I have been named a finalist for UCLA’s Gerald Loeb Awards for my work in Forbes magazine last year. I’m a “professional who writes” but also a professional writer and a journalist. You’ve been warned.
Here’s how KPMG Chairman John Veihmeyer explained Scott London’s inside trading and the firm’s response to accounting professors, an important stop in the audit industry supply chain.
I noticed a small little thing in one of the first stories about Scott London. As I tried to research and write about it, I waited for someone else to pick up on it. (No one else did.) Scott London seems to have subverted the intent of Sarbanes-Oxley Section 203 that requires lead engagement partner rotation off engagements to promote objectivity, independence and professional skepticism.
This is the fourth big insider trading case in the least few years against a senior tenured partner that betrayed the public’s trust. In none of the cases did the firm’s “extensive” and “comprehensive” independence compliance programs spot the behavior or the illegal actions. Stay tuned. There will be much more to this story, I guarantee.
I put two new columns up at Forbes recently that talk about JPMorgan, PwC, Senator Levin’s “Whale” hearings, and all the other stuff JPMorgan and Jamie Dimon are really worried about.
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.
On February 19, 2013, I spoke to the Chicago Chapter of the Market Technicians Association. The topic was, “Risk 2013: Protecting Your Trading Accounts From Fraud”.
The issue of tax avoidance by corporations is a hot one. In the US and in the UK, legislators and pundits seeking “tax justice” have changed the discussion from one of tax breaks that stimulate “jobs and growth” to one of tax fairness to provide much needed funds for public works and public commitments in times of economic hardship. The Big Four audit firms play all sides like a fiddle.
You can’t throw a rock at a fraud or scandal nowadays without hitting three, sometimes all four, of the largest global audit firms providing one service or another. The Big Four global accounting firms make money whether clients survive and thrive or flail and fail.
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.