Accounting Fraud / Accounting Restatements/Accounting Issues

August 2017

• KPMG Audit $6.2m Fine: [TOP TEN]“KPMG slapped with $6.2m fine over oil company audit errors” (FT, 8/15/17)
• New “Auditor Rule”: “U.S. Chamber of Commerce asks SEC to reject new auditor disclosure rule” (WSJ, 8/15/17)
• PWC Audit Fine: “PwC fined £5.1m for ‘extensive misconduct’ over RSM Tenon audit” (FT, 8/16/17)

July 2017

• Ukrainian Investigation of PwC Audit of Ukrainian Bank: “PwC at risk of losing bank audit rights in Ukraine” (FT, 7/6/17)

June 2017

• American Realty Accounting Scandal: [TOP TEN]“Witness says real-estate magnate Schorsch played role in fraud scheme” (WSJ, 6/27/17)
• Audit Disclosures: “US audit watchdog pushes for greater disclosure” (FT, 6/1/17)

May 2017

• Accounting Scandals: [TOP TEN]“Accounting scandals put the Big Four on the spot” (FT, 5/4/17)
• Auditors: “Auditors: held accountable” (FT, 5/11/17)
• Insurance Accounting: “Insurance accounting: a diet of worms” (FT, 5/22/17)
• Investigation of KPMG Audit of Rolls-Royce: [TOP TEN]“Investigation launched into KPMG audit of Rolls-Royce” (FT, 5/4/17)

April 2017

• KPMG Fires Audit Practice Head:
  • [TOP TEN]“Fired KPMG audit head: how did Scott Marcello fall from grace?” (WSJ, 4/16/17)
  • [TOP TEN]“KPMG scandal highlights problem of auditing’s revolving door” (FT, 4/13/17)
  • [TOP TEN]“KPMG fires 6 over ethics breach on audit warnings” (NYT, 4/12/17)
  • [TOP TEN]“KPMG fires 6 employees over advance warning on audits” (FT, 4/12/17)
  • [TOP TEN]“KPMG fires partners over leak of audit regulator’s confidential plan” (WSJ, 4/11/17)
• PwC Employment and Hiring Practices: [TOP TEN]“Older workers challenge firms’ aggressive pursuit of the young” (WSJ, 4/16/17)
• SEC and Criminal Investigation of AmTrust Financial: [TOP TEN]“Secret recordings play role in SEC probe of insurer AmTrust” (WSJ, 4/11/17)

March 2017

• Accountants: [TOP TEN]“As regulations change, companies grapple with accountant shortage” (WSJ, 3/6/17)
• Accounting for Hedging: “FASB proposal looks to trim ‘hedge accounting’ requirements” (WSJ, 3/27/17)
• Auditing Partner Disclosure: [TOP TEN]“We all know the Oscar accountant–but who does your company’s audit?” (WSJ, 3/3/17)
• Balance Sheet Accounting: “Signet Jewelers’ balance sheet gets extra sparkle” (NYT, 3/3/17)
• MF Global $3B Accounting Malpractice Lawsuit Against PwC:
  • [TOP TEN]“MF Global administrator settles $3bn PwC lawsuit” (FT, 3/23/17)
  • [TOP TEN]“PwC suggests MF Global was a risk culture run amok” (FT, 3/14/17)
  • [TOP TEN]“Corzine tells court PwC audits were vital to trust in MF Global” (FT, 3/9/17)
  • [TOP TEN]“MF Global’s Jon Corzine set to testify in $3.1bn PwC lawsuit” (FT, 3/4/17)
• Restatement of Earnings (AmTrust): “AmTrust shares drop after admission of errors” (WSJ, 3/17/17)
• Toshiba Accounting Fraud Investigation: 
  • [TOP TEN]“Brave is the auditor that takes on Toshiba’s accounts” (FT, 5/2/17)
  • “Toshiba: core meltdown” (FT, 3/14/17)

February 2017

• MetLife Accounting Issues: “Accounting standards in the spotlight as life insurers take strain” (FT, 2/14/17)
• MF Global $3B Accounting Malpractice Lawsuit Against PwC: [TOP TEN]“MF Global agrees to delay $3bn suit against PwC” (FT, 2/7/17)
• SEC Approach to Executive Pay Rule: “Trump’s acting SEC chair targets rule about CEO pay disclosure” (LAT, 2/7/17)
• Toshiba Accounting Fraud Investigation: 
  •  [TOP TEN]“Toshiba shares plummet on new fears over future of business” (FT, 2/15/17)

January 2017

• Accountants and Fraud Disclosure: “Fear the secret agent less than the accountant” (FT, 1/18/17)
• Accounting Scandal (BT Group):
  • [TOP TEN]“The audit trade back under scrutiny after BT debacle” (FT, 1/27/17)
  • “BT warns on profits after Italian accounting scandal worsens” (FT, 1/23/17)

December 2016

• $8M Fine (Deloitte Brazil): “Deloitte’s Brazil affiliate fined $8 million for false audit reports, cover-up” (WSJ, 12/5/16)
• SEC Investigation of Non-GAAP financial measures (LendingClub): “SEC urges LendingClub to disclose more about loans and funding” (WSJ, 12/7/16)
• Toshiba Accounting Fraud Investigation: “Toshiba writedown warning revives financial stability fears” (FT, 12/28/16)

November 2016

• KPMG Role in Wells Fargo “phantom accounts” Scandal: [TOP TEN]“Wells Fargo: where was the auditor?” (WSJ, 11/1/16)

October 2016

• Accounting Fraud (Tesco): “Tesco to be sued by 60 investors” (FT, 10/2/16)
• Audit Chiefs Compensation: “Internal audit chiefs gain in clout, compensation” (WSJ, 10/24/16)

September 2016

• Criminal Accounting Fraud (Tesco): “3 former Tesco executives charged with fraud over accounting scandal” (NYT, 9/9/16)
• SEC Investigation of Exxon Accounting:
  • “Energy companies must act to avoid banks’ mistakes” (FT, 9/22/16)
  • “SEC probes Exxon over accounting for climate change” (WSJ, 9/20/16)

August 2016

• Accounting Flaws in Audits: “Regulators find deficiencies in 13 Deloitte audits, 12 by PWC” (WSJ, 8/30/16)
• Accounting Fraud (Hain): “Bloated pay came before Hain Celestial’s error” (NYT, 8/19/16)
• Accounting Fraud (MF Global): “Judge says MF Global lawsuit against PwC can proceed” (WSJ, 8/5/16)
• Accounting Fraud Investigation (Hain): “Hain Celestial shares drop as accounting review will delay results” (WSJ, 8/15/16)
• Deloitte Lawsuit: “Lebanese Canadian Bank shareholders sue Deloitte’s mideast member firm” (WSJ, 8/22/16)
• New Accounting Rules: “Half of big banks unprepared for accounting shake-up” (FT, 8/14/16)
• PwC Audit Fraud Trial:
  • “Accountancy’s Big Four need more competition” (FT, 8/24/16)
  • [TOP TEN]“The beach-house lawyer calling big auditors to account” (FT, 8/23/16)
• $2.9 Billion Fraud Trial of PwC: [TOP TEN]“PwC on trial for not spotting $2.9bn fraud” (FT, 8/16/16)

July 2016

• Accounting “Ethics Rule Book”: [TOP TEN]“Accountants, auditors to get a new ethics rule book” (WSJ, 7/11/16)
• Internal Accounting Investigation (ComScore): “Beware the squishy math of ComScore’s pay plan” (WSJ, 7/12/16)

June 2016

• Accounting Fraud (Daewoo Shipbuilding): “S Korea finds $1.3bn accounting hole at Daewoo Shipbuilding” (FT, 6/15/16)
• Accounting and Profits: “Accounting choices blur profit picture” (WSJ, 6/28/16)
• Accounting Rules and Financial Performance Reality: [TOP TEN]“The end of accounting” (WSJ, 6/21/16)
• “Financial Engineering”: “Capitalism needs new rules to deal with the breakdown of BHS” (FT, 6/14/16)
• New Accounting Rules: “FASB rule to require banks to record projected loan losses up front” (WSJ, 6/16/16)
• New Bank Loan Loss Accounting Rules: “US banks chafe at new loan loss rules” (FT, 6/20/16)
• PwC Investigation: “PwC independence questioned in dispute with regulators” (WSJ, 6/13/16)
• SEC Approach to Accounting Fraud: [TOP TEN]“SEC returns to its roots with accounting fraud crackdown” (FT, 6/13/16)

May 2016

• “Financial Catastrophe Bonds”: “New from Credit Suisse: bonds for self-inflicted catastrophes” (WSJ, 5/16/16)
• GAAP and “unofficial” vs “official” profits: “GAAP earnings: persuasion” (FT, 5/2/16)
• GAAP and Silicon Valley: “GAAP’s never been holy writ – just ask Silicon Valley” (FT, 5/13/16)
• “Misleading” Accounting: “‘Misleading’ numbers used to boost management pay” (FT, 5/11/16)
• SEC Approach to non-GAAP Metrics: [TOP TEN]“SEC tightens crackdown on ‘adjusted’ accounting measures” (WSJ, 5/18/16)
• Toshiba Accounting Fraud Investigation: “Toshiba picks chief executive to steer turnaround” (FT, 5/6/16)

April 2016

• Accounting “Fantasy Math” (GAAP vs non-GAAP results): [TOP TEN]“Fantasy math is helping companies spin losses into profits” (NYT, 4/22/16)
• Accounting Fraud and New Rules: “The quiet war on corporate accountability” (NYT, 4/26/16)
• Accounting Fraud – Statistics and Algorithms: [TOP TEN]“Will big data mining prove a top sleuth for investors?” (FT, 4/21/16)
• Bank of America Auditing Error: “Three stubborn types of mistakes dog financial reporting” (WSJ, 4/11/16)

March 2016

• “Financial Engineering”: “The financial alchemy that’s choking SunEdison” (NYT, 3/15/16)
• Toshiba Accounting Fraud Investigation: “Japan securities watchdog probes ex-Toshiba chief” (FT, 3/21/16)

February 2016

• “Enron Rule”: “Post-Enron accounting rule requires companies to report leases” (NYT, 2/25/16)
• Noble: “Noble Group accounting back under scrutiny” (FT, 2/23/16)
• Valeant:
  • “Valeant CEO Michael Pearson returns from medical leave” (WSJ, 2/29/16)
  • “Valeant Pharmaceuticals chief returns from medical leave” (NYT, 2/28/16)
  • “Valeant isn’t what the doctor ordered” (WSJ, 2/28/16)
  • “Valeant incorrectly booked revenues from pharmacy chain” (FT, 2/23/16)
  • “Valeant likely to restate results in wake of internal review” (WSJ, 2/23/16)
  • “Where Valeant’s real problem lies” (WSJ, 2/23/16)

January 2016

• Executive Compensation: “Bonuses get squeezed on Wall Street” (WSJ, 1/8/16)
• Mark-to-Market Accounting Rules:
  • [TOP TEN]“Banks cheer demise of US accounting ‘abomination’ ahead of results” (FT, 1/7/16)
  • “Banks get relief from accounting headache” (WSJ, 1/6/16)
  • “Bank rule distorting performance is repealed” (NYT, 1/6/16)
• New Accounting Rules:
  • “Accounting reform poised to lift transparency” (FT, 1/21/16)
  • “Accounting Reforms to hit airlines and retailers” (FT, 1/13/16)
  • [TOP TEN]“FASB proposes to curb what companies must disclose” (NYT, 1/3/16)

December 2015

• Accounting Fraud Investigation of Toshiba:
  • “EY’s Japanese unit reprimanded by regulator over Toshiba audits” (FT, 12/23/15)
  • “Toshiba shares fall 12% after warning of record $4.5 billion loss” (FT, 12/22/15)
  • “Toshiba faces record fine” (WSJ, 12/8/15)
• Accounting Investigation (Noble): “Noble Group downgraded to junk status by Moody’s” (FT, 12/30/15)
• “Adjusted” Earnings and Financial Overstatements: [TOP TEN]”US corporations increasingly adjust to mind the GAAP” (WSJ, 12/15/15)
• New Accounting Rules: “Finance chiefs prepare for new rules” (WSJ, 12/8/15)
• Valeant Unconventional Accounting: “Valeant: An accounting pioneer, too” (WSJ, 12/16/15)

November 2015

• Accounting Fraud Investigation of Toshiba:“Toshiba needs to pull this plug to restart” (WSJ, 11/10/15)
• New Accounting Rules: “Rule shift gains to put leases on balance sheet” (WSJ, 11/12/15)

October 2015

• Accounting Firm Revenues: “PwC beats Deloitte to lead “big four” league as revenues rise” (FT, 10/6/15)
• HP $5 billion Lawsuit Against Autonomy Founder (Lynch): 
  • “A deal that still haunts Hewlett-Packard” (NYT, 10/9/15)
  • “Lynch files counter-claim against HP” (FT, 10/2/15)

September 2015

• Accounting Fraud Investigation of Toshiba:“Toshiba hit by record fine and put ‘on alert’ by Tokyo exchange” (FT, 9/15/15)
• PCAOB Chief: “SEC looking at outside to lead audit regulator PCAOB” (WSJ, 9/10/15)

August 2015

• Accounting Fraud Investigation of Toshiba:“Scandal-hit Toshiba to post loss” (FT, 8/19/15)
• Accounting Investigation (Noble):
  • “Noble accounts cleared, but jobs to be cut” (FT, 8/11/15)
  • “Noble relies on art of self defense” (FT, 8/11/15)
• Consulting Resurgence 7 Years Later: [TOP TEN]“Professional services: Accounting for change” (FT, 8/28/15)

July 2015

• Accounting Fraud Investigation of Toshiba:
  • [TOP TEN]“Toshiba’s once lauded culture became the cause of its problems” (FT, 7/22/15)
  • [TOP TEN]“Toshiba chief Hisao Tanaka resigns over $1.2 billion accounting scandal” (FT, 7/22/15)
  • “Scandal upends Toshiba’s lauded reputation” (NYT, 7/22/15)
  • “Toshiba CEO resigns after accounting scandal” (WSJ, 7/22/15)
  • “Toshiba inflated earnings by $1.2 billion, a panel of experts says” (NYT, 7/21/15)
  • “Toshiba must adjust operating profit down by $1.2 billion” (WSJ, 7/21/15)
  • “Accounting scandal set to shake up Toshiba” (FT, 7/17/15)
• Accounting Investigation (Noble):“Noble group appoints PwC to review accounting practices” (FT, 7/8/15)

June 2015

• HP $5 billion Lawsuit Against Autonomy Founder (Lynch): “HP to pay $100 million to settle suit over Autonomy purchase” (NYT, 6/10/15)
• SEC $190m Penalties in Computer Science Accounts Fraud Case: 
  • [TOP TEN] “SEC reaches compromise in computer sciences fraud case” (NYT, 6/6/15)
  • “SEC reaches fraud settlement with firm” (WSJ, 6/6/15)

May 2015

• Deloitte Florida Jury Trial Verdict in Insurance Company Collapse: “Jury rules for Deloitte over insurance-company failures” (WSJ, 5/9/15)
• HP $5 billion Lawsuit Against Autonomy Founder (Lynch): “HP says it overpaid by $5bn for Autonomy” (FT, 5/6/15)

April 2015

• $5 billion H-P Accounting Fraud Lawsuit Against Autonomy Founder (Lynch):[TOP TEN]“HP sues Autonomy founder Mike Lynch as battle heats up” (FT, 4/1/15)
• Accounting Issues (Noble): “Noble group shareholders challenge management on accounting” (WSJ, 4/18/15)
• Ernst & Young $10 million Settlement with NY AG over Lehman Collapse:
  • “Ernst & Young in settle over over Lehman Brothers” (NYT, 4/16/15)
    
  • “Ernst settles Lehman case” (WSJ, 4/16/15)
• PwC $65 million settlement with MF Global Investors: “PwC pays $65 million to settle lawsuit over MF Global” (WSJ, 4/18/15)
• Seven-Year Sentence for CEO of Satyam Computer Services for Accounting Fraud:
  • [TOP TEN]“Satyam founder gets prison for fraud” (WSJ, 4/10/15)
  • “Founder of Indian outsourcing company is found guilty of fraud” (NYT, 4/10/15)

March 2015

• Shareholder Lawsuit Against E&Y in Lehman 2008 Collapse: [TOP TEN]“Ernst & Young to settle two suits over Lehman” (WSJ, 3/14/15)

February 2015

• Accounting Fraud Allegations (Noble): “Noble hit at accounting claims” (FT, 2/17/15)
• First woman CEO of Big Four Auditor: “Deloitte taps woman, a first, for CEO post” (WSJ, 2/10/15)
• PwC Whistleblower and Possible Jail Time: [TOP TEN]“‘I am not a martyr’, says LuxLeaks whistleblower facing jail” (FT, 2/23/15)
• SEC $2 million Settlement with Big Four Accounting Firms re Audit Documents of Chinese Companies:
  • “Deal sealed on China audits” (WSJ, 2/7/15)
  • “China auditors settle with SEC for $2 million” (FT, 2/6/15)
  • “SEC, Big Four accounting firms in China settle dispute” (WSJ, 2/6/15)

January 2015

• Accounting and IPO Financial Statements: [TOP TEN]“Tailored accounting by IPOs raises flags” (WSJ, 1/8/15)
• Accounting Fraud Allegations (HP, Autonomy):“UK fraud office drops HP-Autonomy investigation and shifts focus to US” (FT, 1/20/15)
• H-P/Autonomy Accounting Fraud Investigation: “H-P faces setback on soured U.K. deal” (WSJ, 1/20/15)
• SEC Increased Investigation of Accounting Fraud: [TOP TEN]“SEC gets busy with accounting inquiries” (WSJ, 1/21/15)

December 2014

• $400 Million Accounting Fraud Investigation (Tesco):“UK agency digs into Tesco’s books” (WSJ, 12/23/14)
• Accounting Fraud Allegations (HP, Autonomy):
  • “Judge axes HP settlement” (LA Daily Journal, 12/23/14)
  • [TOP TEN]“Autonomy founder wants SEC to prove HP writedown” (FT, 12/3/14)
• Accounting Fraud Lawsuit (American Realty Capital Properties): [TOP TENN]“Ex-American Realty chair accused of ordering accounting changes” (WSJ, 12/19/14)
• Forensic Accounting, Fraud, and “Benford’s Law: “To find fraud, just do the math” (12/05/14)
• PCAOB Focus on Audit:
  • “Audit gets wider review” (WSJ, 12/16/14)
  • “SEC: Accounting board is dragging feet” (WSJ, 12/15/14)

November 2014

• $400 Million Accounting Fraud Investigation (Tesco):“Don’t hold your breath waiting for a Tesco fraud case” (FT, 11/4/14)
• Accounting Fraud Lawsuit (American Realty Capital Properties): [TOP TENN]“Ex-American Realty chair accused of ordering accounting changes” (WSJ, 12/19/14)
• Investigation of PWC Tax Advice: “PwC tax advice to caterpillar probed” (WSJ, 11/18/14)

October 2014

• $400 Million Accounting Fraud Investigation (Tesco):
  • “Tesco admits overstating profits for longer” (FT, 10/23/14)
  • “Tesco chairman to step down” (WSJ, 10/24/14)
  • “Growing scandal claims Tesco’s chairman” (NYT, 10/23/14)
  • [TOP TEN] “Tesco chooses to wait before setting out stall” (FT, 10/23/14)
• Accounting Irregularities of American Realty Capital: “Cover-up jolts real-estate empire” (NYT, 10/29/14)
• Flawed Audits: “The big number: 43%” (WSJ, 10/7/14)
• New Accounting Rules: “Compromise floated on auditor identities” (WSJ, 10/1/14)

September 2014

• $400 Million Accounting Fraud Investigation (Tesco):
  • “Tesco: what would Jack say?” (FT, 9/23/14)
  • [TOP TEN] “Tesco investigates accounting error” (WSJ, 9/23/14)
  • “Tesco in turmoil after profits overstatement” (FT, 9/22/14)
• Accounting Fraud (Tesco): “Tesco’s problems lie in the boardroom, not in the stockroom” (FT, 9/29/14)
• Accounting Fraud Allegations (HP, Autonomy): “Lynch fires back at HP’s ‘excessive forecasts’ on autonomy deal” (FT, 9/12/14)
• New Accounting Rules :
  • “Revised audit rules prompt shake-up of a generation” (FT, 9/25/14)
  • “Regulators, accounting firms spar over rule” (WSJ, 9/22/14)

August 2014

• Accounting Firms and Hedge Funds: “Big Four step up services to hedge funds” (FT, 8/25/14)
• Accounting Fraud Allegations (HP, Autonomy):
  • [TOP TEN]“HP vs Autonomy dispute turns personal” (FT, 8/13/14)
  • [TOP TEN]“HP accuses Autonomy founder of fraud” (FT, 8/5/14)
• Accounting Restatement (Ocwen):
  • “Ocwen financial results to be restated after assets revalued” (FT, 8/13/14)
  • “Ocwen restates results after accounting change” (WSJ, 8/13/14)
  • “Probe into Ocwen intensifies” (WSJ, 8/5/14)
• Auditor Liability: “Holding auditors blameless” (NYT, 8/16/14)
  
• Conflict of Interest: [TOP TEN]“Regulators struggle with conflicts in credit ratings and audits” (NYT, 8/22/14)
• KPMG Audit of Portugal Failed Bank Questioned: “KPMG’s audit work at Espirito questioned” (WSJ, 8/29/14)
• Lehman v. E&Y Arbitration: [TOP TEN] “Arbitrators ease blame on auditors of Lehman” (NYT, 8/12/14)
• New Accounting Rules:
  • “Why a rule on loan losses could squeeze credit” (NYT, 8/15/14)
  • “Accounting shift worries lenders” (WSJ, 8/13/14)

• New York Probe of Mortgage Servicer (Ocwen):
  • “Mortgage servicer Ocwen subpoenaed by SEC over its business ties” (NYT, 8/20/14)
  • “Lawsky opens new front in Ocwen probe” (FT, 8/5/14)
• PsC Fraud and $25 Million Settlement with New York Bank Regulator:
  • “PwC unit hit by narrow suspension” (WSJ, 8/19/14)
  • “Altered study draws fine for auditor” (NYT, 8/19/14)
  • “Overseer of banks facing a penalty over objectivity” (NYT, 8/18/14)
  • “State to fine PwC in Japan bank case” (WSJ, 8/18/14)

July 2014

• Accounting Valuation Problems: “Why there is never such a thing as a single true and fair view” (FT, 7/30/14)
• ‘Bear Raider’ and Accounting Fraud Allegations:  “Bear raider Gotham claims 1.4bn Spanish wifi group is worth…nada” (FT, 7/2/14)
• New Accounting Rules for Banks:
  • “Accounting shift could cloud bank comparisons” (WSJ, 7/25/14)
  • “New rule gives banks discretion on early loan write-downs, but attracts skeptics” (NYT, 7/25/14)
  • “Tougher accounts rules on losses loom for banks” (FT, 7/25/14)

June 2014

• SEC Investigation of Chinese Affiliates of Top US Accounting Firms:  “SEC discloses auditor talks” (WSJ, 6/3/14)

May 2014

• Auditing Accountability:  “Holding auditors accountable on reports” (NYT, 5/9/14)
• Auditing Fees and CEO Compensation:  “Accounting for Earnings Manipulation” (WSJ, 5/15/14)
• KPMG Acquisition:  “KPMG to buy hedge-fund auditor” (WSJ, 5/30/14)
• New Accounting Rules for Revenue Reporting:
  • “New standards for companies’ revenue accounting will begin in 2017” (NYT, 5/29/14)
  • “New accounting rules a boost for investors” (FT, 5/29/14)

April 2014

• Accounting:  “Blotting the balance sheet” (WSJ, 4/26/14)
• Accounting Rule and Bank of America / Countrywide: “Bank of America’s bad accounting” (NYT, 4/28/14)
• Flawed Audits:  “Survey finds flawed audits a global issue” (WSJ, 4/11/14)
• Importance of Accounting to Society:  “No accounting skills? No moral reckoning” (NYT, 4/30/14)
• Olympus Accounting Fraud $275 million lawsuit by banks:  “Olympus facing $273m damages claim from banks” (FT, 4/10/14)

March 2014

• Accounting Fraud (Autonomy/HP):
  • “Former Autonomy chief attacks HP over writedown” (FT, 3/20/14)
  • [TOP TEN] “Autonomy ex-CEO alleges HP deceit” (LAT, 3/20/14)
• Accounting Tricks and Bank Capital: “Accounting trick can help banks dodge some capital pain” (WSJ, 3/29/14)
• Auditors and Conflicts: “Auditors draw some clients closer” (WSJ, 3/4/14)
• Ernst & Young Legal Woes: “Accounting CEO looks beyond China roadblock” (WSJ, 3/12/14)
• MF Global $2 Billion Professional Malpractice Lawsuit Against PwC: “MF Global sues PwC, alleging malpractice” (WSJ, 3/29/14)

February 2014

• Accounting Fraud (Autonomy/HP):
  • [TOP TEN]“Tangled web of hardware and resellers” (FT, 2/18/14)
  • “HP and Autonomy: a parable on due diligence” (FT, 2/18/14)
  • “HP and Autonomy get out own accounts” (FT, 2/5/14)
  • “Autonomy management hits back at HP” (FT, 2/5/14)
  • “HP details Autonomy allegations” (FT, 2/4/14)
  • “Hewlett-Packard discloses accounting errors at company it bought” (NYT, 2/4/14)
  • “H-P audit alleges Autonomy errors” (WSJ, 2/4/14)
• Olympus Accounting Fraud: “Olympus denies making misleading statements” (FT, 2/12/14)

January 2014

• Accounting Fraud (Autonomy/HP):
  • “Autonomy beset by revenues allegations” (FT, 1/6/14)
• Accounting Fraud (Diamond Foods):
  • “Diamond Foods to pay $5 million to settle SEC fraud charges” (WSJ, 1/10/14)
  • “Diamond Foods agrees to pay $5 million to settle SEC case” (LAT, 1/10/14)
• Auditor Suspensions: “Judge suspends Chinese units of auditors” (WSJ, 1/23/14)
• KPMG Settlement with SEC: “KPMG to pay $8.2 million to settle SEC charges” (WSJ, 1/25/14)

November 2013

• Accounting Firms – Management Consultants Firm Merger: “PwC bulks up with deal to take Booz under its wing” (FT, 11/2/13)
• Grant Thorton and $100 million Damages Judgement (Tax Shelter): “Grant Thorton loses shelter case” (WSJ, 11/16/13)
• PCAOB Review of Deloitte Audits: “Audit board finds flaws in reviews by Deloitte” (NYT, 11/23/13)
• SEC Bans Two Accounting Firms: “SEC bans firms for ‘botched’ Chinese audits” (FT, 11/9/13)

October 2013

• Accounting Firms – Management Consultants Firm Merger:
  • “Big 4 Accountant to buy Booz & Co.” (WSJ, 10/31/13)
  • “PricewaterhouseCoopers to buy Booz Consulting firm” (NYT, 10/31/13)
  • “PwC agrees to purchase of Booz as squeeze on mid-tier groups grows” (FT, 10/31/13)
• Accounting Regulation: [TOP TEN]“Accounting world, still resisting sunlight” (NYT, 10/25/13)
• Banks’ Reserve Funds: “Big banks are padding profits with ‘reserve’ cash” (WSJ, 10/26/13)

September 2013

• Accountants and the Public Interest: “When accountants play role of bankers” (NYT, 9/13/13)
• Auditors: “Auditors: Doesn’t add up” (FT, 9/21/13)
• Olympus Accounting Fraud:
  • “Former banker pleads guilty in Olympus accounting case” (NYT, 9/19/13)
  • [TOP TEN]“Britain to prosecute Japan’s Olympus for fraud” (NYT, 9/6/13)
  • “Olympus faces UK charges over unit’s accounts” (FT, 9/5/13)
• PwC Audits of Herbalife Questioned: “Ackman questions impartiality of Herbalife’s auditor” (NYT, 9/12/13)

August 2013

• Accounting Fraud (“India’s Enron”): “With new bill, India seeks to overhaul a corporate world rife with fraud” (NYT, 8/16/13)
• Auditors and Revolving Door: “Delaware job hops stirs flap” (WSJ, 8/20/13)
• Ernst & Young Auditing Flaws: “Regulator notes flaws” (WSJ, 8/7/13)
• New PCAOB Rules for Auditor ‘Sign Off’:
  • “Oversight board faults broker-dealer audits” (NYT, 8/20/13)
  • “Oversight board finds problems with broker-dealer audits” (WSJ, 8/20/13)
  • “Keeping corporate managements honest” (WSJ, 8/20/13)
  • “Audit the auditors” (FT, 8/20/13)
  • “Auditors face stricter ‘signing-off’ rules” (FT, 8/14/13)
  • “Audits getting audited” (WSJ, 8/13/13)

July 2013

• Accounting Rules for Pension Funds: “IASB rejects plea to ease discount rate” (FT, 7/22/13)
• Forensic Accounting: “There’s money to be made through forensic accounting” (FT, 7/1/13)
• Loan Loss Reserves: “Accounting change undermines banks” (FT, 7/8/13)
• Olympus Accounting Fraud:
  • “Olympus seeks to raise Y118bn from investors” (FT, 7/9/13)
  • “Former Olympus executives given suspended jail terms” (FT, 7/6/13)
  • [TOP TEN]“Olympus executives sentenced in fraud” (NYT, 7/4/13)

June 2013

• AICPA and Simplifying Small Firm Accounting:
  • “New accounting rules proposed for small businesses” (WSJ, 6/11/13)
  • “Groups propose to simplify accounting for small firms” (NYT, 6/10/13)
• Deloitte Fine and One-Year Ban by the New York AG:
  • “Deloitte banned for StanChart ‘violations’” (FT, 6/19/13)
  • [TOP TEN]“In crackdown on bank consultants, Deloitte is fined and banned” (NYT, 6/18/13)

May 2013

• Accounting Fraud Investigation (ENRC):
  • “PwC received $50m in fees from ENRC” (FT, 5/4/13)
  • “ENRC looks to dig itself out of a hole” (FT, 5/4/13)
• Accounting Rules Changes: “New accounting proposal on leasing portends big change” (NYT, 5/17/13)
• Auditor Investigations: “Rotating auditors: breaking the chains” (FT, 5/4/13)
• Hewlett-Packard’s $11 Bn Accounting Problem:[TOP TEN] “HP and Autonomy” (FT, 5/9/13)
• KPMG/Herbalife:“Herbalife dropped buyback plan after KPMG quit” (WSJ, 5/1/13)
• Lease Accounting Standards:
  • “Lease accounting: lighter leverage” (FT, 5/20/13)
  • “Lease accounting may shift” (WSJ, 5/17/13)
• PCAOB Review of E&Y Audit Procedures:
  • “Regulators unseal criticisms of Ernst” (WSJ, 5/24/13)
  • “Ernst & Young’s audit procedures faulted” (NYT, 5/24/13)
• SEC and Accounting Fraud: “Accounting fraud targeted” (WSJ, 5/28/13)

April 2013

• Auditor Disclosures: “For the sake of investors, auditors should open the books” (WSJ, 4/17/13)
• Auditing Reforms (UK): “Extra time threatens to dilute audit firms shake-up” (FT, 4/26/13)
• Big Four and Chinese Accounting: “Stalking the Big Four” (FT, 4/17/13)
• “FASB”: “Accounting Board picks next chairman” (NYT, 4/24/13)
• Hewlett-Packard’s $11 Bn Accounting Problem:
  • “Board shake-up at Hewlett-Packard” (LAT, 4/5/13)
  • “HP Lane will step down as chairman” (WSJ, 4/5/13)
  • “HP Chairman steps down as two resign from board” (NYT, 4/5/13)
• KPMG/Herbalife:“A plot twist at Herbalife draws in the auditors” (NYT, 4/12/13)
• KPMG Insider Trader (London): “KPMG reassesses its audit safeguards” (WSJ, 4/19/13)
• KPMG Scandal:
  • “Call to end auditor anonymity” (FT, 4/22/13)
  • “It is time that we started to audit our auditors” (FT, 4/17/13)

March 2013

• Hewlett-Packard’s $11 Bn Accounting Problem:
  • “Autonomy probe doubt as SFO admits it was customer” (FT, 3/17/13)
  • “Ruling out a conflict” (NYT, 3/13/13)
  • “Britain investigating claims over a botched deal by H.P.” (NYT, 3/12/13)
  • “H-P holders urged to oppose directors” (WSJ, 3/6/13)
  • “Lawyers vie for lead status in H-P litigation” (LA Daily Journal, 3/4/13)

February 2013

• Hewlett-Packard’s $11 Bn Accounting Problem:
  • “H-P board signals more CEO oversight” (WSJ, 2/26/13)
  • “HP to meet restive investors” (WSJ, 2/25/13)
  • “UK regulator to investigate Autonomy” (WSJ, 2/12/13)
  • “UK accounting body probes autonomy” (FT, 2/12/13)
  • “British regulators to investigate accounting at Autonomy” (NYT, 2/12/13)
• Small Audit Firms: “Smaller auditors get so-so grades” (WSJ, 2/26/13)
• Vesta Audit Probe?: “Vestas investors demand audit probe” (FT, 2/19/13)

January 2013

• Hewlett-Packard’s $11 Bn Accounting Problem:
  • [TOP TEN]“Inside H-P’s chance to avoid a disastrous deal” (WSJ, 1/22/13)
  • “Two units of Hewlett reportedly draw suitors” (NYT, 1/17/13)
  • “Pressure grows to bring auditors to account” (FT, 1/7/13)
  • “Meg’s big fix” (LAT, 1/6/13)
• FASB Proposed Rules on Repo Financing: “Leway on repo rules is cut back” (WSJ, 1/15/13)

December 2012

• Big Four Argue for Vulnerability to Negligence Claims: “Big Four challenge findings over negligence claims” (FT, 12/31/12)
• Hewlett-Packard’s $11 Bn Accounting Problem:
  • “HP reveals DoJ probe of claims it was deceived over autonomy” (FT, 12/30/12)
  • “HP confirms US fraud probe of Autonomy” (LAT, 12/28/12)
  • “Company confirms probe of Autonomy issues” (WSJ, 12/28/12)
  • [TOP TEN] “HP Autonomy deal expected to trigger flurry of lawsuits” (LA Daily Journal, 11/28/12)
  • “KPMG takes issue with HP over autonomy” (FT, 11/30/12)
  • [TOP TEN] “From HP, a blunder that seems to beat all” (NYT, 12/1/12)
• FASB Proposal re “bad loans”: “US banks face steep rise in bad loans cover” (FT, 12/21/12)
• Lawsuits against Accountants: “Accountants skirt shareholder lawsuits” (NYT, 12/27/12)
• Insufficient Internal Control Test: “US auditing firms warned over insufficient internal control test” (FT, 12/11/12)
• Olympus $1.7 Bn Accounting Fraud: 
  • “Outsider puts scandal at Olympus in focus” (Review of Woodford book, Exposure: Inside the Olympus Scandal: How I went from CEO to Whistleblower”)
  • “The CEO who shocked Japan Inc.” (NYT, 12/2/12)
• SEC’s First Recent Lawsuit Against Auditors (KPMG): 
  • See “C” above”
• SEC Investigation of China Audits:
  • See “C” above
  • “KPMG plays down China Concerns” (WSJ, 12/14/12)
• Short Seller and Accounting Allegations (Muddy Waters Research): “Muddy Waters denies acting against OLAM” (FT, 12/2/12)

November 2012

• Hewlett-Packard’s $11 Bn Accounting Problem:
  • [TOP TEN] “A clash of auditors in HP deal and loss” (NYT, 11/30/12)
  • “KPMG takes issue with HP over autonomy” (FT, 11/30/12)
  • [TOP TEN] “HP Autonomy deal expected to trigger flurry of lawsuits” (LA Daily Journal, 11/28/12)
  • “Autonomy founder presses HP to explain allegations” (FT, 11/28/12)
  • “Autonomy ex-chief calls on HP to defend claims” (NYT, 11/28/12)
  • “Long before HP deal Autonomy’s red flags” (WSJ, 11/27/12)
  • “HP misstep shows risk in big ideas” (NYT, 11/22/12)
  • “In the pernicious influence of US accounting rules” (FT, 11/23/12)
  • “Autonomy founder challenges HP’s claims” (NYT, 11/26/12)
  • “HP says it was duped and takes $8 Bn charge” (WSJ, 11/21/12)
  • “HP stock plunges after big charge” (LAT, 11/21/12)
  • “Controversy falls ex-Autonomy chief” (FT, 11/21/12)
  • “Scrutiny set to spread from Wall Street to Cambridge” (FT, 11/21/12)
  • “Writedown sets seal on HP deal from hell” (FT, 11/21/12)
  • [TOP TEN] “HP claims highlights a gray area in software sales” (NYT, 11/21/12)
  • “HP takes $9 Bn hit over Autonomy” (FT, 11/21/12)
  • “Hewlett’s loss: A folly unfolds by the numbers” (NYT, 11/21/12)
• Olympus $1.7 Bn Accounting Fraud: “A gaijin blows the whistle” (FT, 11/29/12)
• Short Seller and Accounting Allegations (Muddy Waters Research):
  • “Fishing for gold in muddy waters” (FT, 11/29/12)
  • “Muddy Waters Report attacks OLAM over accounting gaffes” (FT, 11/28/12)
• UK v. US Regulation of Accountants: “UK accountancy regulation ‘toothless’” (FT, 11/27/12)

October 2012

• CFO Survey: “Earnings Wizardry” (WSJ, 10/2/12)
• DVA (Debit Value Adjustment Rule): “Odd debt rule to lose bite” (WSJ, 10/1/12)
• Reserve Releases: “Bank profit spigot to draw scrutiny” (WSJ, 10/11/12)

September 2012

• Olympus False Accounting:
  • “Olympus shows old ways die hard” (WSJ, 9/29/12)
  • “Olympus and ex-executives plead guilty to accounting fraud” (FT, 9/26/12)
  • “Former Olympus executives plead guilty” (FT, 9/26/12)
• PCAOB Reports on Major Accounting Firm Audits: “Audit Firms’ Work Deemed Deficient” (WSJ, 9/17/12)

August 2012

• Auditing Standards: Auditors question PwC reform role  (FT, 8/6/12)
• Global Accounting Standards: “Worst is over for banking sector” (Interview of Dennis Nally, Global Chairman PwC) (FT, 8/6/12)
• Olympus False Accounting: “Olympus is in talks of breach of banking covenants” (FT, 8/10/12)
• PCAOB Report on Broker-Dealer Audits:
  • “Bad grades are rising for auditors” (NYT, 8/24/12)
  • “Auditors of broker-dealers face regulatory crackdown” (FT, 8/22/12)
  • “Regulator says broker audits fail to include required work” (NYT, 8/21/12)
  • “Audits of brokers found deficient” (WSJ, 8/21/12)
• StanChart/Deloitte & Touche: “Deloitte official in spotlight” (WSJ, 8/11/12)
• StanChart Iran Money Laundering: “Deloitte’s Role comes in for Critical Review” (FT, 8/9/12)

July 2012

• Global Accounting Standards:
  • “Accounting detente delay” (NYT, 7/20/12)
  • “Accounting panel expresses ‘regret’ over US stance” (WSJ, 7/16/12)
  • “SEC wary on global accounting standard” (NYT, 7/14/12)