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Aug 27
2010

Upscale California county scrapping Deloitte-installed SAP system

Posted by Going Concern in SAPERPDeloittebiztechBig FourBig 4auditorsauditingaudit feesaudit

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Aug 18
2010

American Apparel coming apart at the seams?

Posted by Going Concern in SEC filingsfinancial statementsfinancial reportingDeloittecomplianceauditorsauditingauditAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

American Apparel's downward spiral continues as Bloomberg reports that the company has been subpoenaed by the U.S. Attorney for the SDNY over the company's "change in accounting firms."

Aug 12
2010

Reining in the PCAOB

Posted by Going Concern in Securities and Exchange CommissionSarbanes-OxleyPublic Company Accounting Oversight BoardPCAOBCPAscomplianceBig FourBig 4auditorsauditingauditAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

The PCAOB has had a pretty good run of late. It all started with the SCOTUS handing them a loss that was really a win and the Board has, most recently, gotten ambitious with new risk assessment standards. What's more is the call of acting Chair Dan Goelzer to have the Board's enforcement inspections held publicly so audit firms can't get all mysterio about what they did and did not do to warrant said inspection.

Aug 09
2010

Just another CEO rebalancing his portfolio

Posted by Going Concern in Patrick ByrneOverstock.comCareers/ManagementC-level executives

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Last we heard from Patrick Byrne, the Overstock.com CEO and Farmville enthusiast, he had just disposed of 140,000 shares of OSTK via High Plains Investments, LLC, an entity 100 percent owned by PB. This had a few people scratching their heads, including us.

Aug 04
2010

BDO has its work cut out for it at KV Pharma

Posted by Going Concern in complianceauditingauditAccountingaccountants

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

As we've mentioned, it's been a rough summer - hell a rough year - for KV Pharmaceutical. The company paid nearly $26 million to the Justice Department back in February, had massive layoffs in March and their Chairman and CFO back in June.

Jul 28
2010

Kozlowski: Where's the outrage?

Posted by Going Concern in tax gross upexecutive perksexcusesConglomeratescompliancebonusesaccounting fraudAccountingaccountants

Going Concern

Submitted by Caleb Newquist, republished from Going Concern , Accounting News for Accountants and CFOs.

A couple of weeks ago we told you about fired Tyco accountant Jeff Weist who wasn't really into, among other things, mermaid greeters and costumed wenches. Whether or not he's not a fan of starfish bikinis wasn't the issue, it was the principle of the matter.

You see, some Tyco executives got into a bit of trouble back in the day for some accounting fraud but the kicker was the footage of a four-day "Roman orgy" rager in Sardinia. The jury didn't have much problem throwing the book at former CEO Dennis Kozlowski and former CFO Mark Swartz after concluding that awesome party = crooked execs. Weist figured the company didn't really need more trouble so he raised a fuss over the expenses for another epic bash that was being planned for execs in the Bahamas.

Jul 26
2010

SEC looks to fill auditor oversight board vacancies

Posted by Going Concern in Supreme CourtPublic Company Accounting Oversight BoardPCAOBcomplianceBig 4auditAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Since the PCAOB is here to stay, the SEC figured it was probably best that they get some people sit on this thing to, ya know, help protect the investors, the public at large, so on and so forth.

The problem, as it appears to us, is that Mary Schapiro and the gang are plumb out of ideas for nominations. Accordingly, they're out there looking for help from some of the best and beardest, including the Beard, acting PCAOB chair Dan Goelzer, AICPA President and CEO Barry Melancon and a few other noted notables.

Jul 22
2010

The Tax Court okays feng shui as basis of a business

Posted by Going Concern in TaxIRSInternal Revenue ServicecomplianceAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

There are plenty of businesses out there that simply don't have a plan. They may have a sign in the window, products on their shelves and a room full of "keepers" but not much else.

Jul 19
2010

Shopaholic CFO agrees to felony charges

Posted by Going Concern in embezzlementcomplianceCFOsCareers/ManagementauditingauditAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Late on Friday, it was reported that Sue Sachdeva will plead guilty to six felony counts in the Koss embezzlement case that was discovered at the end of last year.

Jul 15
2010

Banks' anti-fair value somersault falls flat

Posted by Going Concern in GAAPFASBfair valuecomplianceBanksbanking reformbanking industryAccounting

Going Concern

 Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

 Just last week we mentioned the American Bankers Association and its efforts to undermine the FASB's latest fair value proposal that, in the ABA's mind, could bring down civilization as we know it.

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