Sarbanes-Oxley – Page 2 – Francine McKenna

McKenna at American Accounting Association Public Interest Conference

April 18, 2011/6 Comments/in Latest, PCAOB, Regulators, Laws, Standards, Regulations, Sarbanes-Oxley, SEC, Where I've Been

Here’s the speech and slides I used for the AAA Public Interest Conference on April 1-2 and Top X list of possible research topics for accounting and audit academics interested in public policy.

I’ll be at the American Accounting Association Midwest Conference in Columbus, Ohio May 12-14. I’m on a panel to discuss the audit firm model and will take questions at a separate session. Hope to see you there.

If you would like me to speak for your group, please email me at fmckenna@mckennapartners.com

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

November 24, 2009/31 Comments/in Fraud, Latest, PCAOB, Pure Content, Regulators, Laws, Standards, Regulations, Sarbanes-Oxley, SEC, The Big 4 And Consulting

Sarbanes-Oxley (SOx) made law what is best practice for all public companies or companies that issue public debt. That includes “smaller” companies.

Auditor Independence: Will “Crisis” Cause Compromise?

August 13, 2009/13 Comments/in Independence, Internal Audit, KPMG, Latest, PricewaterhouseCoopers, Pure Content, Sarbanes-Oxley, The Big 4 And Globalization

Given the pressures on costs and the longstanding ties some finance, audit, and accounting executives have with the accounting firms, it is not surprising that the weakening of the independence commitment may come from the companies themselves. What’s the downside for them? The potential for scrutiny by corporate governance experts and journalists? You can’t argue with a recession. And in the event of an accounting scandal or restatement, plaintiff’s lawyers will have an uphill battle to penetrate the impenetrable auditor liability shields and caps.

What’s lost in all of this discussion of efficiency and cost cutting?

Independence protects shareholder’s interests.

Looking Out For Me, Myself, And I

March 15, 2009/27 Comments/in KPMG, Latest, PCAOB, Pure Content, Sarbanes-Oxley

There is at least one person who doesn’t have to worry about having a good job, at KPMG no less. Thomas Ray was the Chief Auditor and Director of Professional Standards for the PCAOB.

According to WebCPA:

Ray is joining KPMG as a partner in the firm’s department of professional practice in New York.

The Auditors’ Chinese Wall – Is SOx Still A Keystone?

February 20, 2009/11 Comments/in Audit Firm Management, Pure Content, Sarbanes-Oxley

When the Sarbanes-Oxley Act was passed in the summer of 2002, largely as a rushed reaction to Enron, it did get a few key things right. We can’t allow time, or fuzzy academics, to let us forget the good reasons for having made them.

A Question Of Value – Why So Much Ado?

October 21, 2008/4 Comments/in Fair Value, Liability Caps, PricewaterhouseCoopers, Sarbanes-Oxley

What we have we prize not to the worthWhiles we enjoy it, but being lacked and lost,Why, then we rack the value, then we findThe virtue that possession would not show usWhiles it was ours. William Shakespeare (1564–1616), British dramatist, poet. Friar Francis, in Much Ado About Nothing, act 4, sc. 1, l. 218-22. We […]

Alcoa – Let Me Tell You How The Good Guys Do It

September 22, 2008/2 Comments/in GE, Sarbanes-Oxley

I was in San Francisco September 6-10 for the CFO.com Technology Conference. I’ve already told you the story of how this came to pass. Vinnie Mirchandani is not only smart and good at what he does, he’s a really nice guy. Only thing, Vinnie…Next time stick the GPS device on the dashboard. Watching the driver […]

Arthur Levitt – Looking Down From The Mountain

June 9, 2008/1 Comment/in AIG, Audit Quality, PricewaterhouseCoopers, Sarbanes-Oxley, SEC, Subprime

Arthur Levitt recently gave an interview in a Dutch publication de Accountant. Accountancy Age in the UK highlights some key quotes and provides a link to the full article in English. Levitt comments about the potential need for “audit-only” firms and his encouragement of, “…greater transparency, to understand what condition a firm is in. […]

GE – Will Somebody Please Look Really Hard Under Their Hood?

April 21, 2008/6 Comments/in Bear Stearns, GE, KPMG, Sarbanes-Oxley

Picture Source Update GE’s Annual Meeting is this Wednesday. Looks like Immelt will have some explaining to do… But take a look at this report fresh from the Associated Press. Can you believe accounting professors are talking about earnings manipulation by GE as if it were expected and par for the course? Makes you wonder […]

Big 4 Blind Items – Spring Edition

March 31, 2008/13 Comments/in Deloitte, Goldman Sachs, Internal Audit, PricewaterhouseCoopers, Sarbanes-Oxley

For your commenting pleasure, a variety pack of ponder-ables… Which multi billion dollar global government contractor was one of the few, if only, public companies of its size to be cited for a material weakness due to an ineffective internal audit function? This is not the typical “completely missing” internal audit function but one that existed […]

A Chicago Event, New Links And Comments

March 21, 2008/2 Comments/in Bear Stearns, Goldman Sachs, PricewaterhouseCoopers, Sarbanes-Oxley, Subprime

Unfortunately, I’ve had to cancel my live visit to Washington DC for the US Chamber’s Capital Markets Summit. Under the circumstances, I am sure it will be a blast, but Chicago client requirements will keep me here. I will be blogging about it and hope to get some nuggets for you and beat Edith to […]