Archive for the ‘Pure Content’ Category

VC Horowitz Implicates Auditor PwC In Story About Dodging Backdating Bullet

By Francine • Feb 13th, 2014

Imagine my surprise when Ben Horowitz, one half of the venture capital team of Andreessen Horowitz, wrote a blog post about dodging a stock option backdating jail term that also implicates PwC.

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Next Up On The “Operation Broken Gate” Agenda? Could Be PwC and Thomson Reuters

By Francine • Feb 3rd, 2014

Now that the Securities and Exchange Commission has crossed KPMG’s independence violations off its to-do list, the agency can move on to the rest of the ones I’ve already identified for them. How about PwC and its business relationships and myriad services provided to audit client Thomson Reuters?

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Not That Satisfying: SEC Slams KPMG For Independence Violations

By Francine • Jan 28th, 2014

It’s been almost three years since I first broke the story of KPMG’s loaned tax staff arrangement with audit client GE. On January 24 the Securities and Exchange Commission (SEC) announced an $8.2 million settlement with KPMG over violations of auditor-independence rules. The wheels of justice turn very slowly. But the GE case was not one of the three cited as the subject of the enforcement action.

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One Way Or Another: The SEC Versus The Chinese Big Four Firms

By Francine • Jan 25th, 2014

SEC Administrative Judge Cameron Elliot issued a blistering decision last week in a long-running dispute over regulator access to auditor work papers in fraud investigations. The judge banned the Chinese Big Four firms from auditing US issuers for six months and lambasted them for voluntarily putting their firms “between a rock and a hard place.” The decision is not yet final but the enormous impact is already being felt worldwide.

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Madoff, MLK, Buddha And Elusive Nature of Self-Interest

By Francine • Jan 20th, 2014

Your first obligation as a professional is to your client, not your firm, your partners, or even your family.

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Winning! PwC Argues Both Sides Of The Partner Naming Debate

By Francine • Dec 19th, 2013

How do the audit firms keep winning the war while losing battles left and right? They use the law and the courts to delay, deter and distract from transparency by settling, and sealing what they can, before the public can find out what silly arguments they often make in their defense.

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Niblets

By Francine • Dec 18th, 2013

Stories that get stuck in your teeth.

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New In Chicago Booth’s Capital Ideas Magazine: Big Four To Big Three

By Francine • Dec 13th, 2013

Could the audit industry, which thrives on a government mandate that subsidizes an oligopolistic business model, survive if we went, catastrophically, from four to three global firms?

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Call of Duty: Who Has The Last Word On “Network” Audits of US-Listed Companies?

By Francine • Dec 10th, 2013

Who has the last word on audit quality and compliance with GAAP and SEC filing requirements for US-listed foreign companies? If you were hoping it was the US audit firm, you’ll have to prove your case in court.

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Naming Them: Why Markets Deserve To Know Audit Partner Names And More

By Francine • Nov 24th, 2013

We now know more about what the firms have been hiding. The global capital markets, not just current shareholders, need full disclosure of the engagement teams on all public issuers over time, and in a way that is easily accessible.

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