$80K fraud case highlights caveats and conditions giving banks a backdoor for liability Security of online credit cards in question The case of an Ontario man who was charged more than $80,000 on his credit card for purchases he claims he didn’t make is raising new questions about the security of online and credit card transactions and whether banks are shifting liability for… Read more »
Posts Tagged: Internal Controls
Refunds: why retailers are making it harder for you to get them
Returns fraud costs customers in terms of higher prices, more restrictive store policies Want your money back? Not so fast. Return policies are getting tighter as retailers try to protect themselves from returns fraud — and honest customers often pay the price. Not only that, but at many stores, policies are unevenly applied, a CBC… Read more »
Whistleblower forced investigation of TransCanada Pipelines
Engineer Evan Vokes repeatedly raised concerns with company behind Keystone XL pipeline Whistleblower A former TransCanada engineer says he reported its substandard practices to the federal energy regulator because he believed the company’s management, right up to the chief executive officer, refused to act on his complaints. In an exclusive television interview with CBC News,… Read more »
How Forensic Accountants Differ From Auditors
What is the role of Forensic Accountants: Forensic accountants are uniquely suited to help in-house counsel address issues involving financial reporting, accounting and internal controls. They also collect and analyze accounting and internal-controls evidence. They produce a fact-based report that can inform the decision-making process in inquiries, investigations and dispute resolution. By product of Forensic… 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 »
System for Electronic Analysis and Retrieval (SEDAR)
Students and investors wishing to know more about our Canadian Public companies, should know about the SEDAR web site. Financial information is provided , such as: 1. Annual Financial statements issued quarterly and year end 2.MD&A ( Management Discussion and Analysis reports) 3. Press Releases, provide the most recent and up-to-date corporate disclosures www.sedar.com is… 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 »
Small Discrepancies Grow Into a Giant Fraud
Satyam Computer Services, a leading Indian outsourcing company that served more than a third of the Fortune 500 companies, was at the heart of a huge 2009 fraud perpetrated through the significant inflation of earnings and falsification of accounts and assets for a number of years. Chairman, Ramalinga Raju, resigned in January 2009 after revealing that… Read more »
Bond Rating Under Fire
E-mails and other documents were presented as evidence at a hearing examining the causes of the financial crisis on Capitol Hill on April 23, 2010. This hearing is part of an 18-month investigation by the Senate Permanent Subcommittee on Investigations, led by Senator Carl Levin. Subcommittee assertions are that the rating agencies were well aware… Read more »
Sarbanes-Oxley Benefits without Cost
Many have debated the cost of Sarbanes-Oxley (SOX) versus its benefits, given the recent accounting scandals that continue to “pile on”. However, according to Harvard Business School professor, Francois Brochet, the little discussed 2002 provision known as Section 403 is actually making a difference for investors and small companies (and with little cost, unlike some… 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