investigations

FRC Didn’t Want Grant Thornton U.K. to Feel Left Out of All the Disciplinary Fun

The Big 4 firms in the U.K. have been the target of repeated tongue-lashings from the Financial Reporting Council lately because, let’s face it, audits have been pretty damn bad. Things have gotten so desperate that EY is bringing in behavioral psychologists to improve audit quality. But the U.K. accounting watchdog’s most recent tongue-lashing wasn’t […]

Stop Me If You’ve Heard This One Before: FRC Reprimands KPMG U.K. for Crappy Audit

When it comes to the Financial Reporting Council and KPMG audits, it must be like shooting fish in a barrel. This time, the U.K. accounting watchdog fined KPMG £2.1 million ($2.7 million) on Aug. 20 following the Big 4 firm’s admission of misconduct on the audit of fashion company Ted Baker Plc’s financial statements in […]

Report: Feds Examining Whether Michael Cohen Committed Tax Fraud

Federal prosecutors are already investigating possible crimes related to the business affairs of President Trump’s former personal attorney, fixer, and bulletproof vest, Michael Cohen, including bank fraud, campaign-finance violations, and hush payments made to cover up alleged flings Trump had with a porn star and a Playboy model. So, hey, why not throw tax fraud […]

Does the ‘P’ in KPMG Stand For ‘Probes?’

Because we have two new probes into KPMG to tell you about. First, two weeks after the quality of its audit work was called “unacceptable” by the Financial Reporting Council, KPMG is being probed by the United Kingdom’s accounting watchdog over its audit of British beverage wholesaler Conviviality’s financial statements, according to the Financial Times. […]

Herbalife Making Moves to Become Honey Badger of Investigations

Herbalife isn't having a great time but it's fine. No really, it's fine. First, they had to squash some rumors a few days ago with this press release: We have no knowledge of any ongoing investigation by the DOJ or the FBI, and we have not received any formal nor informal request for information from […]

House Republicans Still Keeping Themselves Busy Trying to Ruin Lois Lerner’s Day

House Republicans are taking action on multiple fronts this week against former Internal Revenue Service official Lois Lerner, pursuing criminal charges against her for alleged violations that include contempt of Congress and leaks of confidential taxpayer information. Lerner’s attorney, William Taylor, said Wednesday that the referral is “just another attempt by Republicans to vilify Ms. […]

Herbalife is Having the Worst Wednesday Right Now

Well no one saw that coming, eh? Herbalife (HLF) announced it received today a Civil Investigative Demand (CID) from the Federal Trade Commission (FTC).  In response, Herbalife issued the following statement: Herbalife welcomes the inquiry given the tremendous amount of misinformation in the marketplace, and will cooperate fully with the FTC.  We are confident that […]

Oddly, Dem and GOP Leaders Don’t Agree on Next Act in IRS Investigation Circus

Representative Elijah Cummings (D-MD) shared some new info yesterday about some of the employees in the IRS's Cincinnati office — including a self-described "conservative Republican" — who were all, "Yeah, we kinda sorta used terms like 'Tea Party' to try to determine who was engaging in too much political activity to qualify as a 501(c)(4)": According […]

SEC Concludes That It Doesn’t Need to Kick Overstock.com on the Way Down

The financial gumshoes at the SEC have closed their investigation of Overstock.com and have concluded that no enforcement action is necessary. Naturally, former Arkham Asylum resident and current Overstock.com CEO Patrick Byrne sees this as a vindication: "We are the ones who brought all these matters to light, we made the corrections, we fully disclosed these […]