accounting scandals

Ex-KPMG Executive Director Who Was Major Player In PCAOB Cheating Scandal Sentenced to Eight Months In Jail

The first prison sentence was handed out today in Manhattan federal court to one of the five former KPMG executives indicted in a scheme to steal confidential audit inspection information from the PCAOB. Cynthia Holder, a former PCAOB inspections leader who later worked as an executive director at KPMG, was sentenced to eight months in […]

Which KPMG Scandal Is Worse: PCAOB ‘Steal the Exam’ or CPE Training Exam Cheating?

Since Monday when the SEC announced it had fined KPMG $50 million for not one but two scandals involving auditor misconduct at the firm, I’ve been thinking about which scandal is worse. Is it KPMG audit partners stealing confidential information from rogue PCAOB employees in order to better the firm’s audit inspection scores OR is […]

Ex-KPMG Executive Director’s Sentencing Put Off Until June

We won’t know until June at the earliest how much prison time former KPMG executive director Cynthia Holder will get for her involvement in a scheme to steal confidential audit inspection information from the Public Company Accounting Oversight Board. Holder was supposed to be sentenced in Manhattan federal court on April 5, but her sentencing […]

PwC Italy Partner Is Probably In a Lot of Trouble, You Guys

So, there was this accounting scandal in early 2017 at the Italian unit of British phone company BT, in which nearly two dozen people at BT Global Services, including its CEO, CFO, and head of Europe, knew about inflated revenues, bogus contract renewals and invoices, and made-up supplier transactions to “meet bonus targets and disguise […]

Patisserie Holdings Said It Was Hiring an Audit Firm That No Longer Exists to Replace Grant Thornton U.K. as Auditor

It’s the Friday before Christmas, and when you have a bad case of holiday brain, sometimes mistakes can happen. Sometimes these mistakes can be hilarious. Like this one from Patisserie Holdings, parent company of U.K. coffeehouse chain Patisserie Valerie: Patisserie Valerie mistakenly says it has named RSM Tenon as its new auditor… RSM Tenon collapsed […]

Ignatius Sehoole Takes Over as CEO of the Dumpster Fire That Is KPMG South Africa

KPMG in South Africa has had its problems of late. And the firm believes it has found the man to help fix them. Good luck, Ignatius Sehoole! KPMG South Africa is pleased to announce the appointment of Mr Ignatius Sehoole as Chief Executive Officer. Mr Sehoole is expected to take up this role on 1 […]

Toshiba Seems to Have Escaped SEC Penalty After Accounting Probe Ends

It was reported in March 2016 that the Securities and Exchange Commission and the Justice Department were investigating the “accounting problems” at Toshiba Corp.’s business units in the United States. Well, according to Reuters, the SEC has completed the investigation, and Toshiba is likely breathing a sigh of relief. “We understand that all SEC investigations […]

Olympus Decides Fighting Lawsuits for Accounting Scandal Not a Pretty Picture

Olympus Corp, proud owner of a $1.7 billion accounting scandal, decided to say sayōnara to 11 billion yen ($92 million) to settle two civil lawsuits brought by investors. The company, who also settled litigation in the U.S. for $2.6 million in 2013, "had been defending against the claims, but decided that 'swiftly resolving this matter through […]