Financial Statements

Is Your Internal Control Environment Up to Date?
Risk & Compliance

Is Your Internal Control Environment Up to Date?

Assessing the state of your current framework is crucial to ensure its effectiveness.
By Mary Wisenski | June 28, 2022
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Fraud Prevention Firm’s Ex-CEO Charged With Fraud
Risk & Compliance

Fraud Prevention Firm’s Ex-CEO Charged With Fraud

Adam Rogas, a co-founder of NS8, was "the proverbial fox guarding the henhouse," a prosecutor says in announcing his arrest.
By Matthew Heller | September 18, 2020
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Luckin Coffee Crashes After Company Admits COO ‘Fabricated Transactions’
Risk & Compliance

Luckin Coffee Crashes After Company Admits COO ‘Fabricated Transactions’

Those involved in the scheme allegedly fabricated $310 million in total sales and inflated certain costs and expenses.
By Lauren Muskett | April 2, 2020
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Do Clawback Policies Accomplish Their Desired Purpose?
Tax

Do Clawback Policies Accomplish Their Desired Purpose?

They may, but new research surprisingly suggests that clawbacks may also prompt managers to drive down their companies' effective tax rates.
By David McCann | December 16, 2019
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Bridging the Gaps in GAAP
GAAP and IFRS

Bridging the Gaps in GAAP

Here are eight critical considerations for combating the creativity crisis in accounting.
By David McCann | October 16, 2019
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Are Women CFOs Less Prone to Financial Misreporting?
Risk & Compliance

Are Women CFOs Less Prone to Financial Misreporting?

In a study of thousands of U.S. companies over 11 years, those with female CFOs were much less likely to file financial reports containing misstatements.
By David McCann | July 2, 2019
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Why Terminating a Pension Plan May Be Unaffordable
Retirement Plans

Why Terminating a Pension Plan May Be Unaffordable

Not only is it expensive to buy annuities to fund existing retiree benefits, but financial statement issues also may stymie plan terminations.
By David McCann | May 29, 2019
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Private Companies: Beware of SEC Scrutiny
Risk & Compliance

Private Companies: Beware of SEC Scrutiny

The Securities and Exchange Commission is bringing case after case charging private companies and their executives with fraud.
By David McCann | April 22, 2019
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AICPA Issues New Benefit Plan Audit Rules
Retirement Plans

AICPA Issues New Benefit Plan Audit Rules

The institute has been seeking to improve the quality of plan audits since a critical government report in 2015.
By Matthew Heller | December 4, 2018
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Internal Controls Violations in Cyber-Fraud Cases?
Risk & Compliance

Internal Controls Violations in Cyber-Fraud Cases?

The SEC takes the position that public companies must assess and calibrate internal accounting controls for the risk of cyber frauds.
By Howard Scheck | November 15, 2018
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SEC Intensifies Focus on Non-GAAP Metrics
Risk & Compliance

SEC Intensifies Focus on Non-GAAP Metrics

While the number of comment letters the commission sends to filers has waned drastically, the proportion of letters focused on non-GAAP metrics has shot up.
By David McCann | October 23, 2018
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Five Firms Fined for Filing Incomplete 10-Qs
Risk & Compliance

Five Firms Fined for Filing Incomplete 10-Qs

The SEC says the companies included financial statements in reports that had not been reviewed by an independent external auditor.
By Matthew Heller | September 24, 2018
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Ex-Autonomy CFO Convicted of Massive Fraud
Risk & Compliance

Ex-Autonomy CFO Convicted of Massive Fraud

A U.S. jury finds Sushovan Hussain "misused his special skills in accounting" to inflate the U.K. software firm's revenues before it was acquired by HP.
By Matthew Heller | May 1, 2018
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What’s Behind Financial Statement Placement Order?
Financial Reporting

What’s Behind Financial Statement Placement Order?

The order in which a company presents financial statements may present clues about how it wants to be viewed by investors and analysts.
By David McCann | March 13, 2017
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Oil Shipper and Its Former CFO Fined for Understating Tax
Tax

Oil Shipper and Its Former CFO Fined for Understating Tax

Overseas Shipholding Group and its ex-CFO allegedly failed to recognize $512 million in tax liabilities over a 12-year period.
By Matthew Heller | January 24, 2017
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