Colleen Brennan

Colleen Brennan News

  • New Jersey Bank’s Biggest Secret Is Its Own Name

    It has been almost four years since Unity Bancorp Inc. got $21 million of bailout funds as part of the government’s Troubled Asset Relief Program. The small New Jersey lender hasn’t repaid the money. But it has stayed out of trouble, unlike some people who once audited its books.

  • China Said to Discuss Allowing SEC Probes of Mainland Firms for First Time

    U.S. and Chinese officials will meet next week to discuss giving American securities regulators the right to investigate companies within China for the first time, said two Chinese officials with direct knowledge of the plans.

  • U.S. Audit Watchdog to Ramp Up Enforcement, New Chairman Says

    James R. Doty , the new head of the board that oversees auditors of U.S.-registered companies, said he expects the panel to ramp up the scale and number of its enforcement actions.

  • EU CDS Curbs, China-U.S. Talks, Austrian Banks: Compliance

    European lawmakers called for restrictions on traders’ use of credit-default swaps to profit from defaults on sovereign debt they don’t own.

  • Deloitte Faulted by PCAOB Over Unresolved Audit Deficiencies

    Deloitte & Touche LLP repeatedly failed to support assumptions in audits examined in a 2007 inspection, the Public Company Accounting Oversight Board said in the first public report of unresolved deficiencies involving one of the so-called Big Four accounting firms.

  • Credit Rating Companies, Deutsche Bank, Goldman: Compliance

    European Union governments have scrapped plans for finance ministers to thrash out an accord next week on tougher rules for credit ratings companies.

  • Dirty Secrets Fester in 50-Year Relationships: Jonathan Weil

    Another financial scandal. Another cover-up by regulators. Four years ago, inspectors for the auditing industry's chief watchdog discovered that KPMG LLP had let Motorola Inc . record revenue during the third quarter of 2006 from a transaction with Qualcomm Inc., even though the final contract wasn’t signed until the early hours of the fourth quarter. That’s no small technicality. Without the deal, Motorola would have missed its third-quarter earnings target.

  • Japanese Accounting Gets Rare Ray of Sunlight: Jonathan Weil

    The auditing profession’s top U.S. overseer usually does a flawless job of safeguarding the most embarrassing secrets of accounting firms and their corporate clients. Fortunately, every now and then, the watchdog slips up.

  • Goldman Sachs Envy Gains New Meaning at Big Four: Jonathan Weil

    The Big Four accounting firm Deloitte & Touche LLP took a beating in the news media last week after its regulator unsealed a confidential portion of an inspection report about its audit work. Articles focused on the parade of horribles found with Deloitte’s quality controls.

  • Dirty Little Secret Unravels in Bermuda Blunder: Jonathan Weil

    One of the long-standing raps on the auditing profession is that too many of its practitioners suffer from a check-the-box mentality, where rigid adherence to mindless rules obscures their ability to see the bigger picture.


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