Oct 2, 2012 | Accounting Frauds
A recent state audit of the books of the city of Evansville, Indiana, reveals poor bookeeping and accounting done by the city in 2011. The issue was not of embezzlement or cooking the books but more of incorrect recording of entries. The city implemented a...Sep 25, 2012 | Accounting Frauds
The former controller of New Mexico Finance Authority that provides low-cost financing for capital projects by cities, counties, schools and New Mexico governmental organizations came under scrutiny when he was indicted on securities fraud and forgery charges. The...Sep 25, 2012 | Accounting Frauds, Accounting Globalization
After numerous Chinese firms getting delisted from the stock exchanges around the world or not filing their financials with SEC or their auditors resigning, and the Chinese authorities not allowing any non- Chinese regulators to conduct inspections on Chinese soil,...Sep 6, 2012 | Accounting Frauds
Phoenix IT Group, a cloud computing services provider, recently disclosed that following reorganization in the finance group the company found errors in the accounting of its Servo division. The value of the net assets were understated by approximately £14m (~$22m)...Sep 6, 2012 | Accounting Frauds
The Cayman Track Limited, a governmental authority that runs the horseracing tracks in Jamaica, has come under the radar for its improper accounting practices. An audit was commissioned by the Ministry of Finance to look into the reasoning behind the entity getting...Sep 6, 2012 | Accounting Frauds
The 2011 annul report of Kingfisher Airlines is a must read, especially the auditor’s report. The auditor’s, B.K. Ramadhyani & Co., have raised number of questions, disagreed with the way the company has accounted for multiple items in their books and also under...Sep 4, 2012 | Accounting Frauds
A recent report issued by the PCAOB (Public Company Accounting Oversight Board) on the audits of brokers and dealers revealed some very shocking results. Seems like the firms that should be protecting investors is basically just sitting there and collecting their fees...Sep 4, 2012 | Uncategorized
E&Y Hong Kong is being sued by Hong Kong’s Securities and Futures Commission (SFC) as it failed to produce work papers and accounting records related to its audit work of a former China based client, Standard Water Limited. E&Y was Standard Water Limited’s...Aug 28, 2012 | Accounting Frauds
The audit committee of Diamond Foods Inc, the maker of Emerald nuts and Pop Secret found in February 2012, that the company will have to restate its 2010 and 2011 financial statements due to improper accounting for the payments to walnut growers. The payment to walnut...