Archive for the ‘The Big 4 And Consulting’ Category

Foreclosure Settlement Shuts Down Reviews: Banks Will Continue Business As Usual

By Francine • Jan 13th, 2013

It’s easy to forget, with all the propaganda being published by major media, why these Fed/OCC consent decrees were issued in the first place. The fact that a borrower may be in default does not negate the overwhelming evidence that court cases have provided that banks proceeded fraudulently and illegally in some foreclosures and looted those borrowers and institutional investors in mortgage securities by charging fraudulent and illegal fees in the process.

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PwC and Thomson Reuters: Too Close For Comfort

By Francine • Dec 26th, 2012

Here’s the thing…The perception of auditor independence is as important, or maybe even more important, than the fact of auditor independence. This is not new.

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Communicating in the Time of Facebook: An OpEd By Roopen Roy

By Francine • Dec 10th, 2012

How do you connect with your target audience? Game-changing technologies influence how you communicate with the young (and the not-so-young) social media-savvy crowd.

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McKenna Panelist At NYU On Auditor Independence And Consulting

By Francine • Nov 28th, 2012

I was at New York University’s Vincent C. Ross Institute of Accounting Research to speak on a panel that included Paul Volcker, Bob Herz and a lawyer representing PwC and EY. The Ross Roundtable on the “Impact of Reemergence of Consulting Practices at Major Audit Firms” was well attended.

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SAP’s Big Expensive Acquisitions

By Francine • Oct 17th, 2012

Here’s the background on SAP’s acquisition of SuccessFactors, a cloud-based HR application.

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Huron Consulting, Its Executives and PwC; All’s Well That Ends Well

By Francine • Jul 23rd, 2012

The Huron Consulting case is a great one if you would like to see examples of almost everything that’s wrong with the audit industry, the regulation of the industry and “reforms” like Sarbanes-Oxley.

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A Response to Reuters on Internal Audit and Banks

By Francine • Jun 29th, 2012

Reuters has a story out today entitled, “Regulators tighten up bank in-house checks.”

Unfortunately it does nothing, in fact it distorts, the role of internal audit, external audit and the Audit Committee of the Board of Directors in a bank.

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I’m In Congress! Foreclosure Review Work Cited By Congressman

By Francine • Apr 13th, 2012

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.

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Auditor Rotation and Banks: If It Makes You Happy…

By Francine • Mar 26th, 2012

My column today at American Banker is about the PCAOB’s auditor rotation and auditor independence concept release and its impact on banks. My favorite lines are…

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KPMG Nixes GE Loaned Tax Staff Engagement

By Francine • Jan 26th, 2012

KPMG will no longer loan tax professionals to GE during busy season, according to a source close to the situation. KPMG was billing an extra $8-10 million, over and above the audit each year, for the service.
Loaning, assigning, or “seconding” tax or any “bookkeeping” staff to an audit client is prohibited by the Sarbanes-Oxley Act of [...]

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