Don’t get too excited. The same sticky issues come up every time, get tossed around and then get dropped until the next scandal or crisis provides an impetus for a discussion again.
Do you want to learn more about those who push for a return to the gold standard? Do you know the common thread between JP Morgan, Madoff’s biggest feeder fund, Chesapeake Energy, and MF Global? Here’s a speech I gave back in May 2012 in New York to the Committee for Monetary Research and Education that touches on both topics.
The Problem Of An Audit Firm Market Exit: New Research From University of Chicago Booth School of BusinessMonday, July 29th, 2013
A post at University of Chicago Booth School of Business Capital Ideas blog discusses new research from Joseph Gerakos and Chad Syversen on the dangers of industry concentration in the event of a market exit by one of the large audit firms. For example, what if PwC, which audits five of the top ten global pharma companies ran into trouble amid the ongoing investigations of bribery of Chinese officials, in particular by PwC audit client GlaxoSmithKline and a few of its other audit clients?
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.
It’s important for the integrity of the capital markets to assign individual responsibility for audit failures. We need to see the key partners’ names and their career histories because recidivist partners are hiding behind the firms which are very good at dodging general liability.
Francine McKenna is an experienced speaker who can present on a variety of subjects.
Typical topics include:
The role of the external auditor and litigation issues pertaining to external audit
The external auditor’s obligation to detect fraud
Careers in the accounting industry and accounting education
Corporate governance and the role of Audit Committee
Internal audit – Roles and Responsibilities
The intersection [...]
I’m in San Diego at the Accounting Program Leaders Group/Federation of Schools of Accountancy annual seminar. I spoke Sunday on the profession and its professionals.
I was in New Orleans this past long Martin Luther King Day weekend to speak at the American Accounting Association Auditing Section Midyear Conference. Here are my slides and text of my remarks.
Here’s the thing…The perception of auditor independence is as important, or maybe even more important, than the fact of auditor independence. This is not new.
I asked Alys Cohen of the National Consumer Law Center what I can say when people ask me what to do about their foreclosure or mortgage modification nightmare.