Late Payments Matter According to new research, approximately 4,000 small and medium sized firms in the U.K. collapsed in 2008 due to late payments by customers. This amounted to approximately 62 billion pounds that were more than 30 days late and of this 15.5 billion that were more than 120 days overdue. For more than… Read more »
Posts Categorized: Auditing
Visual Forensic Accounting Skills Are Assets In Divorce Consulting
Clearly laying out key ideas and arguments that support divorce proceedings are becoming a critical success factor for forensic accountants who consult in this area. As author, Dan Roam The Back of the Napkin by Dan RoamÂ asserts visual thinking is critical in the business world and forensic accounting is no exception.Â For the forensic accountant,… Read more »
The “Three R’s” of Skimming
There are numerous methods of skimming and many reasons why it is done. This article walks you through one civil case resolved by a forensic accountant and highlights the difference between a criminal case and civil case. It also addresses numerous types of skimming and how they are perpetuated and caught. 1. What is the… Read more »
New Year Resolutions for Audit Committees?
The Sarbanes-Oxley Act of 2002 increased audit committeesâ€™ responsibilities and authority, and raised the bar on the independence of members. As a result, the SEC and the stock exchanges also proposed new regulations and rules to strengthen audit committees. A recent report by the KPMG Audit Committee Institute presents New Yearâ€™s guidance for audit committees… Read more »
Evidence that Internal Control Reviews Reduce Restatements
According to a new study from the research firm, Audit Analytics, smaller companies that have not had auditors review their internal-control reports are more likely to have restatements than larger companies, despite their claims of effective controls. This is bad news for those small publicly traded companies who have argued that they should be exempt… Read more »
Times are Tough for Everyone: Including the PCAOB!
Just a week before the Supreme Court hears oral arguments about constitutionality of the Public Company Accounting Oversight Board (PCAOB) and why it should be dissolved, the members of the Board asked for a 16% in the overseer’s 2010 budget. This amounts to an additional $25.7 million to hire 60 more employees, for international inspections,… Read more »