On Accounting's Moral Dimension
The New York Times published what is essentially a love letter to the accounting profession. Accounting is more than just dollars and cents, says the Times. It's accountability, and the ability to hold...
View ArticleRep. Grimm Arrested on Fraud Charges
Rep. Michael Grimm, a New York City Republican congressman representing Staten Island and parts of Brooklyn, surrendered to federal authorities today on a 20-count indictment connected to a restaurant...
View ArticleAG Holder: No One is Too Big to Jail
Attorney General Eric Holder, in considering possible criminal charges against banking giants Credit Suisse and BNP Paribas, said that as federal prospectors conclude their investigations into the two...
View ArticleSEC Halts Illegal Reverse Merger
The Securities and Exchange Commissionannounced charges against a Toronto-based consultant and four associates for their part in an illegal Chinese reverse merger scheme. The SEC alleges that the team...
View ArticleFour Myths Businesses Love Telling
An article on INC.com points out four things that companies love to say about themselves, but generally amount to a "pleasant myth." They're called myths, says INC, because while businesses may repeat...
View ArticleBanks to Prosecutors: Please Go Easy
In the wake of criminal charges against banking titans Credit Suisse and BNP Paribas and previous comments from Attorney General Eric Holder that no one is "too big to jail," the two financial...
View ArticleStudy: Most Reconciliation Done by Hand
In an age where computers perform more and more work across the economy, there's still one area where, apparently, humans still rule: accountreconciliation. According to an article in Accountingweb, 59...
View ArticleItaly Uses Cocaine to Boost GDP
Italy, struggling under the weight of the European economic crisis, will be giving its GDP a little boost through adding illegal activities such as cocaine sales and prostitution into its GDP...
View ArticleCompliance Pros a Growing Field
Companies are hiring more professionals to keep them compliant with state and federal regulations amid an environment of increasing scrutiny and regulatory oversight, according to Reuters.read more
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...
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 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 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 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 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 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 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 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 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...
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