Archive for the ‘PCAOB’ Category

KPMG May Answer For GE Tax Work

By • Sep 21st, 2011

Going Concern reported yesterday that KPMG professionals have been ordered to preserve all correspondence and documentation related to the tax “loaned staff” assignment it has with long-time client GE. That means someone – the SEC or PCAOB – is investigating.



McKenna Now Writing At American Banker

By • Sep 16th, 2011

I’m writing now for American Banker. My first column covers a new appointment at Deloitte and how this might affect the firm’s clients in the mutual funds industry.



Dear PCAOB: My Response To Your Request For Comments

By • Aug 15th, 2011

The PCAOB will hold an open meeting on Tuesday, August 16, to discuss a concept release soliciting public comments on ways that auditor independence, objectivity, and professional skepticism could be enhanced, including mandatory audit firm rotation. They are also soliciting comments on their Concept Release for changes to the auditor’s reporting model. I’ve written on these topics many, many times.



New at Forbes: My Comments On The Latest Sanctions Against Ernst & Young

By • Aug 3rd, 2011

As if Ernst & Young didn’t have enough to worry about now they’ve got a public airing of some dirty laundry by the PCAOB.



McKenna at American Accounting Association Public Interest Conference

By • Apr 18th, 2011

Here’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 • Mar 5th, 2011

The 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.



Bigger, Stronger, Faster: The PCAOB After The Supreme Court Ruling

By • Jun 26th, 2010

The Supreme Court will hand down their decision on Free Enterprise Fund v. PCAOB before on June 28th. Congressional action may be necessary to reestablish the PCAOB or a comparable regulatory authority within the SEC, if we want to continue independent regulation of the audit firms. I have some recommendations for a new PCOAB law.



Sarbanes-Oxley For Everyone: To Be Or Not To Be? (With Postscript)

By • Nov 24th, 2009

Sarbanes-Oxley (SOx) made law what is best practice for all public companies or companies that issue public debt. That includes “smaller” companies.



@Going Concern “Can I Have Your Autograph?”

By • Sep 30th, 2009

My new post is up @Going Concern. “The PCAOB approved Auditing Standard No. 7, Engagement Quality Review on July 28, 2009. They also issued a Concept Release on requiring the engagement partner to sign the audit report.  The comment period closed September 11th and boy oh boy were there a lot of comments. The firms […]



McKenna in Accountancy Magazine

By • Jul 7th, 2009

 I was asked by Accountancy Magazine in the UK to write a summary of the Compliance Week Annual Conference for their readers.  This article, entitled “Regulatory Reformation,” can be found here.  Please let me know what you think.