Hurt by the Target Hack? You Could Get $10,000
If you were one of the 70 million people whose personal information was stolen in a massive hack of Target's payment system, then you might be able to get $10,000 as part of the settlement of a class...
View ArticleInsurance Company Admits to $44 Million Accounting Error
Genworth Financial, a publicly traded insurer, took a beating in the stock market after admitting it had made a $44 million miscalculation when in its long-term care reserves, according to Bloomberg....
View ArticleStudy: Human Error Rampant in Fin. Reporting
While it might be tempting to blame the technology, a survey of accounting and tax leaders has found that the most common mistakes in financial reporting come down to simple human error, according to...
View ArticleSEC Stepping Up Accounting Investigations
The Securities and Exchange Commission has been conducting many more investigations into accounting matters than in years past, said the Wall Street Journal. Data has shown that accounting fraud...
View ArticleGreek Crisis Shows Bad Accounting All Around
An opinion piece in the New York Times argues that Greece's debt crisis may simultaneously be both much worse and much better than it appears, all due to how the various nations entangled in it have...
View ArticlePope Francis Addresses the Accounting Community
His Holiness Pope Francis was the featured speaker at the World Congress of Accountants in Rome, where he called upon the profession to go above and beyond in applying its creativity and intelligence...
View ArticleCredit Suisse Ordered to Pay $1.8 Billion to U.S. DOJ by Next Week
Years of investigation into Credit Suisse has resulted in a win for the Department for Justice, according to Forbes. read more
View ArticleChicago Think Tank to Unveil Report Targeting Federal Accounting Practices
Nonprofit Chicago think tank Truth in Accounting (TIA) will soon release its federal project analyzing the 2013 federal budget, according to an op-ed published by the organization’s founder and CEO,...
View ArticleSenator Concerned New Rev. Rec. Standard Opens Door to Abuse
Senator Carl Levin (D-Michigan) wrote to the Financial Accounting Standards Board (FASB) warning that the new revenue recognition standard, which collapses the various transaction-specific standards...
View ArticleTesco Probe Widens into Criminal Investigation
UK-based retailer Tesco, which has spent the last few weeks embroiled in an accounting £250 million (or roughly $402 million), can add a criminal investigation from the government's Serious Fraud...
View ArticleTesco Chairman to Step Down After Massive Accounting Error
Sir Richard Broadbent, the chairman of UK-based supermarket chain Tesco, announced that he will step down in the wake of a $421 million profit overstatement that has sunk public confidence in the...
View ArticleReport: Why Do Insider Trading? High Reward, Low Risk
A recent study reveals that the reason people commit insider trading is because they make a lot of money doing it--a lot of money--and it's considered relatively low-risk by those who do it, according...
View ArticleReport on Tesco Profit Overstatement Faults Inappropriate Staff Action
The multi-million pound profit overstatement that has been dogging British supermarket chain Tesco over the past few weeks has been found by an investigation to be the result of inaappropriate behavior...
View ArticleReport on Tesco Profit Overstatement Faults Inappropriate Staff Action
The multi-million pound profit overstatement that has been dogging British supermarket chain Tesco over the past few weeks has been found by an investigation to be the result of inaappropriate behavior...
View ArticleLeaked Tapes Show Regulators Discouraging Action
Leaked recordings of meetings between the U.S. Federal Reserve and Goldman Sachs has shown a relationship that plays down troublesome information and encourages a more gentle hand with the bank,...
View ArticlePoor Accounting Leads British Chain to Make 250M Overstatement
British grocery chain Tesco's, one of the largest in the world, admitted that it had overstated its six-month profits by over 250 million pounds, an error that has caught the attention of British...
View ArticleFirm Looking to Revive Arthur Andersen Name
Arthur Anderson, the collapse of which brought the Big Five to the Big Four, has been associated with the spectacular fraud that took place at Enron that was exposed in 2001. One firm, WTAS, which...
View ArticleProsecutors Eye Surviving Madoff Son
The number of people suspected of connections to notorious swindler Bernie Madoff continues to pile up--as the guilty plea of Madoff's accountant, Paul Konigsberg, works its way through the system,...
View ArticleMadoff's Accountant to Plead Guilty
Paul Konigsberg, a former accountant with links to notorious swindler Bernie Madoff, is expected to plead guilty to charges of two counts of conspiracy and three counts of falsifying records and...
View ArticleIRS Loses Yet More Emails
The IRS had to admit to Congress yesterday that it has lost more emails relating to the investigation into possible suppression of Tea Party-related groups, according to the Washington Post. The loss...
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