Archive for the ‘The Case Against The Auditors’ CategoryWhat Are the Chances of a Significant Sanction or Fine for KPMG?By Francine • Mar 31st, 2019Why shouldn’t the SEC and/or the Department of Justice now sanction, or in some way criminally penalize, KPMG the firm for the PCAOB data theft “steal the exam” scandal? Can you say D-E-B-A-R-M-E-N-T? The Question of the KPMG WhistleblowerBy Francine • Mar 10th, 2019The timeline of who told whom what and when, this time around for KPMG, is a bit more complicated than David Middendorf described in his testimony in the criminal case against him for allegedly conspiring to steal PCAOB inspection data. Update: KPMG: Whittle and Holder Plead GuiltyBy Francine • Nov 28th, 2018KPMG partner Thomas Whittle broke ranks on October 29 and pleaded guilty to all five criminal charges. He is now cooperating with prosecutors. Do you have more information about this case? Leave a comment here, one I can leave unposted, if you wish to communicate confidentially or DM me on Twitter @retheauditors for Signal encrypted confidential messaging instructions. A Requiem for Independent Audits: The Last Days of TheranosBy Francine • Oct 21st, 2018Looks like the Theranos investors decided that audits are worthless, even if the cost is some “immaterial to them” fraud losses. New Stories about the KPMG-PCAOB ScandalBy Francine • Aug 27th, 2018“Innovation demands risk-taking… which, in turn, entails redefining failure, stripping away its power to inhibit.” Chairman and CEO of KPMG Lynne Doughtie Another Update on the Case of FDIC v PricewaterhouseCoopers re: Colonial BankBy Francine • Apr 8th, 2018On February 28 the US Justice Department fined Deloitte & Touche LLP $149.5 million for alleged fraud against the government related to its role as the independent outside auditor of Taylor, Bean & Whitaker Mortgage Corp. Also: The damages phase of the FDIC v. PwC case regarding Colonial Bank is set to begin in Washington DC on March 20. More on KPMG and the Precedents for Possible PunishmentBy Francine • Apr 23rd, 2017Why did they do it? The WSJ walks around the question but KPMG may face big fines and, I think, its partners and the PCAOB professional could face criminal charges. Interesting Disclosures During TBW v. PwC Pre-Trial PeriodBy Francine • Sep 26th, 2016The TBW v. PwC trial gave the public quite a few interesting disclosures about the audit industry and PwC, including some some pointing to how the firms’ finances, in this case PwC, work. TBW Plan Trustee v. PwC: A Look at What Led To It and What’s NextBy Francine • Sep 25th, 2016Here’s a brief look at the TBW Plan Trustee v. PwC trial, what led to it and what’s next. Best Case Yet For Publishing Audit Partner Names: Grant Thornton’s KoeppelBy Francine • Dec 14th, 2015The 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.
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Francine McKenna (@retheauditors) is the Transparency Reporter at MarketWatch.com, a Dow Jones publication, where her work is also featured frequently in the Wall Street Journal. McKenna had 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 before becoming a journalist. Look for her prior columns, 