$182 Million Judgment Upheld Against PricewaterhouseCoopers Sep 11, 2008
The suit, brought by the Vermont regulators who seized control of Ambassador, accused PwC of negligence in its accounting procedures that caused the insurer's debts to continue to swell long after it should have been declared insolvent. Significantly, the unanimous three-judge panel of the 3rd U.S. Circuit Court of Appeals rejected PwC's argument that the New Jersey courts wouldn't recognize a cause of action for "deepening insolvency.". (Law.com)
State auditors release lengthy audit on Birmingham city schools, but mostly find minor financial infractions Sep 7, 2008
A state audit of Birmingham city schools, released Friday, found widespread but seemingly minor financial irregularities and bookkeeping missteps across the district, including poor accounting procedures in at least 19 schools. Four high schools - Ramsay, Woodlawn, Carver and Wenonah - failed to maintain gate receipts at sporting events, a violation that can lead to theft or missing money. (AL.com)
Business Briefs Sep 6, 2008
GE said SEC investigators plan to recommend legal action against the company in connection with a three-year-old probe into accounting procedures. The SEC staff issued a so-called Wells notice Thursday, GE said in a filing after the markets closed. (New York Post -- Business)
Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Novatel Wireless, Inc. Sep 5, 2008
The investigation concerns alleged misrepresentations concerning the Company's financial performance and its announcement, issued August 19, 2008, of a review by the Audit Committee of the Company's board of directors into the Company's revenue cut-off procedures, internal control and accounting procedures related to certain customer contracts. If you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this... (Primezone Releases)
Rutgers committed to excellence Sep 2, 2008
The university is now exercising its right to audit the NSM contract and is reviewing the accounting procedures associated with the administration of the contract to ensure that all revenues and expenses are properly ac counted for. Rutgers Athletics is reviewing and updating its Policies and Procedures Manual to address the growth and increasing complexity in its operations. (NJ.com -- Times)
A Decoupling Proposal Aug 19, 2008
It is really relatively simple cost accounting procedure. Ed. (Energy Pulse, CO)
Bill would target taxable mining valuation Aug 9, 2008
Now, the department has years of backlog from audits of mining companies because of complex accounting procedures employed by individual companies. Its expensive, cumbersome and time-consuming, said Wyoming Rep. (Gillette News-Record, WY)
Committee to Develop Agricultural Chemical Pollution Prevention Grant Rule Aug 2, 2008
Cost is direct costs incurred by a grant recipient, which are reasonably allocated to a capital improvement according to generally accepted accounting procedures. It may include a grant recipient s out-of-pocket expenses and purchase costs, as well as the reasonable direct cost of labor services provided by the grant recipient. (Agri-View, WI)
Office supply retailers struggle in North America Jul 31, 2008
The charge stems from an accounting procedure required when certain triggers are met, such as a sustained low stock price, reduced market capitalization and a weak economic environment. OfficeMax shares have fallen about 32 percent since the beginning of the year. (Sioux City Journal, IO)
SunOpta Announces 2007 Year End Financial Results and Also Provides Restated 2007 Quarterly Results Jul 21, 2008
Whether actual timing will agree with expectations and predications of the Company is subject to many risks and uncertainties including, but not limited to, completion of the Company's internal and the external accounting procedures, which is partially beyond the control of the Company. Consequently all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be... (Primezone Releases)
Did you pay for a water meter and not even know it? Jul 14, 2008
" papercut wrote on Jul 8, 2008 8:00 AM:" justthefacts etal, I see, they still do all of these accounting procedures by hand, huh. And not all government systems, including little cities use the "cheat" system. (Lodi News Sentinel, CA)
Settlement near for theater's Pat Briggs Jul 13, 2008
As Richard Curtis" father I can hardly wait for the Nay Sayers to jump on the honey pot wagon that this bit of welcome news will create. Richard and I have a grand plan. We have saved all of the 325+ articles re the PACT in newspapers from SF to San Jose along with the attending anonymous "comments". Add to that the minutes of the council meetings since Jan 24th and as much information that we can squeeze out of the Police Dept. (with or without depositions). With all of that in hand we think we... (Palo Alto Online, CA)
$350,000 stolen from child-health foundation Jul 3, 2008
The missing funds were discovered through routine accounting procedures and confirmed by independent investigators, he said. Only one person was involved in the embezzlement, he said. (Palo Alto Online, CA)
US report on Pakistan 'incorrect' Jun 26, 2008
He said that Pakistan's economy is largely undocumented and it is not always possible to follow accurate accounting procedures for every expense incurred. "How do you document flying hours of helicopters in the war zone, or the wear and tear of equipment?" he asked. (BBC News -- South Asia)
Bristol audit suggests bid-rigging, other funny business Jun 25, 2008
The report on forensic accounting procedures, issued yesterday, was performed by Margolis ny, P.C. of Bala Cynwyd, Pa. and written by certified public accountant Joseph Barbagallo on June 18. (The Trentonian, NJ)
Nigeria launches $10bn oil spree Jun 21, 2008
"Their accounting procedures are totally opaque. State governors usually have total control of any institution that might check if the money is being stolen.". Bookmark with. (BBC News)
Merger may keep big firm in Valley Jun 14, 2008
Allied has been recognized by Forbes magazine as "one of America's most trustworthy companies" based on its accounting procedures. It is too early to tell whether one or both of the companies would reduce employees, as often happens in a merger. (AZCentral -- News)
City Council held regular session Monday Jun 13, 2008
For general accounting procedures, the Council said The pool expenses would go to Kenny McDowell and McDowell would report them to the Park Board. An emergency purchase of sand, costing 275 was approved by a former City official, but had not been reported to McDowell in order that the budget in that department be maintained. (Park Hills Daily Journal, MO)
Teach your children the real value of money Jun 13, 2008
Have your child examine financial records and grow familiar with accounting procedures. If you have excess money, consider having your children share in your philanthropy. (Pittsburgh Post-Gazette, PA)
I-Team: Ex-UMC Employee00000AF4 Charged With Stealing Money Jun 11, 2008
In an earlier interview with the I-Team, UMC chief executive Kathy Silver says the hospital is now reviewing all of its accounting procedures. "You know we want to make sure that we look at every inch of UMC, we want to shine a light in every corner of UMC to make sure that these things don't go on -- that they don't have an opportunity to go on -- and that was one of the reasons we were looking at this process," said Silver. (KLAS-TV.com, NV)
Report blasts La Grange school district Jun 10, 2008
Attendance accounting procedures, which determine the district's funding level, were irregular. Absent students were marked present when their missed day's work was assigned to them by the teacher, which doesn't comply with California Department of Education procedures. (Modesto Bee, CA)
More of this story Jun 5, 2008
The proposed school budget for fiscal 2009 represented a reduction of about 500,000 over fiscal 2008, primarily because of a shift in accounting procedures for the handling of bonded debt. Fifteen layoff notices were mailed to teachers as part of the budget process as well, positions school leaders have said are not likely to be reconsidered. (Newport Daily News, RI)
Brown Ele. principal reassigned Jun 4, 2008
A letter of reprimand was found in Cornelius personnel file regarding accounting procedures found by an independent auditing firm, Randall Matlock and Associates of Murfreesboro. Cornelius was contacted by school officials to be present when his file was inspected Monday, but he declined to attend. (Columbia Daily Herald, TN)
Shock and awe at the Pentagon's budget May 31, 2008
And for those who believe the private sector can do it better, another daunting report to Congress - disclosed by the private Project on Government Oversight - laid bare the shoddy accounting procedures practiced by far too many private contractors who are the real beneficiaries of the Iraq war. The Pentagon concluded that boondoggling companies often ignore the government's reporting rules - and still get paid. (International Herald Tribune -- Ed/Op)
Florida CPAs aim to boost nonprofit board oversight May 31, 2008
"CPAs have a solid understanding of internal accounting procedures," said Jeff Young, a member of the FICPA Not-for-Profit Task Force and CFO of the Diabetes Research Institute Foundation in Miami. "They also have good, strong business knowledge.". (Jacksonville Business Journal, FL)
Investigation halts Street's Neighborhood Transformation Initiative May 30, 2008
"We've got to get our arms around the whole management of this acquisition program," said Altman, who blamed the problem on poor accounting procedures. The program is administered by the. (Philadelphia Business Journal, PA)
East End Supers Criticize Proposed Changes To CPF May 21, 2008
"In trying to determine which portion of his duties were directly related to his management of the CPF, we had to enact certain accounting procedures. The auditors used five lines in the budget for what they felt were appropriate chargebacks." A chargeback, explained McGintee, is when the fund for one department of a municipality is reimbursed if an employee from that department happens to do work for another division, such as a parks department employee repairing vehicles for the highway... (Suffolk Life Newspapers, NY)
AURORA TOWN BOARD FINALIZES CONTRACT FOR HIGHWAY WORKERS May 15, 2008
A number of "material weaknesses" in accounting procedures were identified by the audit firm and have been corrected, it was reported. The town's budgeting has been generally accurate with revenues and expenditures closely matching. (East Aurora Advertiser, NY)
Land purchase undocumented May 15, 2008
I suppose it would depend on any accounting procedures, he said. Hopefully if there were any findings it would have already been corrected. (Columbia Daily Herald, TN)
CAVIT campus opens Aug. 1 Law enforcement, firefighting, medical, graphic design classes planned May 13, 2008
"The schools are contributing much more," Hollenback said, "but this was the most data we could capture under our existing accounting procedures. "The budgets are not written in stone," she added, "but they must go to the JLBC (Joint Legislative Budget Committee). " Casa Grande Union High School is expected to present its budget at the June meeting. CAVIT Principal Mike Glover reported that CAVIT's medical assisting program has received the 2007 Governor's Volunteer Service Award for outstanding... (Casa Grande Valley Newspapers, AZ)
Independent study confirms technology: Timminco May 9, 2008
In a news release, Timminco said Photon officials were given full access to the plant and information relating to accounting procedures, research and development efforts, intellectual property and technical processes to prepare the report. Operations and processes have potential for massive growth and, possibly, for reshaping the silicon industry, Michael Rogol, Photon's managing director said in a statement. (Globe and Mail -- Business)
Briggs' attorneys challenge police statements May 2, 2008
" Parsons said that years ago, perhaps more than 20, Briggs asked what to do about leftover traveler's checks once the city's advance was reimbursed. He said she was told that it would cost more to reimburse parents and donors for the small amount of leftover funds than the reimbursements would total, and that she should keep the checks for future trips or other uses. Because the city had been reimbursed for the trip advances, the leftover checks were not "city funds," he said. The sales of... (Palo Alto Online, CA)
Auditor files human rights discrimination complaint May 2, 2008
It is incumbent upon the county to implement audit findings within the year, it was noted and the audit finding was in keeping with proper accounting procedures, required by the state. Gillen said that the board has to move forward with county business. (Laurel Outlook, MT)
One Labor MP reports shared fund-raiser, one declares no donations May 2, 2008
"Any donations that are made to me are always made to the NSW branch of the ALP." Asked why her 2007 declarations fell markedly from the $68,055 she declared individually for the 2003 poll, she said state Labor officials were "the experts and do it in accordance with strict accounting procedures". No donor had ever inadvertently directed contributions to her. (Sydney Morning Herald -- Australia)
Russia Polymetal Q1 2008 gold, silver output up Apr 21, 2008
The company said both gold and silver sales lagged production since refineries did not release bullion in January because of scheduled accounting procedures. It added that the company expected to level out production and sales throughout the year. (Reuters)
Residents, county square off over levy, budget before appeal board Apr 18, 2008
The residents also protested the fact that, without accounting procedures like transfer of funds, the county wants to spend 9. 8 million next year, an increase of 10 percent increase. (Forest City Summit, IO)
Buffett speaks sooth Apr 16, 2008
He then goes on to attack a range of other accounting procedures - the section in the report is called "Fanciful Figures - How Public Companies Juice Earnings." It makes lovely light reading, although you should safely store all sharp objects before starting. Don't quit before the "rented suit" line. (San Francisco Chronicle)
Board of Appeal to hold hearing on Winnebago County budget, levy Apr 9, 2008
Without counting accounting procedures like transfers of funds, supervisors approved a budget that calls for 9. 8 million in expenditures for the fiscal year that begins July 1. (Forest City Summit, IO)
Franklin faces tough choices in a faltering economy Apr 2, 2008
" In February, Davis delivered a damning assessment of the city's financial management practices, telling council members that the city's budgeting measures deserved a grade of F. She also said she had greater control over spending in other cities where she had served in a similar capacity. Davis cited such problems as a lack of training in accounting procedures and a failure to hold employees accountable for improper spending. She said some of the faulty procedures were longstanding city... (Atlanta Journal-Constitution -- Opinion)
All eyes on Burnett, Sanchez Mar 28, 2008
The Pirates have made two buyouts this spring -- pitchers Byung-Hyun Kim ($300,000) and Juan Perez ($97,500) -- but those will count toward next year's payroll, as per MLB's accounting procedures. The buyout of Perez, whose elbow was structurally damaged in a game March 7, was disclosed yesterday. (Pittsburgh Post-Gazette, PA)
County owes state $10,000 for highway overcharges Mar 20, 2008
The county handles the accounting procedures, and Brunner stated the counties then bill the state once a month. It is those once-per-month billing requisitions that were the focus of the DOT's investigation, Brunner concluded. (Chetek Alert, WI)
VeraSun Energy Promotes Bryan Meier to Vice President of Finance and Chief Accounting Officer Mar 15, 2008
"He has certainly earned the opportunity to showcase his talents and abilities in a more prominent role with the company and continue to be a critical part of executing on our long-term growth strategy." Meier came to VeraSun with more than 20 years of financial executive experience with publicly-held companies, most recently, six years as vice president, corporate controller with Viasystems Group, Inc. where he was a member of the senior management team and responsible for global finance and... (PR Newswire)
Official: $12M never missing Mar 15, 2008
The first phase will be an audit of accounting procedures, including software. The second phase will identify the recipients of the funds. (Scranton Times, PA)
2 National Century execs weren't full participants in alleged fraud, witness says Feb 28, 2008
Gibson recounted how she didn't get along with Parrett, a co-owner of the Dublin business who was also its treasurer; she said the two routinely argued about accounting procedures. In earlier testimony, Gibson told the federal court jury that, under the direction of CEO Lance Poulsen, she routinely altered the company's books and investor reports from 1995, and in some instances as far back as 1993. (Columbus Business First, OH)
County rural tax rate zooms up Feb 27, 2008
Without counting accounting procedures like transfers of funds, supervisors are proposing to spend 9. 8 million next year, compared to the 8. (Forest City Summit, IO)
* Pakistani military may have misspent billions in US aid Feb 27, 2008
The accounting procedures for the multibillion-dollar US aid are lax. Every month, the Pakistani military submits spreadsheets with expense claims to the US embassy, officials said. (Taipei Times, Taiwan -- World)
Library, City agree on budget for Fiscal 2008, will levy for benefits Feb 19, 2008
She indicated the clarification of the accounting procedures will help future operations to be more in line with the budget and the library's mission of broad area community service. McIntosh's report, with its comparisons of like-sized facilities round the state, indicated that the library board operates a library that is larger than almost all of its peers in the state, but does so on an income and expense budget that is consistently less than the majority of peers compared. (Missouri Valley Times News, IA)
Glacier High School bookkeeper charged with felony theft Feb 15, 2008
The difficulty will be proving exactly how much more, said Flathead County Attorney Ed Corrigan, because there was no real accounting procedure to keep track of gate receipts. Previously, Cynthia Lynn Upwall, 44, had admitted to stealing 17,500 while working as the activities bookkeeper for Kalispell's high schools. (Missoulian, MT)
Former ODE accountant charged Feb 13, 2008
The two cases have raised questions about the vulnerability of accounting procedures in other state agencies; the Department of Administrative Services has launched a full review of the education agency s system. According to the charges filed by the U.S. Attorney s office, Crosson used his knowledge of the education agency s accounting procedures to issue payments to CGA Wholesale, then transferred funds from the online company s accounts to his personal accounts. (Ontario Argus Observer, OR)
Reject Benson Feb 12, 2008
While Benson's CV is impressive, the fact that he omitted Trailhead is almost, if not more egregious than someone providing false information on a CV. This in of itself could provide grounds for eliminating Benson as a candidate, because his dubious accounting procedures at Trailhead coupled with a dubious CV indicate he does not possess the skills nor discipline necessary to manage a multi-billion dollar public institution like CU.. Lastly, does anyone other than me think of former Whitehouse... (Boulder Colorado Daily, CO)
Volvo's Profit Rises 9.8%, Missing Estimates, on Sales in Eastern Europe Feb 6, 2008
Volvo, which also makes buses, marine engines and components for the aerospace industry, restated year-earlier fourth-quarter figures because of a change in financial accounting procedures and a stock split earlier this year. The company sold its carmaking division to Ford Motor Co. in 1999. (Bloomberg -- Europe)
... SO WHY ARENT THEY SPENDING IT? Feb 3, 2008
U.S. and foreign officials told the GAO that weaknesses in Iraqi procurement, budgeting and accounting procedures had stymied the completion of projects. "For example, according to the State Department, Iraq's Contracting Committee requires about a dozen signatures to approve projects exceeding 10 million, which slows the process," the GAO wrote. (New York Post -- Opinions)
Pedersen seeks re-election to Auditor's office Feb 2, 2008
Pedersen noted, This office is responsible for many and varied duties including budgeting and accounting procedures, mapping changes in real estate titles, computing taxable valuations and tax levies for budgeting purposes, the conducting of voter registration and all elections, and for financial checks and balances to ensure the integrity of county budgets, taxes and funds. We are justifiably proud of our record of having kept the office up-to-date in budgeting and accounting procedures,... (Fort Madison Daily Democrat, IO)
Visitors Bureau aims to spend more to lure more tourists to Fresno Co. Feb 1, 2008
Whitehouse and Oken said the board has implemented new accounting procedures to ensure all funds are properly handled and is continuing to implement the consultant's remaining recommendations. The reporter can be reached at or (559)441-6637. (Fresno Bee)
Audience applauds Lacroix's sentencing Jan 30, 2008
In convicting Lacroix last month on 27 Quebec Securities Act counts of manipulating the price of mutual fund units and 24 counts of misappropriating $84 million from investors, Leblond said the Autorit des marchs financiers proved beyond a reasonable doubt that Lacroix made 137 "irregular" withdrawals, adding that his strategy was to camouflage them through accounting procedures. Those charges involved about $115 million entrusted to Norbourg and Lacroix during the five-year period, which... (Canada.com)
The black box economy Jan 27, 2008
The Financial Accounting Standards Board, which establishes corporate accounting procedures and guidelines, took a first step in that direction this past November, ordering investment banks and anyone else holding complicated securities to assign market values to so-called Level 3 assets - a fancy name for assets for which there is no prevailing market price. This meant assigning a market value to all those CDOs. (Boston Globe)
New Laurentian Bank/Crevier VISA(R) Business card to help small businesses manage their transport expenses Jan 24, 2008
"With all the advantages offered by this card, our business customers can exercise better control over their expenses and simplify their accounting procedures, thus reducing administrative costs. In short, this card can translate into big savings for its holders." Laurentian Bank's MAXAFFAIRES Commercial Financial Services offer businesses access to personalized service and a range of competitive products. Some 200 people specializing in commercial banking services devote all their energy to... (Canada Newswire)
Official: Sloppy books could cost Jackson millions Jan 23, 2008
Jackson needs to improve accounting procedures and better monitor spending of federal grants or risk having millions of dollars in federal funds frozen, assistant chief administrative officer Valerie Nevels told City Council members Tuesday. Nevels made a presentation Tuesday before the City Council Budget Committee of the most recent management letter and city audit done by Jackson CPA firms Smith Turner s and Bruno lon. (The Clarion-Ledger)
State will look into PIE concerns Jan 17, 2008
The report outlined some two dozen concerns about PIE s operation of the school, ranging from paperwork issues on policies and accounting procedures to disagreements over how, or whether, the school and its parent corporation should be allowed to expand. There was enough concern that I did assign staff to look more at the issues, Dennis said this morning. (Albany Democrat-Herald, OR)
Scandal-wary officials vow: Never again Jan 13, 2008
The rules and laws and accounting procedures are out there, he said. It s just following them. (Scranton Times, PA)
MF: SEBI to scrap amortisation Jan 12, 2008
Amortisation of initial issue expenses is an accounting procedure that allows funds to spend the amount collected as fees, when the new fund offer is on (currently, about 6% for a three-year fund) in stages, and not at one go. Typically, about 3% is paid to brokers as commission while the rest is used to pay for the billboards, television spots and other marketing expenses. (India Times)
Oregon education department responds to PIE complaints Jan 9, 2008
Some were paperwork issues surrounding policies and accounting procedures, while others, Robinson said, represent material breaches of the current contract. The breaches involve PIE s administration of multiple school programs spanning Lebanon and Sweet Home. (Albany Democrat-Herald, OR)
NCAA Taking Academic Reform Seriously Jan 5, 2008
Brand said the NCAA can't limit how much schools can spend on athletics, but it has set up standard accounting procedures and is encouraging schools to share information and to be fiscally responsible. "There's a certain level of individual responsibility," he said. (ABC 7 News, DC)
Village administrator leaving Cambridge Dec 19, 2007
- Accepted the 2006-07 audit, noting the audit was clean but the auditor advised accounting procedures will need to be documented on paper. - Recognized the village public works department for four out of the last five years without any accidents. (Kewanee Star Courier, IL)
Auditor: talk to elected officials Dec 14, 2007
Many of those changes focus on improvements in accounting procedures and getting a working accounting system in place, Montee said. We have found, a lot of times, if you have an accurate accounting system it takes care of a lot of problems, Montee said. (Waynesille Daily Guide, MO)
