• Auditors resign from Usana Health Sciences

    Usana Health Sciences announced today that its auditors, Grant Thornton LLP, resigned the engagement. The press release said: During USANA’s fiscal years ended December 30, 2006 and December 31, 2005, and the interim periods since December 30, 2006, there were […]

  • The Overstock.com house of cards

    Quite a lot happened this past week at Overstock.com. Is the house of cards finally falling down? Some think so. Gary Weiss even wrote a blog post entitled “Will the Last Overstock.com Director Please Turn Out the Lights.” And Sam […]

  • Changes to Sarbanes-Oxley Rejected By Senate

    A proposed amendment to make the internal controls portion of Sarbanes-Oxley optional for smaller corporations was defeated in the U.S. Senate this week. Specifically, the change would have allowed companies with market value less than $700 million to opt out […]

  • Michael Oxley Is Not Happy With Sarbanes-Oxley

    Well that makes two of us! In a recent article on CFO.com, retired Congressman Michael Oxley expresses his displeasure with the Sarbanes-Oxley legislation, and blames it on the Public Company Accounting Oversight Board (PCAOB). Section 404 of the Sarbanes-Oxley Act […]

  • Fred Goldberg hired to conduct internal review at Jackson-Hewitt following fraud charges

    Following the indictment of an owner of multiple Jackson-Hewitt franchise locations, Jackson-Hewitt has hired former IRS Commissioner Fred Goldberg to conduct an internal review. Goldbert is a partner at law firm Skadden, Arps, Slate, Meagher & Flom LLP in Washington […]

  • Possible Changes to Sarbanes-Oxley Within the Next Year

    The Securities and Exchange Commission voted in favor of four staff recommendations to work with the Public Company Accounting Oversight Board (PCAOB) to help change Sarbanes-Oxley. Currently, Sarbanes-Oxley requires companies to monitor and test internal controls over financial reporting. (Notice […]

  • Fraud charges against owner of Jackson Hewitt franchises

    On Tuesday, the U.S. Justice Department filed civil injunctions against five Jackson Hewitt franchises, including the corporations that operate the franchises and 24 people who work at those franchises. The corporations in question operate over 125 Hackson Hewitt locations in […]

  • Thou Shall Not Steal – Except in Accounting Class

    Marquette students learn to detect fraud by thinking like crooks The Business Journal of Milwaukee By Jennifer Batog In a nondescript room on the third floor of Marquette University’s Straz Hall, a dozen students are learning how to steal. They’re […]

  • Fraud Found at Dell?

    An “internal audit committee” at Dell Inc has found evidence of accounting errors and misconduct. The committee has been investigating accounting and financial reporting issues, which included examining historical earnings statements. A press release issued by Dell said the committee […]

  • Ernst & Young censured for lack of independence in audits

    The Securities and Exchange Commission (SEC) censured Ernst & Young LLP for doing work that compromised its indepence with regard to American International Group (AIG) and PNC Financial Services Group. The work included helping AIG develop and market a financial […]