suffocating legal fees than by the swift sword of an Arthur Andersen-type criminal indictment by the US Department of Justice.

My Commentary Part 1: Ernst & Young’s Letter To Audit Committee Members

This is Part 1 of my commentary on the letter that Ernst & Young recently sent to Audit Committee members defending themselves against the findings in the Lehman Bankruptcy Examiner’s report. The Bankruptcy Examiner, Anton Valukas, found “colorable claims” against EY.

An Ernst & Young Response: Dear Audit Committee Member…

Ernst & Young is circulating a point-by-point response to the Lehman Bankruptcy Examiner’s Report to Audit Committee Members. In the letter, EY attempts to defend their position in more detail.

Journalism Leadership and the Peter Principle: A Guest Post From Eric Starkman

Mainstream journalism is in desperate need of radical visionaries, yet the industry continues to be led by people who are part of the problem rather than a source for the solution.

Top Referrers to Re: The Auditors

These sites are some of the Top Referrers to re: The Auditors.
Take a look.