Feb 05
KPMG recently released their Global Audit Committee Survey (See the KPMG survey here). The survey contains the views of 1,800 audit committee members worldwide regarding topics such as financial reporting and disclosures, audit quality, oversight of internal and external auditors, risk management and crisis readiness, emerging technologies and audit committee effectiveness. The survey highlighted the …
Permanent link to this article: https://betweenthenumbers.net/2013/02/survey-of-audit-committee-members-indicate-significant-concerns/
Jan 28
An employee in the New York office of Fried, Frank, Harris, Shriver & Jacobson LLP has been indicted for stealing more than $376,000 worth of copy machine toner over approximately two years. The employee accomplished this by ordering excess toner from two vendors and effectively setting up a side business through which he sold the toner. …
Permanent link to this article: https://betweenthenumbers.net/2013/01/employee-theft-of-office-supplies-can-really-add-up/
Dec 21
On December 4, the Department of Justice (DOJ) released a statement bragging about the money it had recovered. In reality, the government had much less to do with this than the private citizens and their lawyers who filed qui tam False Claim Act cases on behalf of the U.S. when the U.S. declined to take …
Permanent link to this article: https://betweenthenumbers.net/2012/12/qui-tam-suits-recovering-extraordinary-amounts/
Dec 20
Effective January 1, 2013, AB-1875 amends California Code of Civil Procedure (CCP) Section 2025.290, which applies to oral depositions in civil cases. The revised law limits the deposition to seven hours of total testimony. Currently, CCP § 2025.290 does not contain any time limits on depositions. This revision brings CCP § 2025.290 more in conformity …
Permanent link to this article: https://betweenthenumbers.net/2012/12/californias-new-deposition-limitation-has-plenty-of-exceptions-including-experts/
Dec 12
“Who Wants to be a Millionaire” is an American game show that is based on the UK program of the same name. When ABC contracted for the show in North America, the program and concept were already successful. The showed aired on Disney’s ABC in primetime for three years, and has been in syndication for …
Permanent link to this article: https://betweenthenumbers.net/2012/12/hollywood-accounting-attack-upheld-by-the-ninth-circuit/
Dec 10
The U.S. Justice Department (DOJ) and Securities and Exchange Commission (SEC) jointly published a much anticipated guidance on the U.S. Foreign Corrupt Practices Act (FCPA). Entitled “A Resource Guide to the U.S. Foreign Corrupt Practices Act”, the “Guide” is 120 pages long, and is significantly more comprehensive than its predecessor, the “Lay Person’s Guide to …
Permanent link to this article: https://betweenthenumbers.net/2012/12/doj-sec-issue-guidance-on-foreign-corrupt-practice-act/
Dec 09
Sports Illustrated provides a surprising statistic: “By the time they have been retired for two years, 78 percent of former NFL players have gone bankrupt or are under financial stress; within five years of retirement, an estimated 60 percent of former NBA players are broke.” There are many contributing factors that quickly spring to mind …
Permanent link to this article: https://betweenthenumbers.net/2012/12/maintaining-wealth-eludes-most-professional-athletes/
Nov 26
In connection with its quarterly earnings release and a related $8.8 billion write-down, Hewlett-Packard claimed that it was misled by hidden “serious accounting improprieties” involving its $11.1 billion purchase of formerly-public company Autonomy. The Autonomy acquisition closed October 2011, under the watch of former HP CEO Leo Apotheker. Apotheker’s reign was short-lived (11 months), and …
Permanent link to this article: https://betweenthenumbers.net/2012/11/hp-to-take-legal-action-over-its-bold-multi-billion-dollar-fraud-allegation/
Nov 25
HP is going to take an $8.8 billion write-down related to its $11.1 billion acquisition of British company Autonomy Corporation PLC in October 2011. HP asserts that much of the write down (approximately $5 billion) is required because of accounting irregularities, allegedly fraud, contained in the financials statements relied upon in association with the purchase. Among …
Permanent link to this article: https://betweenthenumbers.net/2012/11/hp-claims-5-billion-of-overpayment-was-due-to-fraudulent-financial-reporting/
Nov 10
Any insurance claim must start with a specific review of your policy. Nevertheless, the following items may be of particular interest in business interruption claims associated with Hurricane Sandy: Check your policy for whether you have coverage for storm-related flooding. Many policies contain an exclusion for floods, unless you purchased …
Permanent link to this article: https://betweenthenumbers.net/2012/11/business-interruption-insurance-reminders-for-hurricane-sandy/
