Big 4 collusion conspiracy

Nov 8, 2017 | Accounting Frauds, General, News

Italy’s Antitrust authority fined the big 4 (Ernst & Young, Deloitte, KPMG and PWC) a total of 23 million euros for allegedly conspiring and colluding to divvy up large public consultancy contracts. Looks like the Big 4 need to revise their Ethics...

Embezzlement report by Hiscox

Nov 7, 2017 | Accounting Frauds, General

According to a recent study by global specialty insurer Hiscox, in 2016, workplace embezzlement cases cost companies an average of $1.13million. Some very interesting facts from the report- 55% of cases occurred at companies with fewer than 100 employees 37% of cases...

Making the audit report more useful

Oct 27, 2017 | General

The Public Company Accounting and Oversight Board (PCOAB) adopted a new auditing standard with a goal to enhance the usefulness of the auditor’s report to investors by providing additional and important information. The US Securities and Exchange Commission (SEC)...

Deloitte hacked

Sep 26, 2017 | General

One of the big 4 accountancy firms, Deloitte is one of the victims of the hacker attacks of the recent times. The attack that dates back to November 2016, was a breach of Deloitte’s email systems that gave the hackers access to all the areas of the firm. What is...

Father of Accounting

Sep 26, 2017 | General

Luca Pacioli, known as the “Father of Accounting and Bookkeeping” was an Italian mathematician, who published the first book on double entry accounting in the year 1494.

Impaired expectation

Sep 22, 2017 | General

After discovering accounting errors in prior periods, chemical and mining group Rolfes has re stated its expected earnings for year ending June 2016. The issue in hand was, understatement of impairments relating to prior periods. The understatements will reduce the...