The current issue of New York Magazine has a lengthy story about the collapse of Lehman Brothers. To cut to the chase: Management knew in June that the company was in serious, serious trouble. Which leads me to ask when […]
Francine McKenna at re: The Auditors has an interesting post and set of comments about internal audit functions at public companies and the importance of internal auditors. External auditors look at a company’s financial statements and a small amount of […]
It should come as no shock to anyone that lots of fingers are being pointed related to Wall Street’s meltdown, and specifically related to the banking industry. And auditors are likely to find themselves the targets of lawsuits. Auditor malpractice […]
This past week, our good friends at Overstock.com (NASDAQ:OSTK) – – CEO Patrick Byrne, President Johnathan Johnson, and SVP of Finance David Chidester – – made an announcement about how they have screwed up the company’s financial statements again. Overstock […]
You can be sure of two things when looking at Overstock.com (NASDAQ:OSTK) financial statements: They’re wrong There are massive losses (which will be even bigger when #1 comes to light)
PricewaterhouseCoopers LLP (PwC) and Ernst & Young (E&Y) have been chosen by the United States Treasury to help oversee the $700 billion bailout plan. CFO.com reports:
An article on the Industry Standard by managing editor Ian Lamont, “Overstock.com CEO: I’m not vindictive.”, explores a recent blog post made by Patrick Byrne on his site that attempts to expose corruption on Wall Street. Byrne is the completely […]
My friend Francine McKenna wrote yesterday on her blog, re:The Auditors, about what Sarbanes-Oxley has accomplished: My contention is that Sarbanes-Oxley has at least raised the tone and tenor of the conversation about internal controls and about common sense, tried […]
With all the talk about fraud since the big scandals of Enron, WorldCom and Tyco, it would only seem natural for companies to do whatever they can to prevent employee fraud. Yet companies have not radically changed their fraud prevention […]
In the past, I’ve discussed the improper EBITDA numbers reported by Overstock.com (NASDAQ:OSTK). It comes as no surprise that the con game continues with Overstock’s latest reported numbers. The SEC rules are very simple. “EBITDA” refers to a specific calculation, […]
