Triangulating Law, Data & Ethics
When it comes to understanding the rationale of board or committee decisions and holding board members accountable, nothing beats a video or audio recording of the meeting. Meeting minutes, by contrast, are notorious for doing more to obfuscate and obscure than inform.
Today, a three-judge panel of the D.C. Circuit Court of Appeals handed down a much-anticipated 2-1 decision in Free Enterprise Fund v. PCAOB. The panel, in my view, reached the wrong conclusion, holding in essence that the PCAOB can rule over the world of U.S. accounting and auditing while immune from constitutional checks and balances. […]
Société Générale has been treated to all kinds of abuse for recognizing in 2007 Jerome-Kerviel losses “incurred” in 2008 just after the 2007 year-end cutoff. Floyd Norris has been especially critical of the French bank’s use of the “true and fair view” exception which he calls an IFRS “loophole.” Well, as they say, what goes […]
