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, […]

Jack Cieslieski at Accounting Observer wrote a piece auditor liability. Auditing firms have been seeks caps on their liability for failed audits. Large firms are afraid that they might end up in the same trouble Arthur Andersen found themselves in […]

Auditors and consultants around the country would like to string me up for my vocal dislike of Sarbanes-Oxley. I frequently moan that the cost is too high, the results are too poor, and consumers are fooled into thinking there’s been […]

Ever since my days as a staff auditor at Arthur Andersen, I’ve wondered what it costs to become a partner at a large firm. It’s obviously not something that is widely discussed with staff, so the youngsters all remain clueless. […]