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My new post is up @Going Concern.
“The PCAOB approved Auditing Standard No. 7, Engagement Quality Review on July 28, 2009. They also issued a Concept Release on requiring the engagement partner to sign the audit report. The comment period closed September 11th and boy oh boy were there a lot of comments. The firms came [...]
“Francine McKenna, a sharp-eyed observer of Big Four machinations on her re: The Auditorsblog site, offered a trans-Atlantic view of the deal: “With everything going on here, Deloitte is probably in the worst shape of the Big Four. Deloitte lost the most clients through failures and bailouts and are really hurting, with people being laid off [...]
I’d like to introduce Professor Kelly Richmond Pope. She will be contributing to this blog on an ongoing basis and I am thrilled.
Professor Pope is a Ph.D. and CPA and Assistant Professor in the School of Accountancy and MIS at DePaul University here in Chicago. She received her Ph.D. from Virginia Tech University in 2001. She teaches managerial [...]
I wrote a post today, joining the discussion over at Clusterstock.com regarding Wells Fargo and their apparent lack of disclosure for various risks.
Did Wells Fargo’s Auditors Miss Repurchase Risk?
“How does the New Century situation and KPMG’s role in it remind me of Wells Fargo now? Well, in both cases, there’s no disclosure of the quantity and [...]
When each of the notorious “financial crisis” institutions collapsed, were bailed out/nationalized by their governments or were acquired/rescued by “healthier” institutions, they were all carrying in their wallets non-qualified, clean opinions on their financial statements from their auditors.
I’ve written a guest blog post for my sponsor, Roger CPA Review.
“…Losing your Big Firm job before you’ve gained 3-5 years of experience puts you in a “limbo” of sorts. You’re no longer a new graduate and, yet, you’re not qualified for an “outside” job, at least according to the traditional criteria. Many ask me, [...]
R. Carter Pate is no longer the US Advisory Leader at PwC. There was no announcement. I can’t even find an announcement of his replacement, Dana McIlwain, on the PwC US website.
It may have seemed “logical” at the time to put Mr. Pate in charge of not only reviving PwC’s Advisory (Consulting) practice and to expect him to turbocharge it with lots of government contracts once Mr. McCain, the Republican, was elected President. When Mr. McCain lost, Mr. Pate lost his ability to dial for Federal government engagement dollars.
My new post is up @Going_Concern
The largest audit firms are suffering, not only because of the “financial crisis,” but because the Sarbanes-Oxley gravy train slowed in early 2006, came to almost a complete stop when Auditing Standard 5 was passed in early 2007 and hit a full stop when the SEC started pushing AS5 via the [...]
I’ve been following the trials and tribulations of the mortgage originators and their auditors for a while. I wrote about American Home Mortgage and Deloitte for the first time in August of 2007.
 Francine McKenna (@retheauditors) has more than twenty-five years of experience in consulting and professional services including tenure at two Big 4 firms, both in the US and abroad. Look for my column, "Accounting Watchdog" at Forbes.com and "Accountable" at American Banker. For more information, click "About" at the bottom of this page. Your firm can sponsor this specialized news site. For more information contact Francine McKenna, fmckenna@mckennapartners.com |
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