Oct 18, 2017 | Accounting Frauds
The Financial Reporting Council fined Ernst & Young £1.8 million for their shoddy audit work of distributor Tech Data. This is what happened. In 2013, Tech Data revealed that there were material errors in their financials for 2011, 2012 and part of 2013. The...Oct 10, 2017 | Accounting Frauds
A few month’s ago UK’s Financial Reporting Council (FRC) levied the then largest ever penalty on PWC, for 5 Million Pounds, related to misconduct over its audit of Connaught Plc, a FTSE 250 company that went into administration in 2010. Now PWC is fined 5.1 Million...Oct 6, 2017 | Accounting Frauds
Alere, a Waltham based diagnostic firm, agreed to pay $13 million to the Securities and Exchange Commission (SEC), to settle charges that it committed accounting fraud. The charges state that the company, through its subsidiary in South Korea inflated their revenue by...Dec 13, 2016 | Accounting Frauds
As the internal accounting probe of the sales numbers of Alexion Pharmaceuticals, Inc. nears completion, its CEO David Hallal and CFO Vikas Sinha have unexpectedly resigned. Mr. Hallal for personal reasons and Mr. Sinha to pursue other opportunities. Wonder what the...Dec 7, 2016 | Accounting Frauds
For three years in a row the Department of Housing and Urban Development has received the same accounting and internal controls conclusion from the audit of its financials. What is the conclusion: the audit found 11 material weaknesses, seven significant deficiencies...Nov 30, 2016 | Accounting Frauds
Diane Backis, an accounting manager at Cargill caused the company a loss of at least $25 million and stole more than $3.1 million from the company over a period of 10 years. She pleaded guilty to charges of mail fraud and false tax filings. She has agreed to pay...