September 17, 2019

SEC orders

As a Result of Breaking SEC Rules, Deloitte Japan Is $2 Million Lighter In the Wallet

There was some bad decision-making going on at Deloitte Touche Tohmatsu in Japan. Dozens of its employees had bank accounts at the subsidiary of a client for which Deloitte Japan issued audit reports, which is a no-no because Securities and Exchange Commission rules don’t allow accountants to have bank accounts with audit clients that have […]

New Year’s Eve Was Kind of a Bummer for Hertz

Man, I hope executives at Hertz got shitfaced on New Year’s Eve, because being told the company has to pay a $16 million civil penalty to the Securities and Exchange Commission to settle a case involving numerous accounting violations is not a stellar way to end 2018/begin 2019. An SEC cease-and-desist order filed on Dec. […]

SEC Fines Company for Failing to Mention That They Paid for CEO’s Lavish Perks (and Some Non-GAAP Stuff, Too)

Normally I'd reserve mis-adventures in non-GAAP accounting for the news roundup, but it's not every day that an SEC order includes this: MDCA is New York-based marketing company MDC Partners and gosh, how do you fail to disclose the cosmetic surgery? Everything else is pretty standard fare as far as extravagant perks go, but if […]

Fake Occupants Caused Some Some Problems in Grant Thornton’s Audit of Assisted Living Concepts

The SEC announced a settlement with Grant Thornton and two partners today over some bad audits that went down in America's Dairyland. The firm will pay $3 million in fines, plus forfeit $1.5 million in audit fees with interest. The partners, Melissa Koeppel and Jeffrey Robinson agreed to a $10k fine and a 5-year ban and $2.5k and 2-year ban, respectively.

The Numbers Literally Didn’t Add Up In This Latest Case of Atrocious Auditing

On Friday we discussed a Florida CPA's bad auditing. Later that same day, the SEC issued a press release that told us about more bad auditing and I think you'll appreciate just how bad it is, so I'll share this one, too. This time around, we have a scam run by a Canadian lawyer and […]

Florida CPA’s Audits Didn’t Audit Much

This week in incredibly bad auditing, we have Terry L. Johnson of Casselberry, Florida. And if you like devouring stories of grossly deficient audits and Florida men doing ridiculous things, then this should satisfy your appetite. Let me just tell you first that some form of the words "so deficient that they amounted to no […]