Posts Tagged: compliance

Albemarle purports to have violated Foreign Corrupt Practices Act (FCPA)

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

According to the Wall Street Journal, well-known chemical manufacturer, Albemarle, reached an agreement in principle with U.S. authorities to pay a $218.5 million fine to resolve an investigation into potential improper payments by third-party sales representatives. Questions: Source: Tokar, D. (2023). Albemarle to Pay $218.5 Million to Settle Foreign Bribery Probe. The Wall Street Journal,… Read more »

PCAOB santions five firms for not preserving independence

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Financial Reporting and Analysis, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, the Public Company Accounting Oversight Board has disciplined five auditing firms for violating its rules and standards when communicating with audit committees. Questions Source: Cohn, M. (2023) PCAOB sanctions firms over audit committee communications. Accounting Today, July 28 (Retrievable online at https://www.accountingtoday.com/news/pcaob-sanctions-firms-over-audit-committee-communications?)

What Now for Meta?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, IFRS, Income Taxes, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the New York Times, Meta’s ad practices have been ruled illegal under E.U. law. Questions: Source: Satariano, A. (2023). Meta’s Ad Practices Ruled Illegal Under E.U. Law. The New York Times, Jan. 4 (Retrievable online at https://www.nytimes.com/2023/01/04/technology/meta-facebook-eu-gdpr.html)

Supply Chain Woes Spill over into Tax and Accounting

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

According to Accounting Today, a new survey by Ernst & Young finds growing worries about transfer pricing among business leaders., as well as global tax changes. Questions: How many professionals were polled by the E&Y survey and what was the makeup of the group? What issues did respondents think are most likely to come under… Read more »

GE owes $200 Million fine

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Financial Reporting and Analysis, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to Accounting today, General Electric Co. was fined $200 million for allegedly misleading investors about the finances of its gas-power unit, as well as a run-off insurance business. Questions: According to the article, what did GE fail to explain to its shareholders? What is GE required to report for the first year to the… Read more »

Boeing Woes

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

According to Business Insider, Boeing’s nightmare year got even worse this weekend as the manufacturer warned that hundreds of its 737 planes, including 159 of its troubled 737 Max jets, might have faulty parts on their wings. Questions: What are slat tracks? Who produced the defective slat tracks? What are ten airlines demanding from Boeing?… Read more »

Trump may owe more fines

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

According to the Guardian,  if Trump Tower and other Trump sites do not cut emissions, the Trump Organization will owe $2.1m a year from 2030. Questions: How many Trump properties in New York City do not comply with new regulations designed to slash greenhouse gas emissions? Which body passed these fines? What will be required… Read more »

Audit Irregularities

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to a report released on Feb. 15 in San Francisco county, about 400 recent foreclosures were determined to involve either legal violations or suspicious documentation.  This recent report suggests how pervasive foreclosure irregularities may be across the nation. Questions: 1.  What is the acronym for the mortgage database that was started in 1995 to track… Read more »