• Archive for the ‘Latest’ Category

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

    By • 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.



    The “Chilling Effect”: No One Important Wants The Auditor’s Opinion

    By • Nov 13th, 2013

    Are auditors too cozy with management and the Audit Committee? Unfortunately, that the way they all seem to like it. Investors and the capital markets suffer.



    PwC To Acquire Booz But Broader Not Better For Integrity Of Global Capital Markets

    By • Nov 10th, 2013

    PwC says it will acquire Booz. Don’t count on the SEC or the PCAOB to stop PwC and its audit firm competitors from “slipping back” into the old conflicts between audit and consulting. Is anyone guarding the guardians?



    $99 Million Buys EY Ticket Out Of Private Lehman Litigation, Finally

    By • Oct 21st, 2013

    Last defendant standing. Not an enviable place for EY in the case, In re Lehman Brothers Securities and Erisa Litigation. Holding out until the end has now cost EY $99 million, more than Lehman officers and directors.



    Nothing SOx-y About SEC’s JP Morgan “Whale” Settlement

    By • Sep 23rd, 2013

    If the JP Morgan “Whale” settlement was a true Sarbanes-Oxley success story, we’d see some bank executives going to jail. For a change.



    Broker-Dealer Audits Still Badly Broken

    By • Sep 3rd, 2013

    The PCAOB’s second “progress” report on broker-dealer audits found deficiencies in all of the audit firms inspected and in 57 of the 60 audits inspected. That’s not much progress.



    Jamie Dimon (And JP Morgan) Besieged

    By • Aug 20th, 2013

    A blog post at Medium.com last Friday updated everyone with the latest on the JP Morgan “Whale” traders who were indicted last week and assorted other energy trading and mortgage related investigations. But there’s more!



    The Indictment of S.A.C. Capital Advisors: Where Was The Auditor?

    By • Jul 26th, 2013

    Unfortunately, regulatory supervision of investment advisors, broker-dealers, and their auditors leaves a lot to be desired. PwC missed years of illegal activity at S.A.C. Capital Advisors. If only we could say that’s the first time.



    EY Bets The Farm On Advisory With Vision 2020: A Guest Post From Mark O’Connor

    By • Jun 30th, 2013

    Lofty goals like EY’s Vision 2020 serve a promotional purpose to attract top talent, and create the rationalization for promises of vast internal opportunities to keep top performers engaged. But unintended consequences would likely foreclose any real possibility that the $50 billion aspect of EY’s 2020 strategic plan could be executed as currently conceived.



    My Latest Forbes Magazine Article: “The Madoff of Munis”

    By • Jun 11th, 2013

    Taxpayers are getting killed. I think municipal bondholders are next.