Oct 4, 2014 | Accounting Frauds
Newly appointed CEO Dave Lewis started his tenure at Tesco by suspending four executives after discovering some serious accounting irregularities. The company came to know of the issue when an informed employee went to the company’s general counsel to report the...Oct 3, 2014 | Accounting Frauds
Bank of America is paying $7.65M to settle federal charges that it violated record keeping and internal controls in overstating its capital levels. The issue goes back to 2009 when BOA acquired Merrill Lynch. During the acquisition, the company assumed a large...Feb 11, 2013 | Accounting Frauds
Craig Haver, an ex partner at Grant Thornton New York office was charged with stealing nearly $4M of money from clients. According to the latest reports, Craig had instructed the clients to send money directly to him rather than the firm’s headquarters. This had...Jan 8, 2013 | Accounting Frauds
The Reading School District in Pennsylvania announced that the district auditors uncovered an accounting error in the books of the organizations for 2010-2011. According to the audit, the revenues for 2010-2011 period were overstated by $15.6M. A big question here is...Dec 7, 2012 | Accounting Frauds, Accounting Globalization
On Dec. 3 the Securities and Exchange Commission formally accused the Chinese affiliates of the Big Four accounting firms of violating the U.S. law. The issue was the failure of these China based audit firms’ to provide audit work papers in ongoing accounting fraud...Nov 27, 2012 | Accounting Frauds
The recent accusation of HP against Autonomy, the British software company that HP bought for $11B, raises fingers in all directions. Who is it at fault- Autonomy management, the management of HP, the auditors, or the differences in the accounting standards? Let’s...