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...Sep 18, 2017 | Accounting Topics
The delivery company, DX group’s woes worsened as the company announced a £1.8M hit on their financial statements ending June 30th. The issue was that the company incorrectly applied the accounting related to lease incentives on one of its sites. The lease...