Appeals Court says SAIC must face CityTime fraud case
An Appeals Court said there’s enough to proceed on allegations SAIC recklessly disregarded its obligation to disclose potential liability for the CityTime fraud in its March 2011 10K.
Posts
Update: Writing About Equity Market Structure at MarketWatch
/in Food for Thought, Pure ContentOne area I am covering now at MarketWatch is market structure, specifically the equity markets. Reforming equity markets is a big ongoing issue, especially after the May 2010 flash crash. Here’s a summary of the articles, updated for a new one on February 3, I’ve written since May on the subject and some background on some of the many controversies.
Three Accounting-Related Stories At MarketWatch
/in You Can Quote Me On ThatAt MarketWatch I am fortunate that I am not expected to write a story every day, although that’s fine if something comes up like an SEC enforcement order or a spectacular corporate scandal. I am encouraged, instead, to come up with original analysis of important stories in financial regulation and legislation. We want to add […]
The SEC vs. The PCAOB and Jim Doty: Impasse or Détente?
/1 Comment/in Administration, Audit Firm Management, Audit Quality, Liability Caps, Partner Compensation, You Can Quote Me On ThatJim 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.
Best Case Yet For Publishing Audit Partner Names: Grant Thornton’s Koeppel
/1 Comment/in Audit Quality, Pure Content, The Case Against The AuditorsThe PCAOB will vote on final rule based on its proposal on Tuesday Dec 15. If audit partner names were published in the audit report, or anywhere, the public, audit committees, investors and journalists could stop lousy auditors in their tracks. Melissa Koeppel of Grant Thornton is the best case yet for making audit partner names and their engagement history, disciplinary history, and litigation history public.
Failure to Earn: What Scattershot Enforcement of Sarbanes-Oxley Clawbacks Tells Us About Paybacks Under Dodd-Frank
/in Food for ThoughtI wrote at MarketWatch about the SEC’s proposed Dodd-Frank clawback rule.
McKenna Interviewed On KPMG And FIFA By The Bottom Line Canada
/1 Comment/in Pure Content, The Big 4 And GlobalizationI was interviewed by The Bottom Line magazine in Canada back in June on KPMG’s role as auditor of FIFA.
McKenna Interviewed By The FCPA Compliance and Ethics Report
/in The Big 4 And GlobalizationI was interviewed back in August by Tom Fox for his podcast on FCPA compliance and ethics issues.
Auditors Can Be Whistleblowers: A Guest Post On Recent Developments In Whistleblower Case Law
/1 Comment/in Food for Thought, Latest, Pure ContentSeveral recent developments regarding auditor whistleblowers should be of interest to internal and external auditors and compliance professionals, whether they work for a public company or a professional services provider.
Duped By Fake Documents? All In A Day’s Work For Some Journalists
/in Writing for OthersI could not resist writing at Medium.com about the teen trader who recently duped a journalist from New York magazine into believing he had made $72 million trading gold and other alternative assets. It’s not like auditors don’t get fooled every day by fake documents.
“Tax Avoidance On An Industrial Scale” Says British MP About PwC’s Luxembourg Work For AIG And Others
/in Independence, Latest, Pure Content, The Big 4 And ConsultingBritish MP Margaret Hodge grilled Kevin Nicholson, of PwC’s UK tax practice, in a Parliament Public Accounts Committee hearing on Monday. You know you’re on your “back foot” when the first thing out of your mouth has to be a denial that you lied under oath. More details about PwC’s tax avoidance scheme for audit client and US government owned AIG.
Piling Up For PwC
/in Audit Quality, Independence, KPMG, Liability Caps, PCAOB, PricewaterhouseCoopers, Pure Content, Regulators, Laws, Standards, Regulations, Sarbanes-Oxley, SEC, The Case Against The AuditorsUpdate: The PCAOB is investigating PwC for its tax avoidance advice to Caterpillar, the Wall Street Journal is reporting. One down, more than 100+ PwC audit clients advised via Luxembourg to go…