Apple Computer delays filing financial reports with SEC

Apple Computer Inc. still hasn’t filed its annual report with the Securities and Exchange Commission, saying that it is still investigating the backdating of stock options. Apple needs to restate some historical financial statements to record additional compensation expense, and says it can’t file its 10-K for the fiscal year ended September 30 until the … Read more Apple Computer delays filing financial reports with SEC

Former Enron executive Jeffrey Skilling begins his prison sentence

Today Jeffrey Skilling, the 53-year-old former CEO of [tag]Enron[/tag], reported to [tag]prison[/tag] in Waseca, Minnesota. He begins his sentence of 24 years and 4 months in a low-security Federal Correctional Institution. Skilling’s conviction includes federal charges of [tag]fraud[/tag], [tag]conspiracy[/tag], and [tag]insider trading[/tag]. Skilling had hoped to put off his prison sentence while pursuing an appeal … Read more Former Enron executive Jeffrey Skilling begins his prison sentence

PCAOB Report on the 2005 Inspection of Deloitte & Touche LLP

Did you know that under the Sarbanes-Oxley Act of 2002, each registered public accounting firm providing audit report for more than 100 companies (issuers) must undergo an annual Public Company Accounting Oversight Board (PCAOB) inspection? The PCAOB examines selected financial statement audits and internal control reviews done by each public accounting firm. If the board … Read more PCAOB Report on the 2005 Inspection of Deloitte & Touche LLP

And This is One of Our Leaders?

ViAnna Jordan is seeking to unseat criminal and Milwaukee Common Council member Michael McGee (Jackson). ViAnna’s supporters circulated petitions for a recall of McGee/Jackson. McGee/Jackson signed one of those petitions, and is now claiming that he was told it was a petition to keep Malcolm X Academy open, according to the Milwaukee Journal Sentinel. Does … Read more And This is One of Our Leaders?

Leaders defending Michael McGee/Jackson

A group of so-called community leaders have come out publicly to defend Michael McGee (Jackson), Milwaukee criminal and city council member. They claim he is very involved in the community, and that should overshadow his criminal behavior, which includes: Perjury Resisting arrest Threatening to kill the mother of his child Disorderly conduct Fraudulent use of … Read more Leaders defending Michael McGee/Jackson

Home Depot backdating options

Home Depot, one of the many companies involved in the “options backdating scandal,” has announced that the company has been routinely backdating options for its executives since 1981. An internal investigation revealed that this practice went on from 1981 until 2000, and it caused Home Depot to understate its compensation expenses by about $200 million. … Read more Home Depot backdating options

Enron shareholders’ suit dismissed and plaintiffs order to pay attorneys’ fees

A class action suit against AllianceBernstein LP (formerly known as Alliance Capital Management LP) has been dismissed by a federal judge, and she has ordered the plaintiffs to pay the attorneys’ fees. She also said it would be appropriate for the lawyers for the plaintiffs to pay those fees. The suit was filed by attorney … Read more Enron shareholders’ suit dismissed and plaintiffs order to pay attorneys’ fees

Michael McGee (Jackson) recall effort has momentum

Milwaukee Alderman Michael McGee Jackson is the target of a recall effort, led by ViAnna Jordan. It seems that her supporters are busy getting the word out as evidenced by some recent comments on this blog. The comments include: “As a result of this kind of irresponsible rhetoric on the part of McGee and others, … Read more Michael McGee (Jackson) recall effort has momentum

My comments in Financial Executives Magazine

I was recently interviewed for an article in Financial Executive Magazine. The article contained comments from a variety of executives, educators and consultants. We were asked to speculate on the future of financial reporting and the finance function in corporations. Naturally, my comments pertained to fraud and how that may impact the finance function. Tracy … Read more My comments in Financial Executives Magazine