How long will the Kingfisher fly?

The 2011 annul report  of Kingfisher Airlines is a must read, especially the auditor’s report. The auditor’s, B.K. Ramadhyani & Co.,  have raised number of questions, disagreed with the way the company has accounted for multiple items in their books and also under...

Are the auditors supporting fraud!

A recent report issued by the PCAOB (Public Company Accounting Oversight Board) on the audits of brokers and dealers revealed some very shocking results. Seems like the firms that should be protecting investors is basically just sitting there and collecting their fees...

The popcorn burns!

The audit committee of Diamond Foods Inc, the maker of Emerald nuts and Pop Secret found in February 2012, that the company will have to restate its 2010 and 2011 financial statements due to improper accounting for the payments to walnut growers. The payment to walnut...

FOI Corp officers get 3 years imprisonment

In February 2012, Saitama District Court in Japan, sentenced both the president and executive director of FOI Corp, the machinery maker to three years in prison. The sentencing was due to the involvement of the officers in falsifying the financial statements of the...

The ATM maker loses money

Oki Electric Industry, the maker of ATMs, telecommunications equipment and printers, suspended its Managing Director of its Spanish printer making entity Oki Systems Ibérica S.A.U. amid accounting probe. The MD allegedly overstated the Spanish unit’s accounts...

The future is bleak

The futures brokerage firm Peregrine Financial Group has filed for Chapter 7 protection, after its founder attempted suicide and amid allegations of fraud. It is alleged that more than $200 million had gone missing at the commodities brokerage. In his suicide note,...