The Dig Newsletter

Are you looking for exclusive insights and original research on some of the most popular and heavily shorted companies globally? Look no further than The Dig, a new online newsletter created by independent investigative journalist Francine McKenna.

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Articles

A PCAOB update and something about deceiving auditors

1 day ago | thedig.substack.com | Francine McKenna

Oh what a tangled web we weaveWhen first we practice to deceive. Sir Walter Scott (Marmion, 1808)What's been happening with PCAOB? I thought the PCAOB board members would have almost all been fired by now. Grab bag: Stories about the PCAOB, BDO and AmTrust, Microsoft-Activision, Theranos Dos, Ripple, BRK, and SkechersHowever, SEC Chair Paul Atkins may be gathering his strength, especially as it looks like there is trouble in “Big Beautiful Bill” paradise? Maybe a Friday Night Dump?
Summer book edition, Part 1: Some books to read to open your mind

6 days ago | thedig.substack.com | Francine McKenna

I have a hard time resisting the urge to recommend books to others. In some cases I have multiple copies so I can lend one out without missing the presence of the book on my shelves. I pulled some books off my shelves to kick off the summer, today June 1. I know officially summer does not start until the 21st, but this morning it just felt like summer when Bubbles and I went out for our coffee. The Dig is a reader-supported publication.
Hype Man: Marc Metrick's Saks is a cluttered closet full of discounts

1 week ago | thedig.substack.com | Francine McKenna

Bill Cohan is friends with everyone. His long career as a journalist, author, and banker has earned him those benefits. I am happy to have made his acquaintance back in the financial crisis era. He was kind enough to speak to my Wharton students back in 2022 about his career as his GE book, Power Failure, was coming out.
All KPMG: Failed banks, Foot Locker, and Skechers

2 weeks ago | thedig.substack.com | Francine McKenna

Nothing's right, I'm torn. I'm all out of faith. This is how I feel… Torn, Natalie ImbrugliaToday is an all KPMG day. Originally I was going to write exclusively about Skechers, exclusively for paid subscribers. Grab bag: Stories about the PCAOB, BDO and AmTrust, Microsoft-Activision, Theranos Dos, Ripple, BRK, and SkechersTwo more stories that are KPMG adjacent popped up in the meantime, so I decided to throw it all together.
Grab bag: Stories about the PCAOB, BDO and AmTrust, Microsoft-Activision, Theranos Dos, Ripple, BRK, and Skechers

3 weeks ago | thedig.substack.com | Francine McKenna

Then you know as well as I, how good it is to travel. Like a free spirit. Unfettered by position or possession. Orlando. Virginia WoolfThe future of the PCAOBLots of discussion around the inclusion by the House Financial Services Committee of a provision in the 2025 budget reconciliation bill to fold the PCAOB into the SEC. The provision would essentially, effectively, by design and default, abolish the PCAOB by reassigning its functions to the now stripped-down SEC.
Warren Buffet says he's stepping down, but I wouldn't count him out of the limelight yet

1 month ago | thedig.substack.com | Francine McKenna

The Berkshire Hathaway Annual Meeting was held last Saturday, May 3 in Omaha. It was the first without Charlie Munger. In the rear view mirror: Charlie Munger, Warren Buffett, and Berkshire HathawayIt was also full of surprises. But, before we get to that, and what comes next, I want to go back to Warren Buffett's most recent annual letter, for 2024, published February 22, 2025. Warren Buffett's begins with an apology.
My first accounting job: Rob Warren

1 month ago | thedig.substack.com | Francine McKenna

I’d love to see more of you profiled here. Tell me abut your first accounting job by answering the questions below. You can send, with a headshot, to [email protected]. See you soon!The Dig is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. What is your current job? I am an Assurance Supervisor at Whittlesey PC in Hartford, CT, a top 200 regional firm. I just completed the CPA exam. Did you major in accounting or come to it later?
My first accounting job: Kristine “Tina” Caratan

1 month ago | thedig.substack.com | Francine McKenna

What is your current job? I am currently in the process of graduating from my day job! I left public accounting 14+ years ago (where I specialized in not-for-profit) and started to consult to the not-for-profit sector, which I continue to do – though not at the level that I used to do it at. I also guest lecture at various universities throughout the US.
Crosspost: Tesla’s non-GAAP crypto adjustment raises a timing question

1 month ago | thedig.substack.com | Francine McKenna |Olga Usvyatsky

This is a cross-post with Deep Quarry, the newsletter I occasionally collaborate on with Olga Usvyatsky. If you value our work, please subscribe!The Dig is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. The Dig is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
More on competitive strategy, collusion, and coercion in the Big 4 global audit firms

1 month ago | thedig.substack.com | Francine McKenna

“I've been homesick for countries I've never been, and longed to be where I couldn't be.”John CheeverI am almost ready to fly again, to see my colleagues at Cambridge. But first I wanted to get some thoughts down on paper to keep you until I return. I will likely be out of range for the rest of the week. What follows is all behind the paywall for my loyal and supportive paid subscribers. The Dig is a reader-supported publication.