Posts Tagged: Internal Controls

Do more taxes mean better services?: A cautionary tale

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, Income Taxes, Managerial Accounting, Uncategorized, Video Updates.

Generally, you equate the need for higher taxes in a city as a way to improve the environment. This blog looks at the city of Portland, Oregon. Questions: Source: Conerly, B. (2021) Death Of A City: The Portland Story? Forbes, Jan. 28 (Retrievable online at https://www.forbes.com/sites/billconerly/2021/01/28/death-of-a-city-the-portland-story/?sh=bff67ac74ad0) Constantz, J. (2023). The cities where high earners face… Read more »

The Godfather Speaks about AI

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, Managerial Accounting, Uncategorized.

According to the New York Times, for half a century, Geoffrey Hinton nurtured the technology at the heart of chatbots like ChatGPT. Now he worries it will cause serious harm. Questions: Source: Metz, C. (2023). ‘The Godfather of A.I.’ Leaves Google and Warns of Danger Ahead. The New York Times, May 1 (Retrievable online at… Read more »

JP Morgan Duped

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, Managerial Accounting, Uncategorized.

According to Compliance Week, JPMorgan Chase Bank was fooled into wildly overpaying for a student loan assistance company after the bank dropped its guard on how carefully to vet the startup’s customer database. Questions: Source: Nicodemus, A. (2023). Alleged fraudster cited privacy in duping JPMorgan into $175M merger. Compliance Week, April 5 (Retrievable online at… Read more »

Bank Vulnerability

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

According to the Washington Post, a new study shows that hundreds of banks in the United States would be in danger of failing if they were hit by runs similar to the one that recently brought down Silicon Valley Bank. Questions: Source: Werner, E. (2023). Hundreds of banks would be vulnerable in SVB-style runs, researchers… Read more »

Forensic Phone Tools

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, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

You might think that data extracted from a phone in a lab or police station can be a good thing. But what if the owner is a journalist? Questions: Source: Earp, M. (2023) Forensic Tools Open New Front for Using Phone Data to Prosecute Journalists. Global Investigative Journalism Network, Jan. 6 (Retrievable online at https://gijn.org/2023/01/06/forensic-tools-open-new-front-for-using-phone-data-to-prosecute-journalists/)

Three Long Years!

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, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to The New York Times, the Securities and Exchange Commission ended its investigation into former Senator Richard Burr, three years after he sold more than $1.6 million in stocks following Covid-19 briefings. Questions: Source: Kelly, K. S.E.C. Inquiry Into Former Senator’s Stock Sales Is Closed Without Charges. The New York Times, Jan. 6 (Retrievable… Read more »

A Scam Called “Pig-Butchering”

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, Managerial Accounting, Uncategorized.

According to the Washington Post, federal law enforcement and major crypto exchanges appear to be behind in cracking down on fraud growth. Questions: Source: Newmyer, T. (2023). Crypto scam aimed at online acquaintances costs victims billions. The Washington Post, Feb. 14 (Retrievable online at https://www.washingtonpost.com/business/2023/02/14/crypto-scam-lost-billions/)

How Common is Securities Fraud?

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

According to a new study, ten percent of public companies commit securities fraud each year. Questions: Source: Livni, E. (2023) Just How Common Is Corporate Fraud? The New York Times, Jan. 14 (Retrievable online at https://www.nytimes.com/2023/01/14/business/dealbook/how-common-is-corporate-fraud.html?)

A $5 Million Fraud Against Hundreds in California Results from Postal Theft and Fraud

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

According to the California Attorney General, 56 individuals involved in a scheme resulting in the theft of nearly $5 million from hundreds of people in a widespread mail theft and postal fraud operation. Questions: How many suspects were arrested as part of the fraud? Out of which counties were the suspects operating? What will the… Read more »

Amityville Horror?

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According to Susan Edelman, witnesses in alleged COVID vaccine fraud case have put 82 NYC educators in potential legal danger. Questions: Why are these educators in potential legal danger? Who committed the fraud? What was the amount of ill-gotten gains derived from the fraud? According to the article, what percentage of the COVID vaccines given… Read more »