Equifax Hack Settlement

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the Washington Post, nearly half of all Americans were affected by the 2017 Equifax data breach, where hackers stole personal data for more than 147 million people: credit card numbers, Social Security numbers and other identifying information. Now, as part of a settlement agreement with the Federal Trade Commission, the people whose data… Read more »

Deloitte Fined $5.4M

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

Deloitte LLP was fined 4.3 million pounds for audit failures of a unit of Serco Group Plc. Additionally, audit engagement partner, Helen George, was fined 97,500 pounds for failure to act in accordance with the fundamental principle of professional competence and due care. Questions: After admission of misconduct by both Deloitte and Helen George, what… Read more »

Block Chain Report on Finance Industry

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

A newly released block chain report about banking was previewed on Business Insider.com. Questions: According to Bloomberg, how much money has been poured into block chain technology, annually, as of 2018 within financial institutions? What are key difficulties or roadblocks associated with block chain application? What are the companies mentioned in the report? Source: Tesfaye,… Read more »

A Tale of the Fake Heiress

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

A penniless young woman, who left Russia in 2014 and faked her way to Manhattan as an “heiress,” is now facing up to 15 years in prison. How did Ms. Sorokin bilk a bank out of $100,000? What charges does Ms. Sorokin face? Why did Ms. Sorokin’s lawyer, Todd Spodek, argue that she had not… Read more »

Sears Sues

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to CNN, the remains of defunct Sears Holdings is suing Eddie Lampert, the man who was its previous CEO and primary shareholder, alleging he improperly stripped the company of assets as it hurdled toward bankruptcy. Questions: In addition to Eddie Lampert, who else is named in the suit for the theft of Sears’ assets?… Read more »

Cars To Go

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

According to Buzz Feed News, police are questioning more than a dozen people over the theft of 100 expensive automobiles in Chicago after a car sharing company reported that some of its fleet was stolen using its mobile app, forcing it to temporarily shut down the service in the city. Questions: What are most of… Read more »

Pay for Play

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Video Updates.

Yale University has rescinded the admission of a student that officials at the school say was involved in a nationwide college entrance fraud that ensnared 50 people, including Hollywood actresses and CEOs, some of whom have already appeared in court. Questions: To make this scam work, who was “on the take” inside Yale? Who was… Read more »

Resignation of another CEO

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

Herbalife’s chief executive has resigned over unspecified comments he made before taking leadership of the Los Angeles supplement maker. Questions: 1. What did his previous remarks relate to? 2. Who is CEO Goudis’ replacement and what is the replacement’s background? 3. Why has Herbalife been in the news since 2015? Source: Pazzanghera, J. (2019). Herbalife… Read more »

Chinese giant Huawei, the world’s largest telecommunications equipment maker’s fraud exposed and charged by the U.S. Justice Department

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to the ACFCS News, federal prosecutors have charged a Chinese company, the world’s largest telecommunications equipment maker, a top official and two affiliates with fraud, money laundering, pilfering trade secrets, obstruction of justice and sanctions violations for hiding its dealings with Iran from partner banks. Questions: 1. How did these hidden dealings come to… Read more »

Lying and CEOs – New Analytics

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Income Taxes, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to Business Insider, a software company called Amenity Analytics (AA) reviews earnings call transcripts, press releases, company research and more to try and help hedge funds spend less time looking for important nuggets of information and more time trading. Now they have turned their attention toward truth-telling by CEOs. Questions: 1. What type of… Read more »