• Archive for the ‘Fraud’ Category

    E&Y, Their Audit Client Wal-Mart, and Value Pricing

    By • Mar 23rd, 2013

    This post about Ernst & Young’s aggressive tax advice to audit client Wal-Mart was originally posted October 29, 2007. It’s worth everyone – I’m talking to you SEC and PCAOB – taking another look at this given Wal-Mart’s new Mexican bribery problems and the SEC investigation of Ernst & Young for tax lobbying to audit clients. (Ernst & Young has been silent and left out of most media discussion about Wal-Mart’s FCPA problems in Mexico and elsewhere.)



    McKenna On NPR’s “All Things Considered”

    By • Nov 21st, 2012

    I was asked to talk about HP and Autonomy tonight on NPR’s “All Things Considered” program.



    Forbes Magazine: Lying With Numbers

    By • Nov 13th, 2012

    The SEC is busy chasing Ponzi schemers and foreign bribers. But bogus accounting remains a bigger danger to the markets. (More links.)



    On Anniversary of MF Global Bankruptcy, Something Still Missing

    By • Oct 31st, 2012

    Something is still missing today, the one year anniversary of the bankruptcy of MF Global.
    What’s still missing from this sordid affair is an accounting of the whereabouts of the financial auditor, PricewaterhouseCoopers.



    Casino Industry Suffering From China Denial Syndrome

    By • Oct 8th, 2012

    When you think about the big Las Vegas casinos, you should be thinking about Macau instead. The casino industry is a good example of the U.S. based multinationals that would suffer from any bold moves by regulators against the Chinese member firms of the Big Four audit networks.



    Why Is The SEC Pursuing Deloitte Shanghai? Looks Like It’s Personal

    By • May 10th, 2012

    The Securities and Exchange Commission is rattling a dull sabre again towards Shanghai-based Deloitte Touche Tohmatsu CPA Ltd. for its refusal to provide the agency with audit work papers related to another China-based company under investigation for potential accounting fraud against U.S. investors. It looks to me like it’s personal rather than productive.



    Groupon: You Must Have Fallen From The Sky

    By • Apr 7th, 2012

    I expect the auditors to earn their fees by looking out for investors. But maybe that’s just pie in the sky.



    The Risky Business of Being A Bank Chief Risk Officer

    By • Jan 22nd, 2012

    It’s difficult for me to imagine a new generation of systemically important financial services company CEOs without strong risk management experience. But the newly prominent role also gives shareholders, regulators, and the media an easy target for ridicule after a corporate stumble or failure.



    MF Global Updates: Forbes, American Banker

    By • Jan 14th, 2012

    Amazing but true, the MF Global story is still red hot, reason being $1.2 billion in customer funds is still missing. Here’s a recap of recent columns at Forbes and American Banker that have tracked new developments.



    Update: Mortgage Servicer Foreclosure Review Process

    By • Dec 27th, 2011

    I was the first to report on December 6 the irony of Deloitte having been selected by, of all banks, JP Morgan Chase. The high likelihood of a conflict between the bank and the audit firm, and possibly the individual Deloitte partners assigned to the JP Morgan Chase review, should have been obvious to anyone at the OCC. It turns out I was right.