Nov 7, 2012 | Accounting Frauds, Accounting Globalization
IFRS is in news again. This time it isn’t in context of the convergence project. It is for wrong accounting in their books! How can an international accounting standard setter have their accounting messed up? Well they did! The issue it turns out is that the...Nov 2, 2012 | Accounting Frauds
Another case of embezzlement in a small company. Accounting manager of Schmitt, Inc an air conditioning and electric company in Dade City, Florida, was charged with embezzling half a million dollars from the company. Michael Cougill, the manager, forged and cashed...Oct 29, 2012 | Accounting Frauds
Another case of embezzlement in a company due to lack of segregation of duties. Debra Skies who has been working as the office manager at McCord Engineering, Inc. since the company’s inception in 1985 recently turned herself in for embezzlement. Debra was let go...Oct 22, 2012 | Accounting Frauds
A recent audit done of the accounting records of Waverly Village Court in New York showed a dismal state of affairs. During the audit period, Jan. 1, 2010, to Feb. 24, 2012, the audit noted that the village judges didn’t make sure court clerks kept track of the money....Oct 16, 2012 | Accounting Frauds
The officials at the Sebewaing Light and Water Department in Michigan, did not pay heed to audit reports that mentioned significant deficiencues in the accounting procedures. These warnings date back to 2006. Finally in May 2012, the auditors noticed that the money...Oct 10, 2012 | Accounting Frauds
Recently Facebook was accused of indulging in creative accounting to save taxes in the UK. The company actually paid a mere £196K in taxes to the British government last year on reported revenue of £20.4m. The analyst expectation for the period was a revenue of...