Gambling on governance at ALC

Posted by & filed under Auditing, Corporate Governance.

Description: Cooperation between governments is a good thing. And in Atlantic Canada, the four provinces have cooperated for years as shareholders in one gambling organization, the Atlantic Lottery Corporation (ALC). This week, however, an audit report issued by the four auditors general of the Atlantic provinces concluded that the four provinces need to do a… Read more »

Voting power

Posted by & filed under Auditing, Corporate Governance.

Description: The Canadian federal government is on its way to giving shareholders increased power to vote against a board director. Under the rules right now, voters can only withhold a vote for a nominee they are unhappy with. This means, theoretically, that a “bad” director could be elected with a single vote if all other… Read more »

CRA and the Panama Papers

Posted by & filed under Accounting Careers, Auditing, Taxation.

Description: Look out: the Canada Revenue Agency (CRA) is coming for you. That is, if you are one of the over 2,500 Canadians named in the Panama Papers. It’s too late for voluntary disclosure according to the CRA. This means that those investigated could face penalties if the results of audit indicate taxes are owing… Read more »

Wells Fargo Woes

Posted by & filed under Auditing, Corporate Governance.

Description: Not too many people would  have wanted to be in the shoes of  Wells Fargo CEO John Stumpf last week as he faced a grilling from US politicians over his bank’s tactics.  Employees had been accused of opening customer accounts without their clients’ knowledge in an effort to meet sales targets. In cases, Stumpf conceded,… Read more »

Exxon and the SEC

Posted by & filed under Advanced Accounting, Auditing.

Description: The US Securities and Exchange Commission (SEC) is conducting an investigation into the way Exxon has been accounting for its oil reserves. The SEC – plus a number of  state authorities –  have been posing questions as to why Exxon has not joined other oil and gas producers in writing down the value of… Read more »


Posted by & filed under Accounting Careers, Auditing.

Description: In our world of hashtags galore, perhaps this one took you by surprise: #AuditorProud. It’s an effort to attract more people to the accounting profession and show the role of the auditor in capital markets. This is the second such #AuditorProud day, sponsored by  the Centre for Audit Quality – an organization associated with… Read more »

Sino-Forest failings

Posted by & filed under Auditing, Fraud.

Description: The case against Sino-Forest Corp, the forestry company with the missing forests, is winding down more than a year and a half after it started. The founder of the company was accused of “gross breach of trust” for misleading investors. A board committee looking into the company’s disclosures has been unable to find the… Read more »

Duffy not guilty

Posted by & filed under Accounting Careers, Auditing.

Description: It would have been hard to miss it, the news of  Senator Mike Duffy’s acquittal on all 31 criminal charges he faced for his role in the Senate expense controversy of recent years. The trial judge said Senator Duffy may have made various administrative errors in his expense claims, but there was nothing of… Read more »

Auditing climate change

Posted by & filed under Auditing, Sustainable Development.

Description: Canada’s provincial and federal auditors general are joining forces to take on a nation-wide audit of climate change actions in 2017. Julie Gelfand, the federal commissioner of the environment and sustainable development, whose office is included inside the Office of the Auditor General of Canada, announced the joint audit on Thursday. It will be… Read more »

TD Bank sued in Ponzi scheme

Posted by & filed under Auditing, Fraud.

Description: TD Bank is being sued in Ontario Superior Court for $5.5 billion for its role in correspondent banking for the Stanford International Bank.  Stanford’s founder, Allen Stanford, is serving a 110 year prison sentence for leading a fraud that removed $5.5 billion from the pockets of over 20,000 investors. The claim filed against TD,… Read more »