Archive for the ‘Latest’ Category

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

By Francine • 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.

Share


New York’s Carolyn Maloney More Focused On Politics Than Investors

By Francine • Apr 12th, 2012

With Democrats like Representative Carolyn Maloney of New York, who needs the Republicans? When special interests pursue self-interested legislation or seek to block legislation that affects their interests Maloney is ready to wave the jobs and economic growth flag for her campaign contributors rather than looking out for investors.

Share


Groupon: You Must Have Fallen From The Sky

By Francine • 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.

Share


Are Auditors Reporting Fraud And Illegal Acts? The SEC Knows But Isn’t Telling

By Francine • Feb 22nd, 2012

There are still many unanswered questions about how and why the financial crisis frauds occurred. New frauds, such as the Chinese reverse merger frauds, took advantage of a public listing loophole that the SEC and auditors missed. All these investor losses occurred under the supposedly watchful eyes of auditors, who are paid dearly to protect shareholders but in many cases are either complicit, incompetent, or both.

Share


The Risky Business of Being A Bank Chief Risk Officer

By Francine • 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.

Share


MF Global Mystery: The Beginning of the End or the End of The Beginning?

By Francine • Jan 10th, 2012

Lots of news and updates on MF Global, PricewaterhouseCoopers, JP Morgan, Jamie Dimon and the politics of money.

Share


How Do You Hide A Multibillion Dollar Loss? Accounting For The Olympus Fraud

By Francine • Jan 2nd, 2012

I asked CPA and blogger Jim Ulvog to write a guest post on the Olympus scandal because he was the only one to explain it to me from an accounting perspective. An investigative report prepared by auditor Ernst & Young Shin Nihon – yes, the one that missed the fraud – is a scathing indictment of the company and others potentially complicit in the multi-year subterfuge.

Share


Update: Mortgage Servicer Foreclosure Review Process

By Francine • 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.

Share


At Deloitte, More Pain Before Any Quality Gain

By Francine • Nov 30th, 2011

re: The Auditors has seen a confidential, internal Deloitte training document, prepared this past summer, that reveals the firm expects the worst when the inspection reports for their 2009, 2010, and 2011 audits are published by the PCAOB. Is Deloitte truly committed to a sea change in tone as well as technique? I’m not convinced.

Share


MF Global: Where Is The Missing Money?

By Francine • Nov 10th, 2011

Almost everyone wondering where the missing MF Global customer assets have gone thinks they will show up eventually. I believe the assets are long gone.

Share