Another fine for a big 4 for audit misconduct

The Financial Reporting Council fined Ernst & Young £1.8 million for their shoddy audit work of distributor Tech Data. This is what happened. In 2013, Tech Data revealed that there were material errors in their financials for 2011, 2012 and part of 2013. The...

32nd legal claim against Toshiba

Two more corporate shareholders filed a legal claim against Toshiba, linked to the the 2015 accounting scandal, seeking $5.08 million in compensation for damages. This brings the total damages sought to $1.2 billion!

PWC breaks the penalty record again!

A few month’s ago UK’s Financial Reporting Council (FRC) levied the then largest ever penalty on PWC, for 5 Million Pounds, related to misconduct over its audit of Connaught Plc, a FTSE 250 company that went into administration in 2010. Now PWC is fined 5.1 Million...

Alere settles with the SEC for $13Million

Alere, a Waltham based diagnostic firm, agreed to pay $13 million to the Securities and Exchange Commission (SEC), to settle charges that it committed accounting fraud. The charges state that the company, through its subsidiary in South Korea inflated their revenue by...

Deloitte hacked

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

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

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...

Wage determined by skin color!

PricewaterhouseCoopers revealed that in the UK, they pay their Asian, Black and minority ethnic staff 13 percent less than other employees.

E&Y's Emmy moment

The accountants didn’t mess up the Emmy’s, yay!!! We got it correct, no snafu’s on the final winner names like at the Oscars.

DX Group woes worsen

The delivery company, DX group’s woes worsened as the company announced a £1.8M hit on their financial statements ending June 30th. The issue was that the company incorrectly applied the accounting related to lease incentives on one of its sites. The lease...