More facts on Equifax

Posted by & filed under Ethics, Executive Compensation.

Description: And if the Equifax breach wasn’t bad enough, this past week we found out what a terrible job Equifax did in handling the crisis. First, we learned the company waited six weeks to tell us about the breach, leaving consumers uninformed their data was in peril. Second, we now know at least three Equifax… Read more »

Bad times in bumping

Posted by & filed under Ethics, Marketing & Strategy, Student life.

Description: You’ve probably seen that viral video of the passenger being dragged off of the United Airlines flight. United has been taking more than a few shots in social media on this one, and perhaps the impact will be felt on its bottom line. And in the past week or so, we have seen discussion… 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 »

Inventing Renovations

Posted by & filed under Canadian governments, Ethics.

Description: And in a second accounting update from the small Province of New Brunswick, a recent investigation by the CBC has revealed that government officials invented renovations for over 2,000 residential properties in the province, creating big increases in tax assessments for the homeowners. An email revealed that government invented the renos when assessment officials… Read more »

Hey, did Wells Fargo move north?

Posted by & filed under Ethics.

Description: TD Bank shares have taken a big drop following CBC reports on bank reps facing pressure to push products at customers. Just a few days before, banks were reporting higher than expected quarterly earnings. This bad publicity though may prompt some investors to take a look at TD bank shares. Date: March 10, 2017;… 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: Link:… Read more »

Wondering about Deloitte and the Supreme Court

Posted by & filed under Auditing, Ethics.

Description: On February 13, 2017, this blog featured a piece called “Every 20 Years or So.” It dealt with auditing firm Deloitte’s appeal of court decision that it pay roughly $85 million in damages  related to their involvement in audit of the failed Livent enterprise. Well, if you read that blog post, you may know… Read more »

Deceptive pricing at the Bay?

Posted by & filed under Accounting Careers, Ethics.

Description: The federal Competition Bureau is suing Hudson’s Bay Company (HBC) under allegations of deceptive pricing. Apparently, HBC listed a sleep set with a sale price of $788, noting that the regular price was $1,998. The problem was, HBC hadn’t sold a single unit at the regular price, prompting the Bureau to believe the retailer… Read more »

How do you handle someone like this?

Posted by & filed under Accounting Careers, Ethics.

Description: In the news this week, we saw a couple of versions of President Donald Trump’s behaviour. Early in the week, we saw a rather uneventful meeting with Prime Minister Justin Trudeau. Then, later in the week, we saw a rather unusual news conference with what we might call bullying of the news media. How… Read more »

Enron anniversary

Posted by & filed under Auditing, Ethics.

Description: December 1, 2001: It has been 15 years since that infamous date in financial history when Enron filed for creditor protection under US bankruptcy provisions. Enron’s failure had huge impacts on the accounting profession with the collapse of one of the largest auditing firms, Arthur Andersen. And the Enron collapsed generated additional accountability provisions… Read more »