Apr 13, 2014 | Uncategorized
“Problem audits” aren’t just a U.S. problem.Big accounting firms are producing deficient audits around the world, according to a new survey of 30 countries’ audit regulators—mirroring the experience in the U.S., where regulators have found...
Apr 6, 2014 | Uncategorized
From the Globe and MailAn Ontario judge has awarded $85-million in damages to the creditors of long-defunct theatre company Livent Inc., ruling the firm’s auditors at Deloitte & Touche were negligent in their reviews of the company’s 1997 financial...
Nov 29, 2013 | Uncategorized
Three Louisiana pension funds invested a combined $100 million in 2008 in Fletcher Asset Management. Each of the three funds invested from 3.9 percent to 8.6 percent of their assets in Fletcher’s scheme after the firm made a pitch promising to deliver every...
Oct 25, 2013 | Uncategorized
Here is an interesting article in the New York Times. Floyd Norris reports, “The accounting business has sometimes had an attitude of — how shall I put it? — contempt for those who would regulate it. The people who run the major firms know best, and...
Oct 20, 2013 | Uncategorized
Two Florida inmates walked out of prison based on forged documents authorizing their early release from life sentences. This is an impressive prison escape and it shows the importance of an appropriate internal control system.In a letter addressed to Florida’s...
Sep 27, 2013 | Uncategorized
The city of Dixon, Illinois announced on September 25, 2013 it would receive a $40 million settlement from CliftonLarsonAllen, Fifth Third Bank, and Janis Card and Associates for the fraud Rita Crundwell committed and was not detected by the CPA firms or the bank.The...
