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Five Auditor Independence Issues PCAOB SAG Not Yet Addressing

Monday, November 11th, 2013

There are five big auditor independence issues that space prevented a full discussion of yesterday and that are not on the agenda of the PCAOB SAG meeting this week. My hope is that regulators, policy makers and other interested parties will start talking about these issues, too, while I am in DC this week.


PwC To Acquire Booz But Broader Not Better For Integrity Of Global Capital Markets

Sunday, November 10th, 2013

PwC says it will acquire Booz. Don’t count on the SEC or the PCAOB to stop PwC and its audit firm competitors from “slipping back” into the old conflicts between audit and consulting. Is anyone guarding the guardians?


Top Finance Bloggers in Chicago According to Crain’s

Saturday, November 2nd, 2013

I’m very proud to have been included in the Crain’s Chicago Business list of top local finance bloggers.


Only Money—Deloitte Pays Another Fine And Then Moves On

Wednesday, October 23rd, 2013

Deloitte has been caught thumbing its nose at regulators again. Deloitte is the best example in the Big Four of how a large consulting business corrupts an audit firm.


$99 Million Buys EY Ticket Out Of Private Lehman Litigation, Finally

Monday, October 21st, 2013

Last defendant standing. Not an enviable place for EY in the case, In re Lehman Brothers Securities and Erisa Litigation. Holding out until the end has now cost EY $99 million, more than Lehman officers and directors.


Crain’s Chicago Business Focuses On Big Four Auditors And Consulting

Sunday, October 13th, 2013

Crain’s Chicago Business and journalist Steve Strahler have produced a series on the reemergence of the consulting arms of the Big Four audit firms with a particular focus on the Midwest and Chicago firm leadership. I’m quoted and there’s a nice photo.


McKenna Gives Luncheon Keynote For Professional Liability Defense Federation Annual Meeting

Friday, October 11th, 2013

I was the luncheon speaker on October 10, 2013 at the annual meeting of the Professional Liability Defense Federation (PLDF). Here is the text of my remarks.


Pershing Square’s Bill Ackman Tells PwC, “Herbalife Is Your Problem Now”

Sunday, September 29th, 2013

On September 11 Bill Ackman went beyond his ongoing accusation that Herbalife is pyramid scheme and sent a 52-page letter to PwC warning the firm it is exposed to enormous liability if it signs off on Herbalife audit opinions and Qs without a full investigation of several accounting, tax and bribery allegations. Ackman used my work to bolster his case to PwC.


Canceled: Why I Won’t Be Speaking At Ethics And Compliance Officers Association Annual Conference

Tuesday, September 17th, 2013

What are the ethics of an “ethics and compliance organization” canceling a speaker because sponsors complain? Welcome to the world of trade conference pay-to-play and “money talks, critical speakers walk”.


McKenna Speaks: The Committee For Monetary Research And Education

Monday, September 2nd, 2013

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.