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 »
Posts Categorized: Fraud Accounting
Nortel accounting made auditors `uncomfortable,’ witness says
The first witness in the fraud trial of three former Nortel Networks executives says external auditors were “uncomfortable” with some of the company’s accounting practices. The witness, Brian Harrison, Nortel’s former director of financial planning and analysis, says he had “very little” contact with auditors in his role.But Harrison says that in one rare meeting… Read more »
Too good to be true
In 2008, two men, one American, one Canadian, catapulted investment fraud into headlines around the world. The Canadian was 67-year-old Earl Jones, a Montreal native who bilked 158 investors, including his cancer-stricken brother, his own daughter and other family members, out of $50 million. Like Madoff, Jones had managed to get away with his Ponzi-type… Read more »
What can a firm do to prevent corporate fraud?
Budget cuts and reorganizations raise the pressure for individuals to meet performance targets the risk of fraud increases. Steps firms can take to help curtail corporate fraud: 1. Know who you hire. Contact references and verify the education of potential hires. Conduct criminal and financial background checks on those being considered for financially sensitive positions…. Read more »
Going Full Throttle towards IFRS, could this cause more Accounting Shenanigans?
Canada is in the midst of a seismic shift in accounting standards— one that will tie the country more tightly to international commerce, but might also result in investors being taken for a ride. Starting this year, Canadian public companies will issue financial statements using international financial reporting standards (IFRS) instead of the generally accepted… Read more »
Canadian Audit Committee Update: Evolving issues for 2010
Audit Committee Evolving Issues focuses on communicating to stakeholders about the impact of adopting IFRS. Today’s changing business and economic conditions provide an opportunity for the audit committee to reassess its priorities and refocus its agenda. The purpose of the Audit Committee is to strengthen the integrity of the financial reporting process and the quality… Read more »
Assessing Operational Risk: A New Profession In The Making!
Have you ever wondered what is the fundamental purpose of a Corporation: You are correct in assuming “To Make a Profit”. Henry Ford once said ” A Business that makes nothing but money is a poor kind of business”. Let us put ourselves into perspective and see what we are referring to. Looking back a… Read more »
A Nation of Swindlers
The chair person of the Ontario Securities Commission noted that companies and their auditors “stretch the interpretation of accounting standards beyond all reasonable limits. In many cases, the reasoning to support positions is weak or nonexistent. In other cases, it is clear that conclusions are based on narrow interpretations of a few words in a… Read more »
Crime proceeds crackdown looms
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
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 »
Burnley Understanding Financial Accounting, 3rd Canadian Edition
Kimmel Financial Accounting, 8th Canadian Edition
Weygandt Accounting Principles, 9th Canadian Edition
Kimmel Survey of Accounting, 2nd Edition
Kieso Intermediate Accounting, 13th Canadian Edition
Weygandt Managerial Accounting, 6th Canadian Edition
Farmer Cost Accounting, 1st Edition
Savage Accounting Information Systems, 1st Edition