SEC Charges Audit Firm on Fraud
The Securities and Exchange Commission has charged four New York-based auditors of falsely representing that they had conducted audits of Chinese companies within U.S. auditing standards when, instead,...
View ArticleIRS Sent Out $3.2B in Bogus Refunds
The IRS has sent out thousands of refund checks that were likely part of identity theft scams, according to USA Today. Overall, the IRS failed to detect 1.5 million fraudulent returns, ultimately...
View ArticleExecs Cause Near Half of Malware Attacks
A survey commissioned by security firm Threat Track has shown that top-level executives and senior management are responsible for 40 percent of corporate malware attacks, according to Wired Magazine....
View ArticleTraders May Be Banned from Chat Rooms
Large banks have been considering policies that would ban their traders from using chat rooms out of concerns that they could potentially be used for collusion or marketmanipulation, or at least lead...
View ArticleReport: Fake Numbers SOP for Pentagon
False figures, ranging from simple number fudging to just making them up entirely, is not only rife at the Pentagon, but is actually standard operation procedure, according to an investigation by...
View ArticleSEC: Compliance Officer Not Compliant
In an ironic development that would impress Sophocles, a Securities and Exchange Commission (SEC) employee responsible for ensuring entities' compliance with securities law has been arrested and...
View ArticleDiNapoli: Overtime Jumped $65M
New York State Comptroller Thomas DiNapoli said that overtime spending in government agencies has increased by $65 million between this year's first nine months and the last, according to the...
View ArticleReport: FX Market Rife w.Inside Trade
Foreign currency dealers apparently have been recruiting day traders to make market bets on their behalf using their knowledge of impending deals to profit off the shifting currency values they know...
View ArticlePCAOB Re-Proposes Auditor Name Rule
The Public Company Accounting Oversight Board (PCAOB) has formally re-proposed a rule that, if implemented, would require that audit reports to include the name of the engagement partner who led the...
View ArticleStudy: Jail Not So Bad for 'White Collar'
If you've been convicted of insider trading or embezzlement or fraud, you may be quaking in your boots at the prospect of going to federal prison and confronting the numerous indignities that may...
View ArticlePoll: Audit Comms, CEOs too Chummy
A recent study has revealed that 40 percent of public companies have at least one audit committee member with social ties to its CEO, according to Accounting Today, with about half the committee having...
View ArticleSEC Looking at Non-GAAP Metrics
The Securities and Exchange Commission (SEC) has become interested in non-GAAP financial reporting metrics as a potential avenue for accountingfraud, according to the Wall Street Journal. Leading the...
View ArticleSwiss Banks Send Warning to US
Swiss banks are urging their American account holders to reveal themselves to the U.S. government and come clean about any outstandingtax liabilities they might have before the end of this year so the...
View ArticleJPM Expected to Pay $2B for Madoff Role
JP Morgan Chase is expected to pay out a $2 billion settlement for ignoring crucial red flags, perhaps deliberately according to prosecutors, related to the Bernard Madoff Ponzi scheme, according to...
View ArticleWhy We Procrastinate
We were going to write this blog post earlier but, well, you know.read more
View ArticleTowards Better Business Ethics
The Washington Post has an interesting blog entry written by a business professor who argues that the way MBA programs today go about teaching ethics today are looking at the wrong problems. The...
View ArticleDealing with the Angry Guy
There are many offices who, at some time or another, have had to deal with the Angry Guy. The Angry Guy (not always a guy, mind you) can often be heard throughout the office, even through closed doors,...
View ArticleMany Brokers Don't Disclose Red Flags
According to an analysis conducted by the Wall Street Journal, more than 1,600 stock brokers have bankruptcy, criminal charges or other troubling parts of their past that are not disclosed to...
View ArticleAccounting Fraud Widespread in China
Bing Lin, a Hong Kong portfolio manager, has asserted that accountingfraud is a widespread phenomena in China, and that investors should take the financial information coming from many firms with a...
View Article24 pct. of Firms Reward Failed Employees
A new study out shows that 24 percent of companies give bonuses to employees who have failed "to meet even the lowest possible performance ranking," showing that performance and reward are not always...
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