Aug 17, 2016 | Accounting Frauds
The organic food maker Hain Celestial Group announced that their financials for 2015 and Q1 2016 will be delayed as the company was evaluating their accounting for revenue. Not just that they also stated that the company also is looking into their internal controls...Aug 11, 2016 | Accounting Frauds
PricewaterhouseCoopers is facing another lawsuit for $5.5 billion from a defunct mortgage company: Taylor, Bean and Whitaker’s creditors and investors. They claim that the firm failed to uncover fraud at failed Colonial Bank of Montgomery in Alabama. The fraud was...Aug 10, 2016 | Accounting Frauds
The accounting firm JCCS’s employee Natalee Crumley was charged with two felony counts of forgery and writing and cashing unauthorized checks from JCCS’s business clients. Crumley has been an employee of JCCS as a bookkeeper for two years. Apparently, she has been...Aug 8, 2016 | Accounting Frauds
After settling a lawsuit involving MF Global in April 2015 for $65 million for failing to detect problems with the firm’s financials during its 2011 and 2011 audits, now the audit firm PWC is facing another $1billion lawsuit filed by MF Global’s bankruptcy plan...Jul 29, 2016 | Accounting Topics
Someone recently asked me whether I knew about consolidations. That gave me an idea, why not write about what I know about consolidations, so here we go. Consolidations means combining multiple entities financials into one combined financial. Two questions come up...Oct 13, 2014 | Accounting Frauds
Recently AgFeed a company based in China that merged with a US company in 2010 settled its civil accounting frauds case filed by the SEC for $18M. The company was charged with reporting fake revenue from its China based operations to help inflate their stock price....Oct 4, 2014 | Accounting Frauds
Newly appointed CEO Dave Lewis started his tenure at Tesco by suspending four executives after discovering some serious accounting irregularities. The company came to know of the issue when an informed employee went to the company’s general counsel to report the...Oct 3, 2014 | Accounting Frauds
Bank of America is paying $7.65M to settle federal charges that it violated record keeping and internal controls in overstating its capital levels. The issue goes back to 2009 when BOA acquired Merrill Lynch. During the acquisition, the company assumed a large...