New at Forbes: My Comments On The Latest Sanctions Against Ernst & Young
By Francine • Aug 3rd, 2011As if Ernst & Young didn’t have enough to worry about now they’ve got a public airing of some dirty laundry by the PCAOB.
Archive for the ‘Regulators, Laws, Standards, Regulations’ Category
What Do Bank of America And The Federal Home Loan Banks Have In Common? A Lawsuit & PwC
By Francine • Jul 25th, 2011Have you been following the trials and tribulations of Bank of America and their auditor, PricewaterhouseCoopers, LLP?
I have.
Making Mortgage Fraudsters Pay…But Via Private Lawsuits (And Some Attorneys General) Not Law Enforcement
By Francine • Jul 5th, 2011Thank goodness for the plaintiffs’ bar and class action lawsuits. And state attorneys general. Without them, there’d be very little justice yet – or compensation – for any of the mortgage-related fraud perpetrated during the real estate bubble.
PricewaterhouseCoopers Headed For A Trial In California Overtime Case
By Francine • Jun 17th, 2011There’s one thing about litigation that everyone agrees on. Anything can, and sometimes does, happen.
McKenna Quoted in American Banker re: Second-Lien Mortgages
By Francine • May 8th, 2011I was quoted on May 2 in an article in American Banker by Alex Ulam entitled, “Why Second-Lien Loans Remain A Worry”. My quote focused on disclosures and transparency – for the loans and the reserves for losses. It’s a subject I’ve written about extensively.
McKenna at American Accounting Association Public Interest Conference
By Francine • Apr 18th, 2011Here’s the speech and slides I used for the AAA Public Interest Conference on April 1-2 and Top X list of possible research topics for accounting and audit academics interested in public policy.
I’ll be at the American Accounting Association Midwest Conference in Columbus, Ohio May 12-14. I’m on a panel to discuss the audit firm model and will take questions at a separate session. Hope to see you there.
If you would like me to speak for your group, please email me at fmckenna@mckennapartners.com
Inside The Mind of An Inside Trader
By Francine • Mar 5th, 2011The SEC has accused one of the most prominent businessmen ever implicated in such crimes, Rajat Gupta, a former McKinsey & Company Global Managing Director, of insider trading. It’s understandable that, in the heat of this moment, some might naïvely compare the consequences of the criminal indictment of an audit firm with civil charges against an individual, albeit one who trades on – pun intended – his association with a prestigious professional services firm. It’s not the same thing.
Whistleblowers Are Not Pretty
By Francine • Feb 3rd, 2011This article was originally published at GoingConcern.com on March 3, 2010.
Most don’t wear stilettos, although Cynthia Cooper is fairly attractive for a blond. Harry Markopolos, the Madoff “hero” whose new book is out is being called a whistleblower. I do not see him really warming up to that label or really warming up at all. [...]
Will Ernst & Young Ever Be Held Accountable for the Lehman Failure?
By Francine • Oct 31st, 2010I’d be exaggerating if I told you the Lehman bankruptcy examiner’s report, and its scathing indictment of Ernst & Young’s role in the biggest failure on Wall Street, answered my prayers. On the contrary. The more successful a fraud case is against Lehman’s executives, the less likely EY or any of its partners will suffer any consequences for their role in the Lehman fraud.
Treasury Votes To Reappoint KPMG As Auditor of Citigroup
By Francine • Oct 31st, 2010The US Treasury recently affirmed reappointment of KPMG as Citi’s auditor for the 41st consecutive year. Maybe Treasury married KPMG all over again because they’re cheap compared to what Goldman and AIG are paying PwC. Or maybe Treasury feels like the mother who puts up with a gold digging daughter-in-law because said daughter-in-law saw mom kissing the tennis pro and mom knows her son has slept with the baby-sitter…
Francine McKenna (@retheauditors) has more than twenty-five years of experience in consulting and professional services including tenure at two Big 4 firms, both in the US and abroad. Look for my column, 