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A China Fraud Dissected: Part 2 AgFeed’s Auditors

Friday, February 28th, 2014

AgFeed had the benefit of two PCAOB registered and inspected audit firms. There is no indication on either the SEC or PCAOB website of an investigation of either for what happened at AgFeed. Is this one going to end badly, too, like the Gately case?

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Guest Lectures At Stanford Graduate School Business

Saturday, February 22nd, 2014

My notes for guest lectures (there were two sections, back-to-back) February 10, 2014 for Bus F332/Law 725, Finance and Society, at Stanford University Graduate School of Business, taught by Professor Anat Admati. Emphasis: The auditors’ role in corporate governance in financial institutions and specifically how auditors not inadvertently stifle the actual use of compensation clawbacks.

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The Saga Of Stephen Glass: A Guest Post Morality Tale From Eric Starkman

Wednesday, February 19th, 2014

Is it fair to “tar and feather” professionals when they are sued or only when they are convicted of crimes? How much time must pass before they can get on with their lives?

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VC Horowitz Implicates Auditor PwC In Story About Dodging Backdating Bullet

Thursday, February 13th, 2014

Imagine my surprise when Ben Horowitz, one half of the venture capital team of Andreessen Horowitz, wrote a blog post about dodging a stock option backdating jail term that also implicates PwC.

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Next Up On The “Operation Broken Gate” Agenda? Could Be PwC and Thomson Reuters

Monday, February 3rd, 2014

Now that the Securities and Exchange Commission has crossed KPMG’s independence violations off its to-do list, the agency can move on to the rest of the ones I’ve already identified for them. How about PwC and its business relationships and myriad services provided to audit client Thomson Reuters?

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Not That Satisfying: SEC Slams KPMG For Independence Violations

Tuesday, January 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.

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Speaking

Monday, January 27th, 2014

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
IT Audit
The intersection [...]

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One Way Or Another: The SEC Versus The Chinese Big Four Firms

Saturday, January 25th, 2014

SEC Administrative Judge Cameron Elliot issued a blistering decision last week in a long-running dispute over regulator access to auditor work papers in fraud investigations. The judge banned the Chinese Big Four firms from auditing US issuers for six months and lambasted them for voluntarily putting their firms “between a rock and a hard place.” The decision is not yet final but the enormous impact is already being felt worldwide.

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Winning! PwC Argues Both Sides Of The Partner Naming Debate

Thursday, December 19th, 2013

How do the audit firms keep winning the war while losing battles left and right? They use the law and the courts to delay, deter and distract from transparency by settling, and sealing what they can, before the public can find out what silly arguments they often make in their defense.

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Niblets

Wednesday, December 18th, 2013

Stories that get stuck in your teeth.

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