Sep 25, 2012 | Accounting Frauds
The former controller of New Mexico Finance Authority that provides low-cost financing for capital projects by cities, counties, schools and New Mexico governmental organizations came under scrutiny when he was indicted on securities fraud and forgery charges. The...Sep 6, 2012 | Accounting Frauds
Phoenix IT Group, a cloud computing services provider, recently disclosed that following reorganization in the finance group the company found errors in the accounting of its Servo division. The value of the net assets were understated by approximately £14m (~$22m)...Sep 6, 2012 | Accounting Frauds
The Cayman Track Limited, a governmental authority that runs the horseracing tracks in Jamaica, has come under the radar for its improper accounting practices. An audit was commissioned by the Ministry of Finance to look into the reasoning behind the entity getting...Sep 6, 2012 | Accounting Frauds
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...Aug 28, 2012 | Accounting Frauds
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...