Target Stores & Neiman Marcus are latest victims of security breach

Posted by & filed under Canadian Economy, Fraud.

  Neiman Marcus is latest victim of security breach Neiman Marcus confirmed Saturday, Jan. 11, 2014 that thieves may have stolen customers’ credit and debit card information and made unauthorized charges over the holiday season, becoming the second retailer in recent weeks to announce it had fallen victim to a cyber-security attack. (M. Spencer Green/Associated… Read more »

What’s trending today in Accounting & Finance?

Posted by & filed under Accounting Careers, Canadian Economy, Corporate Social Responsibility, CPA, Financial Accounting, Fraud, IFRS, International Accounting, Taxation.

These are dynamic days for the profession and opportunities abound. Here’s everything you’ve ever wanted to know about best bets for jobs About six years ago Cathy Logue, an accountant by trade, and her two business partners launched Ambit Search in Toronto. The boutique executive recruiting firm is focused exclusively on filling finance and accounting… Read more »

Stock fraud scams tough to combat in internet age

Posted by & filed under Fraud.

Canadians arrested in penny stock scheme that allegedly saw global investors lose $140M A penny stock fraud scheme that bilked investors in 35 countries out of more than $140 million is raising questions about how authorities can combat such financial scams in the internet age. Four Canadians carried out the purported fraud with the help… Read more »

Former SNC-Lavalin CEO arrested on fraud charges

Posted by & filed under Accounting Careers, Corporate Social Responsibility, Fraud, Fraud Accounting.

Anti-Corruption Squad Quebec’s anti-corruption squad has arrested former SNC-Lavalin CEO Pierre Duhaime, charging him and Riadh Ben Aissa, ex-head of the company’s construction arm, with fraud in connection with construction contracts for a Montreal super-hospital. Duhaime stepped down from SNC-Lavalin in March after an investigation revealed he signed off on $56 million in “improper payments,”… Read more »

GLOBAL ECONOMY AND ITS IMPACT ON FRAUD TRENDS

Posted by & filed under Fraud Accounting.

GLOBAL ECONOMY AND ITS IMPACT ON CURRENT FRAUD TRENDS Frauds in general continue to be on the rise at an alarming rate in direct correlation with both the domestic and global downturn in the economy. Those who might otherwise be predisposed to committing crime find themselves reaching states of desperation as a result of their… Read more »

Profile of a Canadian Fraudster!

Posted by & filed under Fraud Accounting, Uncategorized.

A KPMG Canada survey report:  KPMG’s Forensic division of Advisory Services, prepared a report that surveyed executives of Canada’s largest companies on the topic of people who had defrauded their company. The report explores who commits fraud, how the fraud is carried out, and what factors lead someone to commit fraud. KPMG Forensic recently published Profile… Read more »

Crime proceeds crackdown looms

Posted by & filed under Fraud Accounting, International Accounting, Taxation & Planning.

Big banks may face penalties The law requires large banks to list the ways in which they are exposed to possible money laundering and to assess that risk. Earlier this year, funding for the money-laundering watchdog, the federal Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, was increased by $8 million. On July… Read more »

Bank of America: It Depends On How You Define Materiality

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

Bank of America incorrectly classified as much as $10.7 billion in short-term lending and repurchase deals for mortgage securities as sales. This claim surfaced in a May 13 letter to the SEC where the banking corporation alleges that the transactions were immaterial and that it would be beefing up its internal accounting controls.  This letter… Read more »

Scrushy Back in the News

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Video Updates.

The U.S. Supreme Court on Tuesday ordered a new review of the convictions in the government corruption case against former Alabama Gov. Don Siegelman and ex-HealthSouth CEO Richard Scrushy. Questions: 1. What is the “honest services” fraud law? 2. What is a “quid pro quo” agreement? 3. A judge issued a $2.9 billion civil judgment… Read more »

Supreme Court Rules on Constitutionality of the PCAOB

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

The U.S. Supreme Court ruled on June 28, 2010, that the Public Company Accounting Oversight Board (PCAOB) violates the U.S. Constitution’s separation of powers principle because board members are not appointed by the president.  In a 5-4 decision, the Court stated that the president must have more power to remove PCAOB members. The five-member board… Read more »