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As if there weren't enough things keeping you awake at night, a University of Hawaii study has revealed that the vast majority of spreadsheets, 88 percent, have errors in at least one percent of all formula cells, according to MarketWatch. Given the size of many spreadsheets, having just one error can cause cascades of inaccuracies that can lead to conclusions that are, themselves, erroneous.
The Competition Commission, a UK regulator, has issued a report today that said the Big Four firms, which do accounting and auditing services for 90 percent of blue chip companies in the UK, lacked adequate competition, which has translated into higher prices, lower quality and less innovation, according to the
On Nov. 30, 2012, Judge Colleen McMahon of the U.S. Federal District Court for the Southern District of New York held in Pippins v. KPMG that the accounting firm's audit associates were exempt as "learned professionals" under the Fair Labor Standards Act (FLSA) and thus not entitled to overtime pay.
On Dec. 21, the SEC announced that Paul A. Beswick, who has been serving as the SEC's acting chief accountant, has been appointed to the position permanently. Beswick has held several positions at the SEC since joining in 2007.
According to a release from the SEC, the Commission has charged TheStreet Inc., which operates the website TheStreet.com, and three executives for their roles in an alleged accounting fraud that it says artificially inflated company revenues and misstated operating income to investors.
In a Dec. 3 release, the SEC began administrative proceedings against the China affiliates of each of the "Big Four" accounting firms and another large U.S. accounting firm. The SEC alleges these firms have refused to produce audit work papers and other documents related to China-based companies the SEC is investigating.
Santa Claus, that jolly old elf who brings cheer to good girls and boys across the world, runs quite an operation. Between the massive clerical task of processing the millions of letters sent every year and maintaining the world's only fleet of flying reindeer, Santa Claus is not running some two-bit arctic storefront but a gargantuan venture that the audit firm ParenteBeard has estimated costs roughly $42 billion to operate, according to Accounting Today.
Hewlett-Packard shareholders, incensed over an acquisition that quickly went sour, have filed suit against a host of companies that includes Big 4 members Deloitte and KPMG, according to the San Francisco Chronicle. The lawsuit was launched in response to HP’s acquisition of British software company Autonomy last year, for which it paid $11 billion, according to the
The Securities and Exchange Commission released final rules for a new regulation that would mandate that public companies disclose whether or not the products they are responsible for manufacturing utilize what are commonly known as “conflict minerals,” minerals associated with human rights abuses, from the Democratic Republic of Congo, where militias use sa