Francine McKenna

The curious amici curiae brief on behalf of PwC

September 11, 2010 Tax and Ethics
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I’m not a lawyer though I’ve done my share of arguing in front of HM Revenue and Customs General Commissioners and briefing counsel on litigious matters. It can be tough yet rewarding work. Over the weekend Francine McKenna sent me the amicus brief submitted on behalf of AICPA and NYSSCPA in the case of Teachers’ [...]

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So a Big Four is set to fail?

December 12, 2009 Tax and Ethics

I was more than a little taken aback reading AccountancyAge’s interview with Stephen Hadrill, the newish head of the FRC: …the priority for us has to be that we are prepared for the worst and that is where I will put my focus,” he said. The worst, according to Haddrill, is the global collapse of [...]

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The shape of the 21st Century Audit

November 2, 2009 Innovation

Super long post alert In the ‘who’s going to fail first’ debate that’s been going on seemingly forever on this blog it occurred to me that Francine McKenna is right. It’s moot. I’m coming around to Jim Peterson’s theme: Which audit firm is next to fail is a moot question. It’s going to happen sooner [...]

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Too big to fail? Too good PR more like

October 30, 2009 Tax and Ethics

Earlier today I saw Richard Murphy’s complimentary analysis of Guardian commentary about fears one (or more) of the Big Four might fail. He said: Francine McKenna, Dennis Howlett, Prem Sikka (of course) and I have been saying so for some time. What Richard doesn’t directly note and which none of ‘us’ have commented upon to [...]

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Deloitte: welcome to the machine

August 20, 2009 Featured

Francine McKenna has done a bang up job analyzing the problems Deloitte faces as it moves into the busy season. As I read through the (long) post, I couldn’t help but feeling increasingly sorry for those left to crank out those 50-hour BILLABLE weeks – as confirmed by many commenters – and the veiled threat [...]

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Moore Stephens off a £89 million hook, but what about the Big Four?

August 5, 2009 Tax and Ethics

I’ve been mulling over the Moore Stephens case reported in the FT and subsequently AccountancyAge. The background: Moore Stephens audited Stone & Rolls but S&R defrauded its banks. S&R was sued for $94 million in 2002 which led to its collapse. In turn, the company sued Moore Stephens via a third party in the hope [...]

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PwC: follow the money

May 26, 2009 Featured

I’m a great believer that in unraveling any scandal that one should always follow the money. Earlier today, Francine McKenna took one heck of a swipe at PwC, accusing it inter alia of: 1) PwC is denying to its own partners the kind of work it’s getting ready to do for clients and the additional [...]

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For once I disagree with Francine

April 14, 2009 General

I admire the way Francine McKenna keeps focused on the Big Four and their deficiencies but I disagree with her first central thesis that avoiding RIF could come by: Refocus on the true client – the shareholders and investors of the public firm It’s the ‘shareholders and investors’ where I have an issue. Francine has not [...]

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Bad boys, old boys, new thinking

March 16, 2009 General

You’d be hard pressed to miss the shellacking being meted out in the media over the banking crisis. Everyone from politicians to regulators, oversight boards, auditors and on to the bankers themselves continue to see the finger pointed at them. As well they should. But has anyone yet come up with a credible way to [...]

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