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.
A practical, well-executed plan, even one with disappointingly modest goals, will deliver more than an overly ambitious plan, easily subverted, that in hindsight probably had no hope of ever succeeding.
The Public Company Accounting Oversight Board's first report this year on a Big Four firm confirms my long-held suspicion: Auditors have been too easy on banks when they book reserves for loan losses and repurchase demands.