Financial Statements

SEC Fines GM $1M Over Accounting for Recall
Risk & Compliance

SEC Fines GM $1M Over Accounting for Recall

A defect in GM's internal controls allegedly prevented its accountants from learning about a safety issue for 18 months.
By Matthew Heller | January 19, 2017
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Start Preparing Now for New Lease Accounting Rules
Strategy

Start Preparing Now for New Lease Accounting Rules

They don't take effect until 2019, but few leases will be grandfathered, so there will be an immediate bottom-line impact.
By Sean Moynihan | December 29, 2016
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Ex-IEC Electronics Execs ‘Pumped Up’ Profits
Risk & Compliance

Ex-IEC Electronics Execs ‘Pumped Up’ Profits

The two executives have settled SEC charges that they used false inventory accounting to meet IEC's gross profit margin targets.
By Katie Kuehner-Hebert | June 9, 2016
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Staffing Firm Fires CFO for Misstating Costs
Risk & Compliance

Staffing Firm Fires CFO for Misstating Costs

Barrett Business Services stock plunges 33% after it discloses James Miller made "“unsupported journal entries” in financial records.
By Matthew Heller | March 11, 2016
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Five Accountants Charged With Audit Violations
Risk & Compliance

Five Accountants Charged With Audit Violations

The SEC alleges CPA Peter Messineo owned stakes in companies that the firm he worked for was auditing.
By Matthew Heller | December 14, 2015
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Top OCZ Execs Charged With Accounting Fraud
Risk & Compliance

Top OCZ Execs Charged With Accounting Fraud

Former CFO Arthur Knapp agrees to pay $130,000 to settle charges he failed to prevent the misclassification of sales discounts.
By Matthew Heller | October 7, 2015
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Audit Firms to Pay $318K Over Microcap Fraud
Risk & Compliance

Audit Firms to Pay $318K Over Microcap Fraud

De Joya Griffith and M&K CPAS were accused of defectively auditing the financial statements of purported mining companies.
By Matthew Heller | September 21, 2015
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BDO to Pay $2.1Million Over Deficient Audits
Regulation

BDO to Pay $2.1Million Over Deficient Audits

The SEC alleges the big accounting firm ignored red flags in signing off on the financial statements of an employment staffing company.
By Matthew Heller | September 9, 2015
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EC Stands Behind IASB Accounting Rules
Global Business

EC Stands Behind IASB Accounting Rules

Report finds that IFRS helped more than harmed during the 2007-09 banking crisis.
By Katie Kuehner-Hebert | June 22, 2015
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PCAOB Preparing New Rule for Audits of Accounting Estimates
Regulation

PCAOB Preparing New Rule for Audits of Accounting Estimates

The PCAOB staff plans to discuss auditors’ responsibilities for accounting estimates with the Standing Advisory Group in June.
By Matthew Heller | April 9, 2015
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Adoption of Clawbacks Tied to Earnings Manipulation
Regulation

Adoption of Clawbacks Tied to Earnings Manipulation

Voluntary adoption of clawback policies is correlated with an increase in "real transactions management," a way to artificially boost earnings.
By Matthew Heller | January 21, 2015
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Tackling Disclosure Overload
Management Accounting

Tackling Disclosure Overload

Regulators are calling on companies to reduce the boilerplate and improve the effectiveness of financial reporting.
By David Katz | December 29, 2014
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Another Look at Auditor Nightmares
Risk Management

Another Look at Auditor Nightmares

The PCAOB will take a second crack at a proposal to require an auditor to reveal the thinking behind troublesome audit opinions.
By David Katz | December 5, 2014
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PCAOB’s ‘Audit Failure’ Rate Is Highly Suspect
Risk & Compliance

PCAOB’s ‘Audit Failure’ Rate Is Highly Suspect

The Public Company Accounting Oversight Board is making loose, misleading statements about the quality of public company audits.
By Mark Peecher and Ira Solomon | February 27, 2014
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Fixing the Financial Close Process
Tax

Fixing the Financial Close Process

Financial executives work to rehabilitate the dysfunctional close-to-disclose process by highlighting efficiency, standardization and streamlining.
By Alissa Ponchione | January 27, 2014
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