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Truth Social's Auditor Is in Hot Water With the SEC

Agency accuses BF Borgers of 'deliberate and systemic failures' in more than 1.5K filings

(Newser) - The auditing company responsible for keeping tabs on the parent company for Donald Trump's Truth Social platform apparently needed an auditor for itself. On Friday, the Securities and Exchange Commission accused BF Borgers of "massive fraud," saying the "sham audit mill" found "deliberate and systemic...

The US Has a Shortage of Accountants

With gaps in the industry, dozens of companies say they can't file annual reports in time

(Newser) - Companies like Tupperware and Mattel can relate to anyone sweating April's pending tax deadlines. A shortage of accountants has caused 70 companies to delay releasing key annual reports this year, Business Insider reports, an astounding 40% increase over 2023. The Securities and Exchange Commission can issue penalties over such...

South Carolina's Chief Accountant Made Quite the Blunder

Comptroller General Richard Eckstrom is stepping down from post after $3.5B snafu

(Newser) - South Carolina's embattled top accountant will step down next month after a $3.5 billion error in the year-end financial report he oversaw, according to a resignation letter written Thursday that was obtained by the AP . Republican Comptroller General Richard Eckstrom's decision to leave the post he's...

Accountants Are Running for the Exits

'WSJ' looks at the exodus, and the decline in students opting to go into the profession

(Newser) - Numbers are their thing, and the numbers don't look great: The Wall Street Journal reports that in the last two years, more than 300,000 accountants and auditors have left their jobs. That's a 17% drop, and the departures weren't just due to retirements, with the 25-...

Those Who Catch Cheating Cheated on Their Ethics Exams

Ernst & Young has to pay a $100M fine to the SEC

(Newser) - It's a scandal rich in irony. Auditors with the giant accounting firm Ernst & Young—the very people whose job it is to catch cheaters—themselves cheated on exams needed to keep their licenses, reports NPR . But the irony gets richer: The accountants cheated on the ethics portion of...

Ex-Caterpillar Employee May Collect $600M as Whistleblower

If the IRS reclaims what it thinks it's owed from the company

(Newser) - You've likely never heard of the name Daniel Schlicksup, and it's a safe bet that Caterpillar Inc. wishes it never did, either. The 55-year-old is a former accounting executive at the world's biggest maker of bulldozers, and as a long feature at Bloomberg explains, he just might...

Occupy Wall Street Seeks ... Accountant

Flush with cash, group hunts for a bookkeeper

(Newser) - BuzzFeed reports that Occupy Wall Street is on the lookout for its first employee: an accountant. A subcommittee within the movement called the OWS Accounting Working Group is interviewing for the position, although the actual hiring must ultimately be approved by the General Assembly—Occupy Wall Street's decision-making...

Madoff Accountant Pleads Guilty, Faces 114 Years

But denies knowing about Ponzi scheme

(Newser) - Bernie Madoff's accountant says he's a lousy auditor but no criminal. Still, he pleaded guilty to a slew of fraud charges today that could land him in prison for 114 years when he's sentenced in February. While admitting that he failed to conduct independent audits and took the statements of...

Accounting Firm Faces $2B in Lawsuits in Madoff Scam

PricewaterhouseCoopers Canada slapped with 7 lawsuits

(Newser) - The Canadian branch of the world’s largest accounting firm is facing seven lawsuits for up to $2 billion on behalf of investors who fell victim to Bernard Madoff, the Telegraph reports. PricewaterhouseCoopers Canada was the auditor of a feeder fund, Fairfield Sentry, that directed cash to the Ponzi schemer....

In '07, Jackson Worth $237M, But Cash-Poor, in Debt

(Newser) - As recently as 2007, Michael Jackson had a net worth of $236.6 million, the AP reports. But his finances weren’t that simple. Most of his $567.6 million in assets were tied up in property and rights—he had just $668,215 in cash—and his debt totaled...

Accountants May Be Liable in Madoff Fraud

Experts say feeder funds obviously skimped on scrutiny

(Newser) - The many accounting firms that missed Bernie Madoff’s massive scam could be in for a world of legal hurt, experts tell the Wall Street Journal. Madoff’s company was audited by a firm that had just one accountant, and one ex-SEC accountant finds it hard to believe that feeder-fund...

Madoff Whistleblower Shrinks From Spotlight

Tenacious accountant stands to make book, film money, but just wants to move on

(Newser) - Harry Markopolos, the accountant who began warning the feds years ago about Bernard Madoff’s Ponzi scheme, wasn’t looking for the limelight, the Boston Globe reports. Not only is he testifying before Congress—he’s also been deluged by book and movie offers. His is “a remarkably compelling...

Accounting Degrees Add Up
Accounting Degrees
Add Up

Accounting Degrees Add Up

Number-crunchers are BMOCs with companies desperate to fill slots

(Newser) - Accounting majors have become the most in-demand kids on campus, and prospective employers are wooing them with lavish parties, free vacations, and promises of handsome signing bonuses. Colleges aren't turning out enough number-crunchers to meet the growing demand, which has skyrocketed in the wake of stricter controls required by Sarbanes-Oxley,...

13 Stories