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I spoke at the Georgia Southern University’s Center for Forensic Studies in Accounting and Business Sixth Annual Fraud and Forensic Accounting Conference at the Hilton Desoto, Savannah on May 15-17, 2012. My topic was “Auditors as ‘Whistleblowers’: The Auditors’ Responsibility to Report Fraud and Illegal Acts.”
Yesterday’s column at American Banker digs into the accounting for JP Morgan’s reported “hedge”. I was shocked – OK, not really – that no main stream media outlet had explained the stunning announcement made by Jamie Dimon last Thursday.
My column on the subject this morning at American Banker is getting quite a bit of play. Dimon’s mea culpa on the loss was timed to avoid lying, again, to a room full of people – JP Morgan’s Annual Meeting is tomorrow May 15 – about how bad 2nd quarter results will end up.
Available Now: re: The Auditors: The Mystery of The MF Global Failure
This book is the fourth in a series of compilations from re: The Auditors. This volume focuses on the failure of MF Global on October 31, 2011. MF Global was a broker-dealer and futures commission merchant (FCM).
The Securities and Exchange Commission is rattling a dull sabre again towards Shanghai-based Deloitte Touche Tohmatsu CPA Ltd. for its refusal to provide the agency with audit work papers related to another China-based company under investigation for potential accounting fraud against U.S. investors. It looks to me like it’s personal rather than productive.
My first feature article for Forbes magazine is out on the newsstands today.
Chesapeake Energy’s auditor is PricewaterhouseCoopers. The auditor is paid lass than $3 million to prepare an opinion on this challenging company. Sometimes you can be paid too little to be sufficiently skeptical…
A column I wrote for American Banker on March 5, 2012, “What Little We Know About Foreclosure Reviews Is Troubling”, was mentioned during the recent House Financial Services Subcommittee hearing on issues facing the accounting and auditing industry.
With Democrats like Representative Carolyn Maloney of New York, who needs the Republicans? When special interests pursue self-interested legislation or seek to block legislation that affects their interests Maloney is ready to wave the jobs and economic growth flag for her campaign contributors rather than looking out for investors.
I expect the auditors to earn their fees by looking out for investors. But maybe that’s just pie in the sky.
 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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