Auditor Rotation Proposal Just More Spin via Storify
This is an experiment using a tool called Storify that combines text and Tweets. I’m not sure yet how to get the formatting perfect, but I thought you might like to see the results.
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Updated: “Background Briefing” Australian Radio Quotes McKenna
/7 Comments/in Pure Content, You Can Quote Me On ThatI was recently interviewed for the radio show, Background Briefing, and the segment, “Auditing the Auditors,” that aired Sunday August 14th in Australia. The transcript and a podcast are available. I get the last word in response to a defense of the auditors by John Hempton re: the Chinese reverse merger scandals.
Making Mortgage Fraudsters Pay…But Via Private Lawsuits (And Some Attorneys General) Not Law Enforcement
/9 Comments/in Audit Quality, Deloitte, EY, Fraud, KPMG, Latest, PricewaterhouseCoopers, Pure Content, Regulators, Laws, Standards, Regulations, SEC, Subprime, The Case Against The AuditorsThank goodness for the plaintiffs’ bar and class action lawsuits. And state attorneys general. Without them, there’d be very little justice yet – or compensation – for any of the mortgage-related fraud perpetrated during the real estate bubble.
The State Of Sarbanes-Oxley Compliance: The Protiviti Survey Results
/14 Comments/in Pure Content, The Big 4 And ConsultingThe results of Protiviti’s survey of Sarbanes-Oxley compliance are out. I like seeing viable alternatives to the Big Four audit firms.
Say Anything: The Big Four Defense Of Overtime Exemptions
/19 Comments/in Latest, Pure Content, Your CareerAlthough the state and federal wage and hour laws governing eligibility for overtime pay are complicated, the public policy issues they present for audit firms are not.
Two Wildly Different Stories About Deloitte: Or Are They?
/12 Comments/in Latest, Pure Content, The Case Against The AuditorsIn the last few weeks, I’ve written two very different stories about Deloitte. Both stories bothered me, but in different ways, so I was compelled to write about the firm both in unsympathetic and sympathetic terms. In the end, neither story says much about the state of the audit industry and the pre-2011 regulation of the audit firms.
McKenna Linked To By American Lawyer Re: Berkshire Corporate Governance
/in Pure Content, You Can Quote Me On ThatOk, so it’s not a quote. And they don’t even mention my name. But indulge me a minute. I’m thrilled to have been linked to by American Lawyer’s Amy Kolz in the AmLawDaily Blog regarding the Berkshire Hathaway investigation of the Sokol affair.
Being Expedient: PwC Settles Satyam U.S. Class Action
/6 Comments/in Latest, Pure Content, The Case Against The AuditorsIt was a quiet almost-end to a sordid chapter in PwC’s history. Last week I wrote about PwC’s settlement of their Satyam class action lawsuits in New York for Forbes. Here’s some additional commentary and analysis, including links to all the stories I’ve written about the scandal since it broke in January 2009.
An Honest Services Crisis: Professional Poison and a Chicago Connection
/7 Comments/in Latest, Pure Content, The Big 4 And ConsultingThe Big Four, off and on, have had some of the largest global consulting practices across most categories.The larger an organization gets, the more its staff takes on the average characteristics of individuals within the markets it serves. Mark O’Connor of Monadnock Research presents a guest post on the special risks posed by Big 4 audit firms who provide consulting services.
Will Auditors Be Held Accountable? The PCAOB Has A Plan
/9 Comments/in Latest, Pure Content, The Case Against The AuditorsI was in Washington DC to attend the March 24 meeting of the new Standing Advisory Committee (SAG) of the new PCAOB. I was surprised twice by a report presented by the PCAOB’s Investor Advisory Group at last week’s meeting. First surprise: Chairman Doty was right. Good people are looking at the issue of auditor effectiveness, especially during the crisis. Second surprise: The report quoted me.
Birds On A Wire: How Do The Firms Get The Word Out?
/1 Comment/in Audit Firm Management, Pure Content, Writing for OthersThis article was originally published on GoingConcern.com October 7, 2009. It’s been a while since an update on the PwC/Satyam fraud for re: The Auditors. Rest assured, it’s all still a big problem for PwC. Their partners are still in jail but the wheels of Indian justice turn slowly. I did receive reports that India’s […]
‘Independent’ Directors for the Audit Firms: Much Ado About Nothing”
/1 Comment/in Food for ThoughtYou might as well be trying to save walruses from an oil spill in the Gulf of Mexico. The Big 4 audit firms’ response plans in the event of catastrophic litigation, if they exist, are likely cookie-cutter boilerplate, out of date, irrelevant and prepared by the same go-to defense lawyers that shill for them and repeatedly negotiate their settlements.