Archive for May, 2010

The Auditors And Financial Regulatory Reform: That Dog Don’t Hunt

By Francine • May 31st, 2010

I was invited to talk with Delaware Senator Ted Kaufman (D) and his staff last week about accounting industry reform. It’s not every day that a regular girl from Chicago has a chance to talk with a sitting US Senator about the subject most important to her.
No… I’m not talking about Rosie, my Rott.
I’m talking about the auditors’ role in the financial crisis and their place in the regulatory reform bills now being considered.

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“Too Few to Fail” or Something More?

By Francine • May 31st, 2010

So picture this scene…

KPMG is negotiating with the Department of Justice about its troubles while Department of Justice is negotiating with KPMG, their auditors, regarding their audits of DOJ financial statements. Given the major issues in found at DOJ during fiscal year 2004, DOJ must negotiate a way to get KPMG to show that there is some improvement and that they are not in violation of federal regulations and other such bothersome requirements. Who had the leverage here? I would venture to guess that in addition to the “too few to fail” doctrine at work here, there was also an attitude on the part of KPMG of, “Hey DOJ losers, who are you to call us a mismanaged, uncontrolled mess?”

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McKenna Selected As Finalist: 2010 Gerald Loeb Awards for Distinguished Business and Financial Journalism

By Francine • May 25th, 2010

On Monday night I saw the press release naming me as a finalist for the 2010 Gerald Loeb Award for Distinguished Business and Financial Journalism in the Online Commentary/Blogging category. I’m thrilled.

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On My Plate: The Compliance Week Annual Conference

By Francine • May 23rd, 2010

There’s quite a bit on my plate while I’m here in Washington DC this week for the Compliance Week Annual Conference.
I’ve brought my sharp pen and stilettos to the the Mayflower Hotel, where I’m resting comfortably and waiting for the kickoff reception tonight.  This is my fourth year covering the conference for re: The Auditors [...]

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McKenna Linked To In The Times UK

By Francine • May 20th, 2010

I was linked to March 23, 2010 in the Times of London UK on the Lehman story as the source for EY’s response to audit committee members regarding the Lehman bankruptcy examiner report.
Ernst & Young defended its work in a letter sent by several audit partners to the firm’s key clients and vowed to fight [...]

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@Going Concern “Piling Onto The Scrum: Big 4 Auditors Want A Piece of the Credit Ratings Action”

By Francine • May 19th, 2010

My new column is up @Going Concern:
They lead a charmed life.
• A government sanctioned franchise to provide their services to the largest global companies.
• Oligopolistic pricing and an annuity-style constant pipeline of business because of significant barriers to entry resulting in a license to print money.
• Historic immunity from scrutiny and litigation based on proprietary methods [...]

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Worlds Apart But Two Of A Kind: Glitnir, Satyam And Their Auditor PwC

By Francine • May 17th, 2010

Taking care of family and close friends first is universal. Whether Irish, Italian, Kenyan, Mexican, or Tunisian… Legal, regulatory, ethical and moral lines are often crossed in service to family and those who are “like a brother to me…” There are obvious similarities between the Satyam and Glitnir frauds, not the least of which is they share an auditor – PwC.

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In Support of the Bottom Line: A Guest Post From Steve Gierach

By Francine • May 16th, 2010
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“The Skeptical Professional” @GSU’s 4th Annual Fraud and Forensic Accounting Conference

By Francine • May 15th, 2010

I’m wrapping up three days in Atlanta at the Georgia Southern University Fourth Annual Fraud and Forensic Accounting Conference (Twitter hashtag #GSUFFAConf).  A big thank you to Don Berecz, Director of GSU’s Center for Forensic Studies in Accounting and Business and Laura Snyder of Porter Keadle Moore, LLP, conference sponsors, for your gracious Atlanta hospitality.
Also, [...]

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Upcoming Speeches, Appearances and Conferences

By Francine • May 12th, 2010

I’m speaking at the Fourth Annual Fraud and Forensic Accounting Education Conference to be held May 13-15, 2010 at the J.W. Marriott Hotel in Atlanta, Georgia. This conference is hosted by Georgia Southern University’s Center for Forensic Studies in Accounting and Business and sponsored by Porter Keadle Moore, LLP. My presentation is entitled, “The Skeptical Professional.”

Hope to see you there!

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