Jan 31, 2011 | Accounting Frauds
Just a few days before the Lunar Holiday period begins, the chairman Lin Wei-shan of Tatung Company, one of Taiwan’s leading home appliance makers, was questioned by prosecutors and investigators for the alleged embezzlement of NT$1 billion (USD 35 M) in...Jan 25, 2011 | Accounting Frauds
On January 13, 2011 Securities and Exchange Commission filed a complaint against NutraCea, an Arizona based health foods manufacturer and seller, alleging the company of falsification of its financial statements. The complaint states that the company overstated its...Jan 7, 2011 | Accounting Frauds
Parmalat SpA, an Italian dairy and food company, declared bankruptcy in late 2003 primarily due to an accounting scandal worth 8 billion euro. The saga began when Parmalat defaulted on a $185 million bond payment in mid-November 2003. This act made the auditors and...Jan 6, 2011 | Accounting Frauds
A civil complaint was filed recently by Andrew Cuomo, the outgoing New York attorney general, accusing Ernst & Young of helping Lehman Brothers mislead investors. The state claims Lehman’s auditors aided in a fraud, using Repo 105 transactions to make the books...Jan 3, 2011 | Accounting Frauds
TUI Travel, has decided to say adieus to their auditors KPMG. The move comes soon after the company had to take a write-down of £117 million, forcing the company to restate their 2009 results. The company has decided to go ahead and replace the outgoing auditors with...Dec 20, 2010 | Accounting Frauds
The SEC issued two rules in September 2010, in order to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). The rules affect the payment of bounties for revealing insider trading violations and requirements relating to audits...