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Francine McKenna

Francine McKenna worked in consulting, professional services, accounting and financial management for more than 25 years. She writes "Accountable," a BankThink column on corporate governance, risk management and the Big Four audit firms and their impact on financial institutions. McKenna also blogs at re: The Auditors.

Recent Stories From this Author

What Mortgage Settlement Lacks in Substance, It Makes Up in Execution
October 1, 2012 A practical, well-executed plan, even one with disappointingly modest goals, will deliver more than an overly ambitious plan,...

Megabanks Extend and Pretend They Won't Pay for Foreclosure Fouls
September 24, 2012 It's in consultants' best interests to extend the foreclosure review engagements as long as possible without coming up with an...

Did the Government Profit From AIG? That's the Wrong Question
September 14, 2012 The bailouts were justified as a way to unfreeze credit and help homeowners, and the government failed on both counts.

Auditors Give Banks a Pass on Reserves, KPMG Report Shows
September 5, 2012 The Public Company Accounting Oversight Board's first report this year on a Big Four firm confirms my long-held suspicion:...

Bain Capital Partners and PwC: A Rich and Varied Relationship
August 28, 2012 Bain Capital's relationship with auditor PricewaterhouseCoopers, though not necessarily inappropriate, is still too casual and...

Monitoring Standard Chartered Means Dumping Big Audit Firms
August 20, 2012 Standard Chartered agreed last week to pay the New York Department of Financial Services $340 million to settle allegations of...

Barofsky's Memoir Will Ring True to Bank Examiners, Auditors
August 10, 2012 The special inspector general for Tarp worked in the subbasement of the Treasury Department. Watchdogs given an inconvenient,...

Auditors Are Asleep at the Switch on Banks' Risk Controls
July 16, 2012 Big banks' boards keep missing increased risk and poor internal controls. Their auditors, supposedly shareholders' first line...

Where Was Auditor PwC When Its Client Barclays Gamed Libor?
July 6, 2012 PricewaterhouseCoopers failed to warn shareholders and the public about increased risk at Barclays. The auditor gave the...

Familiar Patterns in Spain's Banking Crisis
June 27, 2012 Dubious stress test results? External auditors who fail to flag insolvency in advance? The U.S. and U.K. have seen this film...

Want To Make Risky Trades with No Brakes? Go To London
June 14, 2012 We need stronger cross-border regulatory enforcement to spot U.S firms going to London for looser rules. Guess what MF Global,...

Accounting Should Guide Volcker Rule on What Counts as a Hedge
May 31, 2012 The regulators' proposal doesn't consider accounting rules for deciding which trades are proprietary and which ones get the...

The JPMorgan Whale's Disastrous Trades Were No Hedges
May 17, 2012 If the credit derivative positions are hedges, why doesn't JPMorgan account for them as such under GAAP?

Will 'Egregious' Error Sway the Say-on-Pay Vote at JPMorgan?
May 13, 2012 Until now, there was no expectation that anyone at Tuesday's shareholder meeting would complain about the enormous booty Jamie...

Fed Presidents at Milken Convo Reveal Limits of Monetary Policy
May 7, 2012 Over and over we heard at the Milken Institute Global Conference that there's a "clog in the transmission mechanism" of the...

Citigroup Say-on-Pay Rejection Is a One-Off Event, Sadly
April 25, 2012 Most shareholders are not activists. Relatively few voice displeasure over executive pay, or other issues such as...

How $25B Settlement Monitor Can Keep Banks at Arm's Length
April 16, 2012 Joe Smith could choose a large consulting firm as project team leader only and mandate that this firm pick experts and...

JPMorgan Chase Knew MF Global All Too Well
April 2, 2012 JPMorgan Chase had a bird's-eye view of Jon Corzine's brokerage – and a history with its compliance chief. The bank must...

How to Put More Distance Between Banks and Their Auditors
March 26, 2012 Audit committees must follow rules already on the books that charge them with hiring and firing auditors. That includes...

Banks with Inside Track Take Advantage of MF Global Mystery
March 16, 2012 Some banks must know where the missing customer funds are. Otherwise why would they be confident enough to bid as much as 90%...