It has been almost four years since the massive fraud committed by Sujata Sachdeva against her employer, Koss Corp., was uncovered. A year after the discovery, Koss sued Park Bank for failing to find the fraud. The company says that […]
Yesterday Financial Executives International (FEI) ran a guest post by me on their Financial Reporting Blog. The introduction is below, and you can read the entire article about the expectation gap between auditors and the users of financial statements here. […]
Cary Spivak – Milwaukee Journal Sentinel Koss Corp. collected $8.5 million from Grant Thornton, the accounting firm that audited Koss’ books during a portion of the time that Sujata “Sue” Sachdeva was stealing millions from the company. The payment made […]
Former KPMG audit Partner Scott I. London brought great shame to the accounting profession this week by being charged with conspiracy to commit securities fraud through insider trading. After nearly 30 years with KPMG, London went down in flames after […]
Anyone who is being honest will tell you that financial statement audits don’t find fraud. On the rare occasion they do, but by and large audits are not designed to detect fraud and the auditors don’t have enough fraud detection […]
In the last week Big Four auditing firm PricewaterhouseCoopers has been sued over its performance of audits of companies with massive frauds. First, PwC was named as a defendant in a suit filed by the Federal Deposit Insurance Corporation as […]
One year after MF Global “misplaced” $1.6 billion in customer funds, those funds still haven’t been recovered for investors. The money has allegedly been found, but that still doesn’t help customers who would like to get their misappropriated funds back. […]
In the current issue of Forbes magazine, accounting watchdog Francine McKenna has written an article about the SEC’s failure to take a hard line on accounting fraud in public companies. Despite all of the high profile accounting frauds uncovered in […]
This was left as a comment to an article here, but I didn’t want it to get lost in the shuffle. It gives good insight on becoming a partner at a Big Four firm. I joined PwC as a director, […]
There’s a good chance fraud may be occurring under your nose. How to get better at preventing it from happening on your watch. Tracy L. Coenen – CFO Magazine Internal fraud is a huge risk to companies. Experts estimate that […]
