Posts Tagged: Fraud

If You Are Planning to Work for Grant Thornton in Hawaii, Think Again.

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Accounting firm Grant Thornton is leaving the Hawaiian market this summer after more than 50 years, and selling its practice to two of the firm’s audit partners from the Honolulu office.  Several  established Big Four firms have preceded Grant Thornton in this exodus, including PricewaterhouseCoopers, who left in 2006 after 55 years. Questions: 1. What… Read more »

The Costs and Benefits of Simultaneous Audits for Multinational Companies

Posted by & filed under Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Simultaneous audits mean two separate exams, conducted by different governments, in which those governments share with each other some of the taxpayer’s information.  Even though you may not have heard of them, they have existed since the 1970s, but are becoming more common today as government tax agencies race to match the level of global… Read more »

“Deadbeat” and proud of it?

Posted by & filed under Accounting Principles, All Articles, Auditing, Fraud Accounting, Managerial Accounting, Video Updates.

When you hear the word “deadbeat,” you automatically think bad things.  According to former MBNA employee, Jerry Young, a credit card deadbeat is the insider term used by credit card company executives, that refers to credit card users who pay off their bills promptly and in full each month. Doesn’t sound too bad, right? By doing… Read more »

More Forensic Accountants of the Future Needed

Posted by & filed under Accounting Principles, All Articles, Financial Accounting, Fraud Accounting, Intermediate Accounting.

In recent efforts, the AICPA is promoting forensic accounting skills to CPA firms and university professors. As part of this push, the Institute has published a new report entitled, “Characteristics and Skills of the Forensic Accountant, which presents qualities that surveyed attorneys, forensic CPAs and academics see as critical for the forensic accounting discipline, particularly… Read more »

Financial Assassins

Posted by & filed under Accounting Principles, Financial Accounting, Fraud Accounting.

“White collar crime” is commonly defined as a crime committed by a respectable person, usually with an education and a higher standing in society, in the performance of his or her occupation or area of expertise. It is frequently considered a victimless crime as no one is physically injured in the execution of the crime…. Read more »

Payroll Fraud

Posted by & filed under All Articles, Fraud Accounting.

Paul McKunes, owner of M & M Equipment Services, in Ashland, Massachussets, pleaded guilty on January 15, 2010, to falsifying payroll records at his business so he could pay less in workers’ compensation insurance and taxes.  According to records, McKunes owed the state’s Unemployment Assistance program $21,180 in unpaid assessments and failed to withhold more… Read more »

Fraud at Koss Corporation

Posted by & filed under All Articles, Fraud Accounting.

Sujata “Sue” Sachdeva, the former vice president of finance and secretary at Koss Corporation, was arrested on December 21, 2009, for allegedly using interstate wire communications to defraud the company. The largest employee theft of 2009 was not detected by the auditors, but in fact resulted when American Express contacted Koss Corp. CEO, Michael J…. Read more »