Aug 30, 2010 | Accounting Frauds
On August 26,2010; a New Jersey appeals court found sufficient evidence that KPMG was negligent in its audits of the books of Papel Giftware Inc. KPMG audited the books of the ceramic company, the acquirer, Cast Art Industries LLC., and its financial backers relied...Aug 2, 2010 | Accounting Frauds
While reading the big accounting fraud at Satyam,a company based in India, which got a lot of media coverage not only in India but also in the US, I realized that globalization is also a good policing methodology. Most of the earlier cases of reported accounting...Jul 25, 2010 | Accounting Frauds
Another big company, same old story. To meet the street’s expectation, the company tried to cook its books. The allegation by SEC is that Dell met or beat the analysts’ earnings expectations by using a cookie jar reserve, from 2002 to 2006. Dell received...Nov 2, 2009 | Accounting Frauds
Lehman failed, but so did their auditors, Ernst and Young to report deliberate balance sheet manipulations that the company used to show better metrics to the outside world. Leverage and liquidity ratios are the two key metrics that counterparties and credit rating...Mar 2, 2009 | Accounting Frauds
In April 2002, the Adelphia scandal went public. The main component of the scandal were, Adelphia from at least 1998 through March 2002, fraudulently excluded from the Company’s annual and quarterly consolidated financial statements over $2.3 billion in its bank...Feb 21, 2009 | Accounting Frauds
On March 19, 2003, SEC filed an accounting fraud charge against HealthSouth and its CEO for inflating their revenue by $1.4B since 1999. To meet the Wall Street expectations, the allegation mentions, at the insistence of the CEO, Health South systematically overstated...