• The Move to IFRS: All About Greed

    Professor David Albrecht wrote a great piece today about the push to move from U.S. GAAP (Generally Accepted Accounting Principles) to IFRS (International Financial Reporting Standards). His conclusion? The push to switch is motivated purely by greed. Accounting standards exist […]

  • Koss Corp.: Commit the Fraud and Cover It Up

    I’ve been talking here, at DailyFinance.com, and to the media about the massive fraud at Koss Corp. and how I think it may have been committed and covered up. The time has come to get more specific about how I […]

  • Accountants Cite Lessons Learned in Koss Scandal

    Eric Decker – BizTimes.com How could one corporate executive make more than $30 million in unauthorized transactions over four years without anyone else on the company’s leadership team or its third-party accounting firm being aware of the embezzlements? That is […]

  • Koss Corp. Fraud: Defending Grant Thornton? No.

    I have been criticized for “defending” Grant Thornton, the auditors of Koss Corp, which has suffered a fraud loss of at least $31 million at the hands of the company’s Vice President of Finance, Sue Sachdeva. In fact, my comments […]

  • Fraud Case Feeds Sarbox-Exemption Critics

    Could an alleged $31 million fraud at a company that reported $38 million in sales last year quash claims that internal-controls checks don’t matter? Sarah Johnson – CFO.com | US A finance executive’s alleged embezzlement of as much as $31 […]

  • Koss Fraud: Losses Higher, Grant Thornton Fired, Baker Tilly Virchow Krause Hired

    I’ve had plenty to say about the massive fraud Koss Corp has suffered at the hands of their Vice President of Finance, Sue Sachdeva. In this news story from Milwaukee’s ABC affiliate, WISN 12, I talk about how a company […]

  • More on Fraud at Koss Corp.

    Today’s Milwaukee Journal Sentinel provides additional insights into the alleged fraud committed by Koss Corp. VP of Finance Sue Sachdeva. Initially the fraud was estimated at $4.5 million, but that was quickly revised upward to more than $20 million.  It […]

  • Koss Financial Records Will Get More Scrutiny in 2010

    Doris Hajewski – Milwaukee Journal Sentinel Koss Corp.’s current loss of millions of dollars due to alleged fraudulent accounting is not the first time the Milwaukee company has suffered because of the actions of a manager. The 51-year-old family-controlled business […]

  • How the VP of Finance at Koss Steals Millions

    This week Koss Corp (NASDAQ:KOSS) announced that Sujata “Sue” Sachdeva was fired from her position as Vice President of Finance for stealing at least $4.5 million from the company. Two members of the accounting staff Sachdeva supervised were suspended without […]

  • Grant Thornton to SEC: Overstock.com Is Lying

    UPDATE: Overstock.com just issued a press release in which Patrick Byrne calls Grant Thornton a bunch of liars. Add them to his list of “miscreants.” No longer can Patrick Byrne, wacky CEO of Overstock.com (NASDAQ:OSTK) claim that those pointing out […]