A distorted market ?

Posted by & filed under Auditing.

Description: New Brunswick forestry companies are being hit with a duty of almost 21% on softwood lumber exports to the United States following a decision by  the U.S. Commerce Department. It appears some parts of the forestry industry are blaming New Brunswick’s Auditor General for their misfortune, noting that the U.S. government relied on Kim… Read more »

Mr. Morneau’s place in Provence

Posted by & filed under Auditing, Ethics.

Description: Friday CBC revealed that Federal Finance Minister Bill Morneau waited two years before he disclosed his ownership stake in a company that owns a villa in Provence, France to the ethics commissioner.  A spokesperson for Mr. Morneau stated the oversight was simply the result of “early administrative confusion,” though CBC noted that the disclosure… Read more »

Atcon redux

Posted by & filed under Auditing, Ethics.

Description: For the second time, New Brunswick Auditor General Kim MacPherson has audited  a 2009 decision by the then Liberal government to grant over $60 million in loan guarantees to the construction company Atcon. When the floundering firm failed, the province’s citizens were on the hook for the millions in lost funds while the then… Read more »

Auditors have their own day now?

Posted by & filed under Accounting Careers, Auditing.

Description: I took a second look this week when a tweet from the New Zealand Office of the Auditor General told me auditors now had their own day for pride in their profession – #AuditorProud .The Office had features on why various staff members took pride in their work, describing their feelings about the profession…. Read more »

AG to look into expenses

Posted by & filed under Auditing.

Description: The Nova Scotia Auditor General, Michael Pickup,  has announced his office will be examining  operations at the IWK Children’s Hospital in Halifax. The AG’s interest was piqued by a disclosure that former hospital CEO Tracy Kitch had a number of issues with her expense claims. This focus on high-ranking public officials reminded observers of… Read more »

More on those fictional renovations in NB

Posted by & filed under Auditing, Ethics, Fraud.

Description: Last week this blog discussed how the assessment service in  Province of New Brunswick invented renovations for over 2,000 residential properties in the province, causing big increases in tax assessments. The Premier has responded to the growing crisis by appointing a retired appeal court justice to examine the system. Anonymous insiders have claimed that… Read more »

Costing election promises

Posted by & filed under Auditing, Canadian Government, Cost Accounting.

Description: Critics and citizens alike have long decried the lofty election promises politicians make during election campaigns. But now the Liberal government of the tiny Canadian province of New Brunswick appears to be trying to change this dynamic by proposing a law requiring political parties to cost their election platforms. Violators would be punished by… Read more »

Quidi Vidi Brewery

Posted by & filed under Auditing, Corporate Strategy.

Description: The Quidi Vidi Brewery is a good news/bad news story. After years of struggling, including a 1999 warning from their accountant about imminent bankruptcy, this Newfoundland craft brewery has seen a turnaround in more recent years, thanks in part to its Iceberg brand in its distinctive blue bottle. But the two founding investors are… Read more »

Suspicion on Bombardier

Posted by & filed under Auditing, Ethics.

Description: It’s not the type of news any company wants. This past week Swedish authorities arrested one Bombardier employee and briefly detained two others over allegations of bribery. The suspicions are that somehow Bombardier employees colluded with Azerbaijani officials in an effort to secure contracts in Azerbaijan. Date: March 10, 2017 Source: montrealgazette.com Link: http://montrealgazette.com/business/bombardier-officials-arrested-in-sweden-report… Read more »

May I have the right envelope please?

Posted by & filed under Auditing.

Description: Accounting giant Price Waterhouse Coopers (PWC) took a big reputational hit at this past weekend’s Academy Awards. Millions saw it unfold on camera as somehow the PWC representatives delivered the wrong envelope for the best picture award. PWC has had a 83 year history of oversight of the awards process. It will be interesting… Read more »