The Coronavirus Testing Procurement Audit

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

According to the Washington Post, according to a Maryland state audit, procurement regulations where not followed when the Maryland administration bought 500,000 COVID-19 tests from a South Korean company last year and the first batch of tests that later had to be replaced for an additional $2.5 million was not authorized by the U.S. Food… Read more »

Phased out in your lifetime????

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Financial Accounting, Fraud Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, millions of customers at such banks as Bank of America, JPMorgan Chase, and Wells Fargo, currently log into their bank accounts through their mobile phones using their fingerprints. Introduced in the last few months, this feature enables a huge share of American banking customers to verify their identities with… Read more »

That’s Billion with a “B!”

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

According to the Washington Post, the IRS paid $3.1 billion in bogus tax refunds in 2014 due to ID theft. Yes, that’s billion with a “B.” Questions: 1. How many individual tax returns did the IRS process in 2015? 2. What percentage and amount did the IRS identify as fraudulent claims before it paid them?… Read more »