• 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 […]

  • What Does the Future Hold For Finance and CFOs?

    Financial Executive Magazine By Jeffrey Marshall and Ellen M. Heffes The editors reached out to a wide range of experts — CFOs and former CFOs, consultants, academics, accountants and technology vendors — to get their thoughts about what the coming […]

  • Another tax increase for Wisconsin?

    Yet another tax increase is being discussed in Wisconsin, a state already known for its extremely high tax burden. Naturally, lawmakers are spinning this tax increase as a tax shift, rather than an increase. Suuuuuuuure. Here’s the idea: State Sen. […]

  • Audit Firms Suggesting Companies Be Required to Have Forensic Audits

    The six biggest accounting firms in the United States have suggested that companies should be forced to submit to forensic audits every three to five years. These types of engagements would be aimed at finding fraud. The six firms include […]