Accounting fraud

(Bloomberg) Michael Oxley, the former U.S. congressman who co-sponsored the landmark Sarbanes-Oxley Act has died, age 71.

(Bloomberg) It’s too early to tell whether Star Wars: The Force Awakens will become the biggest grossing film of all time, but the really interesting question is whether the movie will ever go into profit.

Akebono Brake Industry Co. has become the latest addition to a series of corporate scandals in Japan, cutting earnings forecasts and executive pay after confirming problematic accounting of sales to distributors.

The Securities and Exchange Commission suspended five accountants and two audit firms Thursday from practicing or appearing before the SEC after they violated rules designed to preserve the integrity of the financial reporting system.

Japan’s Securities and Exchange Surveillance Commission recommended fining Toshiba Corp. about 7.37 billion yen ($60 million) for falsifying earnings, the largest financial penalty ever sought by the watchdog.

Litigation against accounting firms appears to have subsided for now, according to one legal expert, but is showing signs of reviving as the Securities and Exchange Commission turns its attention back to accounting and audit enforcement cases.

A partner at a New York CPA firm has pleaded guilty to participating in a multimillion-dollar accounting fraud scheme.

Interim CEOs engage in considerably more earnings manipulation than their permanent successors, according to a new study.

My last column addressed the importance of controls when trying to get a client. But it is also important to retain the client. A good system that is not monitored is a sure way to not only lose the client, but be kept awake at night.

Ernst & Young LLP was found liable by a jury for its failure to vet financial audits backed by con man Bernie Madoff’s accountant in the first trial of an auditor over losses tied to the biggest Ponzi scheme in U.S. history.