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Keyword: accounting

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  • Accounting giant Ernst & Young admits its employees cheated on ethics exams

    06/28/2022 8:34:14 AM PDT · by BenLurkin · 47 replies
    NPR ^ | JACQUELINE GANUN
    Ernst & Young, one of the top accounting firms in the world, is being fined $100 million by federal regulators after admitting its employees cheated on their ethics exams. For years, the firm's auditors had cheated to pass key exams that are needed for certified public accountant licenses, the Securities and Exchange Commission found. Ernst & Young also had internal reports about the cheating but didn't disclose the wrongdoing to regulators during the investigation. "It's simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams of all things," Gurbir S. Grewal, director of the...
  • Now It's Time For Accountability

    01/15/2022 3:31:18 PM PST · by arthurus · 2 replies
    CDMedia ^ | 2 January 2022 | L. Todd Wood
    Only the foolish will get vaccinated and wear a mask now. The New Year is here! It’s time for an Omicron party! Everyone get sick and save your community with herd immunity! What’s a few days feeling under the weather when you can protect your children’s future? Now it’s time for accountability.
  • Cardinal Pell Has One Question for Cardinal Becciu: ‘Will He Just Tell Us What the Money Was Sent for?’

    12/26/2021 6:50:03 PM PST · by marshmallow · 1 replies
    The National Catholic Register ^ | 12/16/21 | Joan Frawley Desmond
    The former prefect of the Vatican’s Secretariat for the Economy sat down for an interview on his three-volume 'Prison Journal' touching on his incarceration, Cardinal Becciu and Vatican finances. When Cardinal George Pell took a leave of absence in 2018 from his post as the inaugural prefect of the Secretariat for the Economy and returned to Australia to stand trial for his “historic sexual abuse” case, he was the highest ranking Church official to be swept up in a decades-long global scandal that has shattered victims and wreaked havoc on the Church’s moral credibility. Convicted in 2018, he would spend...
  • California Is The Only State To Hide Its Spending — Nearly $300 Billion A Year, Claims It's For The People's Own Good

    12/11/2021 9:38:36 PM PST · by SeekAndFind · 16 replies
    Forbes ^ | 12/11/2021 | Adam Andrzejewski.
    In 2018, California resident Steven Childs wanted to know how much the state paid to a single vendor over a five-year period. Instead of the data, California Controller Betty Yee sent him an invoice for $1,250. Childs asked more questions and the Controller’s chief counsel, Rick Chivaro, admitted the state held electronic records and “warrant records” akin to “maintaining a checking account online.”Today, in a Sacramento superior court, the controller denies having a checkbook and claims the warrant register doesn’t contain vendor information. The Golden State is the only state in the nation not to produce state spending under open...
  • Alyssa Milano Settles $10 Million Suit With Former Accountant

    06/25/2019 12:09:40 PM PDT · by EdnaMode · 15 replies
    Variety ^ | June 24, 2019 | GENE MADDAUS
    Actress Alyssa Milano has settled a legal battle with her former accountant as the case was on the verge of going to trial. Milano and her husband, agent David Bugliari, filed suit in 2017, alleging that accountant Kenneth Hellie had forged her signature on checks, failed to pay overdue bills and taxes and allowed costs to balloon on their home remodeling project. Hellie filed a countersuit, accusing Milano and Bugliari of ignoring repeated warnings to rein in the remodeling project and stop spending. The case was set to go to trial on Aug. 19 in the Van Nuys Superior Court....
  • Where has $850m gone? Bill de Blasio's wife can't account for staggering amount of taxpayer money...

    03/01/2019 12:15:11 PM PST · by blueyon · 83 replies
    DailyMail.com ^ | 3/01/19 | Chris Pleasance for MailOnline
    """Where has $850m gone? Bill de Blasio's wife can't account for staggering amount of taxpayer money that the NY Mayor gave her for mental health project""" Chirlane McCray was assigned a $850million budget for her ThriveNYC program But records show scheme has failed to keep track of what it spent the money on The small amount of data that was collected shows it fell far short of targets Despite that, organizers have expanded the budget to $1billion over five years
  • The Latest: Gates Called to Testify at Manafort Trial

    08/06/2018 1:45:26 PM PDT · by CaptainK · 46 replies
    USNEWS.com ^ | 08/06/2018 | THE ASSOCIATED PRESS
    4:21 p.m. Paul Manafort's longtime deputy has been called to the witness stand to testify against the former Trump campaign chairman. Rick Gates has been regarded as a crucial government witness ever since he pleaded guilty last year and agreed to cooperate in special counsel Robert Mueller's investigation. Prosecutors will turn to Gates for first-hand support of their accusations that Manafort concealed millions of dollars in foreign income and later lied when he applied for bank loans. Manafort's defense has sought to blame Gates for any illegal conduct and accused him of embezzling millions of dollars. Gates and Manafort worked...
  • KPMG breaks ground on $400 million facility in Lake Nona; plans to hire 330 statewide (Florida)

    05/23/2017 4:04:37 PM PDT · by 2ndDivisionVet · 11 replies
    Florida Trend ^ | May 22, 2017
    Leading U.S. audit, tax, and advisory firm KPMG LLP today broke ground for construction of its $400 million learning, development, and innovation facility in the Lake Nona community of Orlando and forecasted hiring some 330 people statewide over the next three years. The firm announced on January 9 its commitment to create a 55-acre, state-of-the-art campus with 800,000 square feet of space for meeting, classroom, residential, and dining facilities. The campus will feature cutting-edge technology, including an innovation center that will support training and client engagement, and a heritage center to highlight the firm’s rich history and culture. KPMG expects...
  • FACT CHECK: Ben Carson Didn’t Find HUD Errors

    05/03/2017 7:45:18 AM PDT · by SeekAndFind · 43 replies
    FACT CHECK ^ | 4/19/2017 | By D'Angelo Gore
    Q: Did Housing and Urban Development Secretary Ben Carson find over $500 billion in accounting errors while auditing HUD’s financial statements?A: No. The errors were discovered and published by HUD’s independent inspector general before Carson became secretary.FULL QUESTION Is it true that Dr. Ben Carson has found a half trillion dollar error from the Obama administration since he has taken office?FULL ANSWER Readers have repeatedly asked us if Secretary of Housing and Urban Development Dr. Ben Carson initiated an audit of HUD’s financial statements and found more than $500 billion in accounting errors made by the Obama administration.That may be...
  • Fantasy Math Is Helping Companies Spin Losses Into Profits

    05/01/2016 12:18:04 PM PDT · by Lorianne · 34 replies
    New York Times ^ | 22 April 2016 | GRETCHEN MORGENSON
    Companies, if granted the leeway, will surely present their financial results in the best possible light. And of course they will try to persuade investors that the calculations they prefer, in which certain costs are excluded, best represent the reality in their operations. Call it accentuating the positive, accounting-style. What’s surprising, though, is how willing regulators have been to allow the proliferation of phony-baloney financial reports and how keenly investors have embraced them. As a result, major public companies reporting results that are not based on generally accepted accounting principles, or GAAP, has grown from a modest problem into a...
  • People Have Been Thrown in Prison for the Kinds of Stuff Carly Fiorina Engaged in as Lucent’s CEO

    09/29/2015 6:37:03 PM PDT · by 2ndDivisionVet · 16 replies
    Doug Ross @ Journal ^ | September 29, 2015
    While Carly Fiorina has unquestionable debate skills, the more I research her background, the more troubled I become. While it's clear that she is -- politically speaking -- somewhere to the left of Jeb Bush on policy, it is her business record that is most alarming. Let me start with a little history lesson and a company called Lernout & Houspie. Founded in 1987 by two Belgians, L&H went public in 1995 on NASDAQ and operated from U.S. headquarters in Burlington, MA. Specializing in voice recognition software, L&H rode the tech boom to a peak market valuation of $10 billion....
  • Japan Inc Rocked By Massive Accounting Fraud: Toshiba CEO Quits After 7 Years Of Cooked Books

    07/21/2015 9:07:59 AM PDT · by SeekAndFind · 23 replies
    Zero Hedge ^ | 07/21/2015 | Tyler Durden
    While Abenomics has been an unmitigated disaster for Japan's ordinary population, where the soaring stock market has benefited the top decile of the population while everyone has been slammed by a record 25 consecutive months of declining real wages and soaring input costs, there had been one bright spot: corporate earnings, which unlike in Europe or even the US, have been growing at a steady double-digit clip. What was surprising is that Japan was perhaps the one place where currency debasement was leading to an immediate flow through to rising EPS.Then on Friday, a report out of Reuters caught...
  • 401Ks (Vanity)

    05/01/2014 12:25:33 PM PDT · by TennesseeGirl · 47 replies
    Self ^ | 05/01/2014 | Tennesseegirl
    Questions about 401Ks.
  • New tax law to stop “cash accounting,” cost farmers big money

    03/04/2014 6:46:53 AM PST · by Sharkfish · 21 replies
    Southeast Farm Press ^ | February 26, 2014 | American Farm Bureau Federation
    Agricultural producers forced to switch from cash-basis to accrual-basis accounting under new laws would have to pay out as much as $4.84 billion in taxes during the next four years. Proposed changes to the tax code restricting the use of cash accounting by agricultural operations would reduce agriculture’s access to capital by as much as $12.1 billion over the next four years, according to Kennedy and Coe, LLC and Farmers for Tax Fairness. The study prepared by the independent research firm, Informa Economics, revealed that U.S. agricultural producers forced to switch from cash-basis to accrual-basis accounting under new laws would...
  • Major Flaws in New $70M Minn. Gov't Accounting System

    07/17/2013 8:12:58 PM PDT · by TurboZamboni · 2 replies
    KSTP ^ | 7-17-13 | Jay Kolls
    There are major flaws in the state's new $70 million accounting system known as "S.W.I.F.T." That is the assessment of the top auditor of Minnesota State Government. Legislative Auditor James Nobles tells 5 EYEWITNESS NEWS that the accounting system created serious delays in getting financial reports put together. Nobles says Minnesota missed its deadline and violated federal law when it did not get its final audits of all state agencies submitted to the Federal Government on time. Nobles says he is concerned that the accounting system problems are persisting even though "we have had several years to prepare for this...
  • IRS Loses Lawsuit Challenging Authority to Regulate Tax Preparers

    01/22/2013 5:55:26 AM PST · by tired&retired · 20 replies
    Accounting Today ^ | JANUARY 18, 2013 | MICHAEL COHN
    In a stunning blow to the Internal Revenue Service’s efforts to regulate the tax preparation profession, a federal judge struck down the IRS’s licensing requirements for tax preparers on Friday, including testing and continuing education. U.S. District Court Judge James E. Boasberg ruled against the IRS and in favor of the tax preparers in enjoining the agency against enforcing its Registered Tax Return Preparer requirements. “Today’s ruling is a victory for hundreds of thousands of tax preparers across the country and the tens of millions of taxpayers who rely on them to prepare their taxes,” said lead attorney Dan Alban....
  • New Obama security adviser clashed with military

    10/08/2010 12:05:49 PM PDT · by ColdOne · 13 replies
    Yahoo/Reuters ^ | Oct 8,2010 | Ross Colvin and Patricia Zengerle
    WASHINGTON (Reuters) – President Barack Obama will name close aide Tom Donilon as his new national security adviser on Friday in a move that could have implications for the struggli
  • Cramer's TheStreet.com Charged With Accounting Fraud

    12/18/2012 2:06:11 PM PST · by george76 · 18 replies
    Zero Hedge ^ | 12/18/2012 | Tyler Durden
    wonder if CNBC will finally cancel the ludicrous Jim "truth" Cramer campaign once this news breaks. We doubt it - ... SEC Charges Financial Media Company and Executives Involved in Accounting Fraud. Washington, D.C., Dec. 18, 2012 — The Securities and Exchange Commission today charged a digital financial media company and three executives for their roles in an accounting fraud that artificially inflated company revenues and misstated operating income to investors. ... The SEC alleges that TheStreet Inc., which operates the website TheStreet.com, filed false financial reports throughout 2008 by reporting revenue from fraudulent transactions at a subsidiary it had...
  • Official Accounting: $10T Withdrawn From U.S. Treasury This Fiscal Year Alone

    09/06/2012 6:49:22 PM PDT · by Nachum · 14 replies
    CNS News ^ | 9/6/12 | About Us Resources Send Tips Donate RSS CNSNews.TV On the Spot On
    (CNSNews.com) - Although the Congressional Budget Office estimates that the federal government will spend $3.563 trillion in fiscal year 2012 and the White House Office of Management estimates it will be $3.795 trillion, actual withdrawals from the U.S. Treasury have already exceeded $10 trillion. In fact, as of the close of business Wednesday, withdrawals from the Treasury equaled $10,201,615,000,000 for fiscal 2012, which began on Oct. 1, 2011 and will end on Sept. 30. According to the Daily Treasury Statement--the official daily accounting sheet for the federal government—withdrawals from the Treasury exceeded $10 trillion this year on Aug. 30, when...
  • Obama's Chicago Style Accounting

    05/25/2012 7:24:01 AM PDT · by NOBO2012 · 1 replies
    Michelle Obama's Mirror ^ | 5-26-2012 | MOTUS
    ...OK, now I get it – we’re playing by government rules. It’s like Chicago rules only better. Here’s all you need to know: if generally accepted accounting principles (GAAP) were good enough for government work, we wouldn’t have had to invent generally accepted government accounting principles (GAGAP). But you already knew that your government operates by it’s own rules, didn’t you? Anyway, in case you were wondering why you’re just now hearing that the national deficit is actually 6 times higher than previously reported, it’s because of the golden rule. Using these special government rules, we don’t have to count...