Is it too small to measure?

Posted by & filed under Accounting Careers, Auditing, Canadian governments.

Description: The Ontario government has delivered close to $1.5 billion in support to business since 2004. But Ontario Auditor General Bonnie Lysyk revealed last week that the government can’t tell its citizens whether or not all this funding has produced jobs or economic growth. The province’s minister responsible for the economic development portfolio countered that… Read more »

How’s your power bill?

Posted by & filed under Auditing, Canadian Government, IPO.

Description: Consumers are not fond of rising power bills. But how would you feel if you were an electricity consumer last week when provincial Auditor General Bonnie Lysyk reported that citizens of Ontario paid $37 billion in excess of market prices over an eight year period. That’s billion with a “B” folks. It comes at… Read more »

Watching the watchdogs

Posted by & filed under Advanced Accounting, Auditing, Canadian governments.

Description: The Province of New Brunswick certainly seems to have its share of fiscal challenges, after having run deficits for several years. Last week the Province began looking at another cost-cutting measure: reducing the number of independent legislative officers. Legislative officers include the Auditor General and the Ombudsman. New Brunswick has nine of these officers… Read more »

Tracking down the secret payments

Posted by & filed under Accounting Principles, Auditing.

Description: Grabbing much attention in the Ontario media in recent days has been the ongoing discussion about secret payments by the Ontario government to the province’s teachers’ unions. During negotiations, the government paid approximately $3.7 million to the unions to cover various administrative costs associated with the negotiations. This week a legislative committee in Ontario… Read more »

In jail until at least Tuesday

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

Description: A former Quebec lieutenant governor will remain in jail until at least Tuesday after being sentenced to 18 months in jail for fraud and breach of trust. Lise Thibault’s problems started with a 2007  report by federal and provincial auditors general that pointed out questionable expense claims of over $700,000. Thibault’s lawyer is arguing… Read more »

Just an argument between accountants?

Posted by & filed under Advanced Accounting, Auditing, Financial Reporting and Analysis.

Description: This past week the Province of New Brunswick released its financial statements, claiming that its deficit was lower than projected. The big problem though was that the Auditor General, Kim MacPherson, gave the Province a qualified audit opinion for the way it accounted for its so-called shared risk pension funds. And. in somewhat of… Read more »

VW in trouble

Posted by & filed under Auditing, Contemporary Business Issues.

Description:  Much of the business news this week was dominated by the discovery of Volkswagen’s attempt to rig the test of emission standards. The story continued to spread throughout the week. VW’s stock price dropped. The VW president resigned. Some have even discussed the impact on Germany as a national brand repesenting engineering excellence. Source:… Read more »

Art auction surprises Christies

Posted by & filed under Accounting Principles, Accounting Theory, Auditing.

Description: Two anonymous 19th century Canadian paintings sold last Wednesday in London for a lot price of close to $1 million. This was over a dozen times Christie’s original estimate of what the lot might attract. A representative of Christies auctioneers was obviously “thrilled.” Source: Date:  April 1, 2015 Link: Discussion Points: 1)… Read more »

The Atcon affair

Posted by & filed under Auditing, Canadian governments.

Description: In most Canadian jurisdictions, citizens would be upset if their government lost $70 million of hard-earned taxpayers’ dollars. But in a small jurisdiction like New Brunswick, the pain is magnified. On March 24, Auditor General Kim MacPherson, released a report on the NB government’s loss of $70 million for various financial arrangements it had… Read more »