Is there enough competition?

After the major meltdown of the banks in Europe, the industry that has come under scrutiny almost as much as financial institutions is the audit industry. Had the auditor’s done their job well, the meltdown could have been avoided. This actually can be said of...

Who is a whistleblower?

A recent case , Spinner vs Lawson, extended the definition of the whisteblower under Section 806 of SOX. According to the ruling in the case, not only public company employees but also the contractors or sub contractors of the public company could be whistleblower and...

Venezuela still hyperinflationary

When one reads the concept of functional currency in the Accounting Standard Concept 830 (ASC 830) or Financial Accounting Standard 52 (FAS52), it mentions that a currency in a highly inflationary environment (3-year inflation rate of approximately 100 percent or...

PWC issues a Disclaimer of Opinion

A very rare occurence in the auditing field is for an audit firm to give a Disclaimer of Opinion. Recently PWC did just that. In its audit of the  Hawera-based company ,Allied Farmers, PWC declined to express opinion. The auditors cited that they were “unable to...

Why did Howard Atkins leave Wells Fargo?

Was it really personal reasons that led to Howard Atkins, CFO of Wells Fargo to resign. The buzz is that Atkins resigned because he was involved in an internal dispute regarding financial disclosure in relation to Sarbanes Oxley Act. When most of its competitors are...

Volt may soon be delisted from NYSE

Volt Information Sciences, a staffing and business services provider, may soon be delisted from the New York Stock Exchange due to missing their financial statement filing deadline. The company’s last statements are a year old! The reason for the delay is that the...