• 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 […]

  • Some Basics About Sarbanes-Oxley

    Say it fast five times: Sarbanes-Oxley, Sarbanes-Oxley, Sarbanes-Oxley, Sarbanes-Oxley, Sarbanes-Oxley… If you’re like me, you’re sick of hearing these words. Lots of people, however, don’t have the first idea what the Sarbanes-Oxley Act of 2002 is really about. I think […]

  • Auditors have a duty to correct a false audit report

    This information was posted Monday on Blawgletter: The Second Circuit today held an auditor potentially liable for federal [tag]securities fraud[/tag] if it doesn’t correct a false or misleading report on its [tag]audit[/tag]. The court said: The precise issue on appeal […]

  • Sanyo being investigated for possible accounting fraud

    Japanese authorities are looking into the accounting practices of Sanyo Electric Co. The Securities and Exchange Surveillance Committee is investigating the company for allegedly misrepresenting losses in its results for the fiscal year ended March 2004. Sanyo had ?190 billion […]

  • New accounting standard issued

    Announced by the AICPA (American Institute of CPAs): ASB Issues SAS No. 114, The Auditor’s Communication with Those Charged with Governance The Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) no. 114, The Auditor’s Communication With Those Charged […]

  • Report says the IRS collection system is flawed

    A report by Nina Olson, the Internal Revenue Service’s National Taxpayer Advocate, indicates that the system used by the IRS to collect back taxes is flawed. She indicated in her annual report to Congress that the IRS makes it difficult […]

  • Even more taxes proposed for Southeastern Wisconsin

    In order to support a rail service that won’t have even close to enough ridership to pay for itself, officials are proposing more sales taxes. The proposed KRM Commuter Link, a train connecting Kenosha, Racine, and Milwaukee, has been discussed […]

  • Milwaukee Assessor’s Office and Milwaukee Public Schools screw up on property taxes

    Milwaukee’s public school district is crying because $9.1 million that they wanted to squeeze out of taxpayers was erroneously left off property tax bills that were sent earlier this month. They’re pointing the finger at the Assessor’s Office, who is […]