Author Archive

The Economic Significance of Accounting and the Key Role of Integrity in the Profession

By • Jul 14th, 2013

Robert Ricketts, Texas Tech University and Rawls College of Business accounting department chairman, invited me to speak at his school last April. Here’s a link to the presentation, an excerpt and some additional comments on recent news.



EY Bets The Farm On Advisory With Vision 2020: A Guest Post From Mark O’Connor

By • Jun 30th, 2013

Lofty goals like EY’s Vision 2020 serve a promotional purpose to attract top talent, and create the rationalization for promises of vast internal opportunities to keep top performers engaged. But unintended consequences would likely foreclose any real possibility that the $50 billion aspect of EY’s 2020 strategic plan could be executed as currently conceived.



More Conflicts For The “Independent” Foreclosure Reviews

By • Jun 30th, 2013

PwC has an ongoing independence conflict in performing the Ally/ResCap independent foreclosure review. This conflict is disturbing on two fronts.



Who Is The PwC Partner Responsible For MF Global? Someone With A Lot of Baggage

By • Jun 14th, 2013

It’s important for the integrity of the capital markets to assign individual responsibility for audit failures. We need to see the key partners’ names and their career histories because recidivist partners are hiding behind the firms which are very good at dodging general liability.



Writing For University of Chicago Booth School of Business Capital Ideas Magazine And Blog

By • Jun 13th, 2013

I’m writing for the University of Chicago Booth School of Business Capital Ideas magazine and blog now, too. The purpose is to highlight faculty research.



An Interview For The Society of Professional Journalists Region 1 Conference

By • Jun 11th, 2013

David Levitt of the Society of Professional Journalists Region 1 in New Jersey
asked me back in April to answer a few questions for a conference panel I, unfortunately, could not attend live.



My Latest Forbes Magazine Article: “The Madoff of Munis”

By • Jun 11th, 2013

Taxpayers are getting killed. I think municipal bondholders are next.



Early Returns: Scott London, KPMG and Another Partner Trading On Inside Information

By • Apr 15th, 2013

This is the fourth big insider trading case in the least few years against a senior tenured partner that betrayed the public’s trust. In none of the cases did the firm’s “extensive” and “comprehensive” independence compliance programs spot the behavior or the illegal actions. Stay tuned. There will be much more to this story, I guarantee.



JPMorgan Chase, And Dimon, Starting To Sweat About Everything

By • Apr 3rd, 2013

I put two new columns up at Forbes recently that talk about JPMorgan, PwC, Senator Levin’s “Whale” hearings, and all the other stuff JPMorgan and Jamie Dimon are really worried about.



Video Posted: McKenna Speaks At AAA-Accounting Program Leaders Group Annual Meeting

By • Mar 19th, 2013

I’m in San Diego at the Accounting Program Leaders Group/Federation of Schools of Accountancy annual seminar. I spoke Sunday on the profession and its professionals.