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Another 50 Million Reasons Not To Trust The Auditors

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KPMG audit partners settle test cheating allegations By Aaron NicodemusTue, May 19, 2020 1:05 PM The KPMG cheating scandal expanded this week as three former partners at the firm settled charges with the SEC regarding the improper sharing of answers for internal training exams. According to the SEC’s orders, former KPMG audit partners Timothy Daly, […]

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Widespread Fraud in Chinese Accounting?

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From CNBC & Forbes: ·  Fabricated accounting at Luckin Coffee led to a 75% decline in the Chinese company’s stock on Thursday. An investigation that found a preliminary $314 million of accounting fraud at money-losing Chinese coffee chain Luckin Coffee triggered a 76% collapse of its Nasdaq-traded shares yesterday,  wiped out of billions of dollars of shareholder […]

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Internal Controls Are Key – But They Have To Be Challenged To Be Effective

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Hannaford Brothers Co. was a good place to work, as I said elsewhere on this blog. They had a strong commitment to good internal controls from the very top to the bottom of the ladder. But they also had a professional and effective internal audit function. STILL, fraud was occurring all the time. Sure, there […]

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My Head-on car crash and dealing with the insurance companies

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This is a narrative of what I went through trying to recover a somewhat minor amount with respect to property loss from the accident with another driver who swerved into my lane at the last possible second and hit me head-on. There are 2 separate aspects to an auto accident – personal injury and property […]

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