Archive for the ‘You Can Quote Me On That’ Category

The Case of Valeant; Not Over By a Long Shot

By • Nov 2nd, 2015

Now that Valeant has cut off the gangrenous Philidor arm, we may never know the true extent of any accounting manipulation or fraud. And then again it may all come out when the rest of the organization is scrutinized. I’d say be prepared for big inventory writeoffs, or maybe even a restatement.

McKenna Interviewed On KPMG And FIFA By The Bottom Line Canada

By • Oct 19th, 2015

I was interviewed by The Bottom Line magazine in Canada back in June on KPMG’s role as auditor of FIFA.

New At Forbes Online: The Precarious Financial Position Of The New York Times

By • Nov 11th, 2014

Update: This column was linked to by the NYT Public Editor! I published some New York Times numbers over at, “Time Is Running Short For The New York Times”, in anticipation of the company’s 3Q earnings announcement on October 30.

The Full Service Firm: McKenna Comments For Canada’s The Bottom Line On Legal Services

By • Nov 1st, 2014

I’m quoted extensively in an October 2014 The Bottom Line piece on the Big Four expansion into full-fledged legal services.

SEC’s Final Pay Rules Coming Any Day: Will They Be Enough To Level Playing Field?

By • Jul 6th, 2014

Senator Robert Menéndez [D-NJ], author of the Dodd-Frank pay ratio disclosure rule, didn’t take “not yet” for an answer when SEC Chair Mary Jo White testified before the Senate Banking Committee in late July a year ago. Menendez told White: “I’ve been waiting for several years now.” (Me, too!)

Fannie Mae And Freddie Mac Are Back: More “Adjustments”, More Calls For Reform

By • May 12th, 2014

“If accounting errors were felonies in California, Fannie Mae would already be serving life under Three Strikes.” That’s what said. See what I told about Fannie Mae’s latest multi-billion dollar “adjustments”.

The SEC’s AgFeed Complaint: No Restatement Means No Sarbanes-Oxley Clawback

By • Mar 23rd, 2014

The AgFeed case is the mother lode for an SEC that says it’s ready to rack up some accounting fraud enforcement points and, perhaps, pursue a more aggressive enforcement approach to sparsely utilized Sarbanes-Oxley provisions like Section 304, clawbacks.

Not That Satisfying: SEC Slams KPMG For Independence Violations

By • 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.

Jamie Dimon (And JP Morgan) Besieged

By • Aug 20th, 2013

A blog post at 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 Economic Significance of Accounting and the Key Role of Integrity in the Profession

By • Jul 14th, 2013

Robert Ricketts, Texas Tech University and Rawls College of Business accounting department chairman, invited me to speak at his school last April. Here’s a link to the presentation, an excerpt and some additional comments on recent news.