Posts
PwC and Thomson Reuters: Too Close For Comfort
/2 Comments/in Independence, Latest, Regulators, Laws, Standards, Regulations, The Big 4 And ConsultingHere’s the thing…The perception of auditor independence is as important, or maybe even more important, than the fact of auditor independence. This is not new.
Unaudited! Not Just A China Problem So How Do We Address It?
/4 Comments/in Pure Content, The Big 4 And GlobalizationIt’s sexier for the media to focus on audit failures by inscrutable China-based Big Four audit firms than the general failure of auditors all over the world to protect investors from fraud.
Ernst & Young’s Leftover Lehman Liability
/5 Comments/in Pure Content, The Case Against The AuditorsErnst & Young gets a little bit of good news about Lehman liabilities but… Is it just me or are the auditor defense lawyers losing their touch?
Auditors Diss US Regulators Regarding China
/4 Comments/in Pure Content, The Big 4 And GlobalizationI’ve been watching the developments for a while now between the global audit firms, their clients, the regulators on both sides, and investors – especially the shorts – who have been raising the issues of Chinese frauds. I’ve written quite a bit about these issue. If you’re playing catch up, this list of posts is a good place to start.
Deloitte, HP And Autonomy: You Lose Some But You Win Some More, Much More
/7 Comments/in Latest, Pure Content, The Case Against The AuditorsWhen HP announced its intention to acquire Autonomy, the British data analysis firm now mired in accusations of serious fraud, Deloitte probably shed some enormous tears of joy. Deloitte can now openly replace those Autonomy audit fees with guilt-free consulting and lucrative alliance deals.
McKenna Panelist At NYU On Auditor Independence And Consulting
/7 Comments/in Events, Regulators, Laws, Standards, Regulations, The Big 4 And Consulting, You Can Quote Me On ThatI was at New York University’s Vincent C. Ross Institute of Accounting Research to speak on a panel that included Paul Volcker, Bob Herz and a lawyer representing PwC and EY. The Ross Roundtable on the “Impact of Reemergence of Consulting Practices at Major Audit Firms” was well attended.
McKenna On NPR’s “All Things Considered”
/2 Comments/in Food for Thought, FraudI was asked to talk about HP and Autonomy tonight on NPR’s “All Things Considered” program.
HP and Autonomy: Material Writedown With A Side Of Serious Fraud
/5 Comments/in Audit Quality, The Case Against The AuditorsHP announced today it is writing down more than $5 billion, or almost half of the Autonomy acquisition price, because of “serious accounting improprieties, misrepresentation and disclosure failures” by Autonomy former executives. Deloitte was the auditor of Autonomy, a UK software firm acquired by HP in 2011 for $11.1 billion.
re: The Auditors Is Six Years Old
/16 Comments/in Pure Content, You Can Quote Me On ThatThe blog is meant to highlight, for you the reader, the broad-based influence the Big 4 have in business, politics and social policy. Their reach is only exceeded by their constant grasp.
Former FDIC Chairman Sheila Bair On Foreclosure Lookback Reviews
/1 Comment/in Food for Thought, Pure ContentChapter 21 of Sheila Bair’s book, “Bull By The Horns,” is a blow-by-blow account of the wrangling and dealmaking that resulted in two settlements that satisfy neither consumer advocates nor the borrowers that were harmed by abusive mortgage servicer activities.
Zynga And Facebook: A Dangerously Close Relationship
/in Food for Thought, Pure ContentZynga is practically a wholly owned subsidiary of Facebook. At some point I think it will be, probably to actualize an online real-money gaming strategy.