Nov 11, 2016 | Accounting Frauds
The accounting watchdog in England, Financial Reporting Council, found that misconduct by Deloitte led to the collapse of Aero, an aircraft parts wholesaler. The misconduct cost Deloitte £4 million! The fine is the highest recorded by the FRC for misconduct of a firm....Nov 27, 2012 | Accounting Frauds
The recent accusation of HP against Autonomy, the British software company that HP bought for $11B, raises fingers in all directions. Who is it at fault- Autonomy management, the management of HP, the auditors, or the differences in the accounting standards? Let’s...Oct 16, 2012 | Accounting Frauds
The officials at the Sebewaing Light and Water Department in Michigan, did not pay heed to audit reports that mentioned significant deficiencues in the accounting procedures. These warnings date back to 2006. Finally in May 2012, the auditors noticed that the money...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...Feb 3, 2011 | Accounting Frauds
In a recent verdict of a nine year legal battle between BDO Seidman and the estate of George Batchelor and the Batchelor Foundation, the jury ordered BDO to pay $91.7 million in damages for fraud and negligence over the firm’s auditing of Grand Court Lifestyles...