September 2013

Ex-KPMG partner banned from practice before the SEC; sentencing date is in December

1 Comment / Audits, Fraud /

The SEC banned KPMG’s former regional audit PIC Scott London from SEC related work. The key sentence from Bloomberg’s article SEC Bars Former KPMG Partner fo Role in Insider-Trading Scheme:

The SEC’s order prohibits Scott London from practicing as an accountant on behalf of any publicly traded company or other entity regulated by the agency, according to a statement released today.

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Ex-KPMG partner banned from practice before the SEC; sentencing date is in DecemberRead More »

Ex-KPMG partner banned from practice before the SEC; sentencing date is in December Read More »

First hint of increased turnover in CPA firms

Leave a Comment / Other stuff /

Going Concern cites a report in Rosenberg MAP Survey that turnover in CPA firms increased in 2012.

The post, BREAKING: Staff Leaving CPA Firms for More Money, says turnover is up to around 16%-18% last year. It had been in the 11%-12% range during 2010 and 2011, according to the article.

I’ve been waiting to see the departures rise, but hadn’t thought the economy had improved enough to start the chair-change parade.

My guess is that when the economy finally takes off, far more than the usual amount of accountants will be looking for a new position. What do you think?

First hint of increased turnover in CPA firms Read More »

Umm, Greg, you can’t talk about CPE fraud. I think that’s an ethics violation.

Leave a Comment / Fraud, Other stuff /

Greg Kyte expands the boundaries of things you aren’t supposed to discuss publicly in his post at Going Concern:  If You Can’t Admit You’ve Committed CPE Fraud, Then You Need to Take Another Ethics Course.

He offers as an example of CPE fraud his ability to complete a one hour ethics course in 9 minutes.

He then mentions the type of CPE cheating I’ve seen at almost every live course I’ve attended: …

Umm, Greg, you can’t talk about CPE fraud. I think that’s an ethics violation.Read More »

Umm, Greg, you can’t talk about CPE fraud. I think that’s an ethics violation. Read More »

Update on wondering who first discovered the KPMG insider trading mess

Leave a Comment / Audits /

I previously concluded that FINRA, the self-regulatory branch of the securities industry, gets credit for discovering the insider trading scam involving a now-former senior level partner at KPMG.

Now, I’m not so sure.

By the way, we are still waiting for sentencing of Mr. Shaw. I’ve been watching the news closely but nothing has been visible this week. Back to the main question –

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Update on wondering who first discovered the KPMG insider trading messRead More »

Update on wondering who first discovered the KPMG insider trading mess Read More »

Don’t pick a fight with someone who buys pixels by the terabyte – ethics version

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That’s the internet era version of the old line:

Don’t pick a fight with someone who buys ink by the barrel.

Here is today’s illustration of the concept:  Francine McKenna was invited to debate the question “Does ethics training change behavior?” She was going to argue the ‘no’ position.

The Ethics and Compliance Officer Association Annual Conference disinvited her after protests by other speakers and some sponsors, according to her post, Canceled: Why I Won’t Be Speaking At Ethics And Compliance Officers Association Annual Conference.

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Don’t pick a fight with someone who buys pixels by the terabyte – ethics versionRead More »

Don’t pick a fight with someone who buys pixels by the terabyte – ethics version Read More »

Who first discovered the KMPG insider trading mess?

2 Comments / Audits /

Who should get credit for discovering the insider trading by KPMG former partner Scott London and his golfing buddy, Brian Shaw?

That’s the question raised by a reader, Gary Zeune, after I posted this article yesterday: Minor updates on insider trading fiasco at KPMG.

I think the answer is …

Who first discovered the KMPG insider trading mess?Read More »

Who first discovered the KMPG insider trading mess? Read More »

Workplace rules have changed – You need to take charge of your own career no matter where you work and no matter what your position

Leave a Comment / Other stuff, Pondering, Social media /

The rules for work have radically changed. The work world that existed when you started college, even if you graduated this spring, is gone.

If you are working, you need to take charge of your career and your reputation. This applies to brand new staff, experienced audit seniors, and especially partners.  People at every level of employment need to absorb that lesson.

Jenna Goudreau summarizes 14 Rules of the New Marketplace That Millennials Need to Master at Business Insider. My only disagreement with her is that these rules apply to everyone at every level, not just millennials.

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Workplace rules have changed – You need to take charge of your own career no matter where you work and no matter what your positionRead More »

Workplace rules have changed – You need to take charge of your own career no matter where you work and no matter what your position Read More »

3rd blogiversary

Leave a Comment / Other stuff /

Last week, August 28th, marked the third blogiversary of my lead blog. (Cross-post from my other blog, Nonprofit Update).

Many thanks to those who have stopped by to read. By now you have sensed that I’m having a blast in this blogging journey.

In celebration, I’d like to provide a few stats for my three main blogs. I realize my sites are infinitesimally small in the overall blogosphere. Yet I hope in some small way stats from a small site might be an encouragement to current bloggers and others thinking of jumping into the fun world of blogging.

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3rd blogiversaryRead More »

3rd blogiversary Read More »

More good stuff for auditors – 9-4-13

Leave a Comment / Accounting, Audits /

A few links and comments that I think would be of interest to auditors. This post: what do PCAOB deficiencies mean, their new report isn’t a big deal, sausage making at FAF, one possible surprise anti-fraud test, and the fun of investigating JPMorgan.

Going Concern – PwC and KPMG Inspection Reports Make Us Wonder: Are Shody Big 4 Audits Here to Stay? – Check out the comments for some good discussion on how important or inconsequential a PCAOB deficiency is.  I’ve long wondered …

More good stuff for auditors – 9-4-13Read More »

More good stuff for auditors – 9-4-13 Read More »