What is your privacy worth? Most people would say A LOT! According to Craig Timberg, Verizon and AT&T have been quietly tracking the Internet activity of more than 100 million cellular customers with what critics have dubbed “supercookies.” These supercookies cannot be erased and can even get around the “private” or “incognito” settings on your… Read more »
Posts Categorized: Auditing
Ouch! This may sting a little.
According to the New York Times, officials are saying that short-term pain is necessary to put the European economy back on track. Regulators in the United States forced a similar catharsis on American banks in 2009, helping set the stage for the current recovery. Questions: 1. What was the result of the timid approach taken… Read more »
Impending Huge Penalties!
The Kansas Supreme Court found that FedEx drivers were illegally misclassified as independent contractors from the late 1990s through 2011, despite being treated as employees. According to Alan Pyke, FedEx set contract agreements with delivery and pickup drivers in order to avoid the higher costs associated with making the drivers full employees. Questions: 1. What… Read more »
The Game is Rigged: Criminal Spoofing of the Market
Federal prosecutors have filed the first-ever indictment of an individual financial professional for manipulating markets through high-speed trading. By using a Michael Coscia used the high-tech trading platform at a commodities trading company that he runs, Michael Coscia placed and then cancelled dozens of large purchases in less than a second. The result was that… Read more »
Dutch Treat?
According to the New York Times, “Dutch pensions are scrupulously funded, unlike many United States plans, and are required to tally their liabilities with brutal honesty, using a method that is common in the financial-services industry but rejected by American public pension funds.” This article discusses the Dutch belief that each generation should pay its… Read more »
Trademarks Gone Wild
A bitter legal battle is raging between a best-selling author and a management guru against America’s largest Greek yogurt manufacturer. For Chobani, it is a fight about an ambitious brand campaign and its straining process that is built around the phrase “How Matters.” For Dov Seidman, “How Matters” revolves around his business of helping companies… Read more »
Ouch! Sometimes Consent Forms Hurt!
According to the New York Times, an increasingly common practice used by hospitals is that some medical experts call drive-by doctoring assistants, consultants, and other hospital employees into cases and these incidents are charging patients or their insurers hefty fees. Most times patients do not realize these individuals have been involved or are charging until… Read more »
The Big Wash Machine for Mexican drug cartels
Turning dirty cash from drug sales into clean, usable currency has become harder for Mexican drug gangs as a result of tighter banking regulations at home and in the U.S. However, the latest money laundering schemes are piggy-backing on cross-border trade. Questions: 1. What is a “suspicious activity report” filed by banks in the U.S…. Read more »
Alienating Customers?
Microsoft confirmed it will acquire the studio that created the hit “sandbox” game Minecraft for $2.5 billion, a move that could help bolster the company’s Xbox and mobile ambitions. Questions: 1. According to the article, how does this acquisition strengthen Microsoft’s battle with other technology driven companies? 2. Why does the video hypothesize that Microsoft… Read more »
Payroll Accounting Fraud
A former accountant for the University of Sioux Falls has been indicted for wire fraud for reportedly collecting more than $25,200 in unearned paychecks. Brent Alan Fowler, 52, faces 20 counts of wire fraud for individual payroll deposits. Questions: 1. What is the potential jail time for Mr. Fowler, if he receives the maximum punishment?… Read more »