Energy: Auditing, Fraud, and the Rise of Non-Gaap Accounting with Francine McKenna

Industry Focus

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4.6 • 854 Ratings

🗓️ 5 March 2020

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

As investors, we depend on financial statements to understand how the businesses we own are performing. Therefore, we also depend on auditors to make sure those financial statements are accurate. Financial journalist Francine McKenna joins the show this week to discuss auditing and accounting issues including conflicts of interest between auditors and shareholders, the role of auditing in catching fraud, accounting issues at companies like Disney and Square, what we lose as non-Gaap accounting becomes more and more commonplace, how companies will decide to disclose coronavirus impacts on their business, and more.

Stocks Mentioned: DIS, SQ, BB, NTON, BRK-B, BRK-A

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0:00.0	This episode of Industry Focus is brought to you by TD Ameritrade.
0:03.4	Everything's customizable these days.
0:05.8	Your trading platform can be too.
0:07.8	With Thinkers Swim you can customize screeners, charting, and stock forecasts
0:11.8	so the market is always tailored to you. You can get
0:14.4	started at TD Ameritrade.com slash think or swim.
0:19.2	Welcome to Industry Focus.
0:25.0	The podcast that dives into a different sector of the stock market each day.
0:29.0	I'm your host Emily Flippin.
0:30.0	I'm Jason Moser.
0:31.0	I'm Nick Seidpool.
0:32.0	I'm Dylan Lewis. And today we're talking financials.
0:35.0	Today we're talking consumer goods.
0:37.0	Wild-Curt! Wednesday.
0:38.0	And we're talking energy. And today we're talking tech.
0:41.0	Let's dive in. Welcome to Industry Focus. I'm your host Nick Seypool.
0:47.4	We spend a lot of time on this show talking about earnings and how businesses are
0:51.0	performing. But how do we know those numbers are accurate?
0:54.0	That's where auditors come in, checking company financial statements to make sure the numbers
0:58.6	investors see reflect actual business results and comply with accounting standards.
1:03.3	Last week I sat down with Francine McKenna to learn more about why the auditing process is so important
1:07.1	for investors.
	...

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