‘Fraud and Embezzlement’ Posts

 

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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Embezzlement never takes a holiday

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If you have concerns along this line for your business or organization, contact me. benson.dana@gmail.com Read through other blog entries to gain a more complete understanding of internal controls that can prevent and detect this sort of thing. Bookkeeper charged with embezzling more than $150,000 from 2 Lincoln County businesses From the 12/23/2015 Portland Press […]

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