Apr 2, 2012 | Uncategorized
On March 30, 2012, Groupon, Inc. filed the following statement with the Securities and Exchange Commission concerning its internal controls over financial reporting:We did not maintain financial close process and procedures that were adequately designed, documented...
Mar 11, 2012 | Uncategorized
The auditing profession continues to struggle as its managers and employees make some decisions that are not appropriate or in the public interest. Too often, the interests of the company that hired the auditing firm continue to take precedence over the interests of...
Jan 3, 2012 | Uncategorized
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has issued its first update to the seminal 1992 guidance on internal control. I’d encourage you to review the exposure draft at: ...
Nov 24, 2011 | Uncategorized
Here is how MF Global describes itself on its web site:“Indispensable, well-timed insight. Forward-thinking, unwavering vision. Deeply rooted passion for the markets. At MF Global, our relentless pursuit of market opportunity separates us from the pack and binds us in...
Nov 16, 2011 | Uncategorized
If you read the United States Code of Federal Regulations, you realize there are crazy rules that are designed to attempt to limit the ability of auditors to help the taxpayers.The State Medicaid Fraud Control Units are designed to try and stop the billions of dollars...
Oct 30, 2011 | Uncategorized
One of my last audits in the New York State Comptroller’s Office was of a not-for-profit, Community Action Agency in Franklin County that is primarily funded by New York State and federal grants.This is a good audit to review because the auditors appropriately...
