• 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 […]

  • Overstock.com Admits They’re Clueless About the Accounting Rules

    This week Overstock.com (NASDAQ:OSTK) notified the public that they wouldn’t file their third quarter 10-Q on time. The reason: The registrant has been unable to complete its financial statements for the quarter ended September 30, 2009, as it is continuing […]

  • Conservatism is no excuse for false financial statements, Overstock.com

    I’ve written extensively in the past about the train wreck that is Overstock.com (NASDAQ:OSTK) and its nutty CEO, Patrick Byrne.  Just when I think there couldn’t possibly be more to write about the horrible company and Byrne’s crazy antics, I’m […]

  • PCAOB Reports on BDO Seidman and Grant Thornton

    Auditing firms are in a world of trouble. Their audit procedures haven’t really kept up with the changing business environment, and the expectations of the users of financial statements are practically impossible for auditors to fulfill. Regardless of the many […]