• Archive for the ‘Latest’ Category

    The Indictment of S.A.C. Capital Advisors: Where Was The Auditor?

    By • Jul 26th, 2013

    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.



    EY Bets The Farm On Advisory With Vision 2020: A Guest Post From Mark O’Connor

    By • Jun 30th, 2013

    Lofty goals like EY’s Vision 2020 serve a promotional purpose to attract top talent, and create the rationalization for promises of vast internal opportunities to keep top performers engaged. But unintended consequences would likely foreclose any real possibility that the $50 billion aspect of EY’s 2020 strategic plan could be executed as currently conceived.



    My Latest Forbes Magazine Article: “The Madoff of Munis”

    By • Jun 11th, 2013

    Taxpayers are getting killed. I think municipal bondholders are next.



    Scott London Subverted Sarbanes-Oxley: Big Four Mock Audit Partner Rotation

    By • Apr 22nd, 2013

    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.



    JPMorgan Chase, And Dimon, Starting To Sweat About Everything

    By • Apr 3rd, 2013

    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.



    Deloitte And Wall Street Journal Exclusive For Sponsored Content

    By • Mar 14th, 2013

    The Wall Street Journal has been accepting sponsored content, in an exclusive contract with Deloitte, for a while for its CFO Journal, CIO Journal and now a new publication, Risk & Compliance Journal. You may not have noticed. It’s getting harder and harder to tell the difference between news and advertising.



    Tax Pays: HP Pays Ernst & Young Two Million To Testify

    By • Feb 18th, 2013

    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.



    Internal Audit At JPMorgan Chase: Not High Profile Enough Yet

    By • Jan 31st, 2013

    I thought after all that had happened at JPMorgan Chase last year – for example, billions in losses from the “whale” trade, investigations into Libor and AML illegal acts, multiple lawsuits including by the New York Attorney General for foreclosure fraud – someone would take a close look at internal audit and, maybe, make some big changes. I was wrong.



    My Top Twenty Favorites From 2012

    By • Jan 1st, 2013

    Because I’m so tired, tired of waiting…



    PwC and Thomson Reuters: Too Close For Comfort

    By • Dec 26th, 2012

    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.