Jim 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.
One 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 I’ve written since May on the subject and some background on some of the many controversies.
The 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.
Now that Valeant has cut off the gangrenous Philidor arm, we may never know the true extent of any accounting manipulation or fraud. And then again it may all come out when the rest of the organization is scrutinized. I’d say be prepared for big inventory writeoffs, or maybe even a restatement.
Failure to Earn: What Scattershot Enforcement of Sarbanes-Oxley Clawbacks Tells Us About Paybacks Under Dodd-FrankBy Francine • Oct 20th, 2015
I wrote at MarketWatch about the SEC’s proposed Dodd-Frank clawback rule.
I was interviewed by The Bottom Line magazine in Canada back in June on KPMG’s role as auditor of FIFA.
I was interviewed back in August by Tom Fox for his podcast on FCPA compliance and ethics issues.
Bank regulators should start hiring the consultants that are responding to bank regulatory sanctions, consent decrees and NPA/DPA legal orders directly, and also strictly monitor them. It’s time to change for regulators to change their approach before another waste of time, money and public trust occurs.
Auditor opinions on ICFR are not only not being done well, they are not producing warnings for investors and regulators that a material error and restatement is likely. Worse than that, when auditors get them wrong they whitewash their mistakes.