Archive for: December, 2010

PwC Fears Colorado Group May Not Live Up to Its Loan Agreement Amid Poor Retailing

PwC Fears Colorado Group May Not Live Up to Its Loan Agreement Amid Poor Retailing

PricewaterhouseCoopers reported that the sluggish retail activity in the last two years following the global financial meltdown that drastically affected consumer spending may lead Colorado Group to fail to comply with its loan agreement in the next 12 months. Colorado Group, a footwear and apparel retailer with more than 430 stores throughout Australia and New [...]

Findings Reveal iPhone, Android, IPad Apps Intrude Personal Data

Findings Reveal iPhone, Android, IPad Apps Intrude Personal Data

Cases of personal data being transferred to third-parties by applications in iPhone, Android, and iPad have alarmed users. The Wall Street Journal has found out that smartphone applications in iPhone and Android could transmit a user’s age, gender, location, other personal information and the mobile device’s unique ID to advertising companies. Of the 101 popular smartphone [...]

Alcatel-Lucent Under Scrutiny After Found Bribing Officials in Latin America, Asia

Alcatel-Lucent Under Scrutiny After Found Bribing Officials in Latin America, Asia

Paris-based telecommunications company, Alcatel-Lucent, has seen the ire of US Securities and Exchange Commission (SEC) as authorities filed a lawsuit charging the firm’s subsidiaries of bribing government officials in Costa Rica, Honduras, Malaysia, and Taiwan from December 2001 to June 2006 to retain business in these areas. SEC’s lawsuit alleged that Alcatel-Lucent’s subsidiary in Costa [...]

Millions Pocketed by Hedge Fund Managers

Millions Pocketed by Hedge Fund Managers

Four hedge fund managers from the defunct Arcanum Equity Fund, LLC and Vestium Equity Fund, LLC have allegedly steered millions of dollars to themselves in a fraudulent scheme that promised investors of high returns. The Securities and Exchange Commission implicated in its lawsuit hedge fund managers Robert Buckhannon, Terry Rawstern, Dale St. Jean and Gregory [...]

Discussing Developments of Internal Audit Roles, February 16 – 18, 2011 at Singapore

Discussing Developments of Internal Audit Roles, February 16 – 18, 2011 at Singapore

The sixth conference to be spearheaded by Marcus Evans, an organizer of live business summits and conferences worldwide with main office at London, will convene 15 key players in the internal audit industry who would impart insights into the recent developments of internal audit roles. The two-day conference, which Marcus Evans has been holding annually [...]

SEC Raps Anonymous Purchasers of Nutrients Manufacturer’s Stock Over Insider Trading

SEC Raps Anonymous Purchasers of Nutrients Manufacturer’s Stock Over Insider Trading

The Securities and Exchange Commission (SEC) has filed a lawsuit charging the anonymous purchasers of Columbia-based nutrients manufacturer Martek Biosciences Corporation for allegedly employing an insider trade to acquire information about the buyout of Royal DSM NV with Martek. Martek Biosciences Corporation announced December 21 that it has approved the proposed buyout worth approximately $1.1 [...]

Food Trip for KPMG to Go a Long Way

Food Trip for KPMG to Go a Long Way

PoleStar’s subsidiary,  food company Leamington Desserts, which went into KPMG’s administration as a going concern on November 30, might continue to face difficulty as KPMG administrators expressed doubt they could find a buyer sooner that could at least save the more than 160 jobs in the site. Although the sale deadline for the food company [...]

Victims of NZ Mine Blast Will Have Their ‘presents’ This Christmas – PwC

Victims of NZ Mine Blast Will Have Their ‘presents’ This Christmas – PwC

Receivers from Pricewaterhouse Coopers finally confirmed today the $300,000 victims’ compensation in labor costs for the 13 contractors that employed the men who died in the Pike River Coal blast on November 25, snuffing out 29 lives. PwC partner John Fisk said December 16 that it might take a longer time before the blast victims [...]

System Glitch Confuses Bank’s Customers

System Glitch Confuses Bank’s Customers

Grupo Santander, a banking firm based in Spain, has reported to the Financial Services Authority (FSA) a system glitch with its printers that led to the distribution of 35,000 bank statements to wrong recipients, risking millions of pounds in fine for the data breach. The erroneously released bank statements containing personal information of Santander customers, [...]

Financial Planning Far from Being Viable for Mortgage Brokers, Experts Say

Financial Planning Far from Being Viable for Mortgage Brokers, Experts Say

Accounting and consultancy firm Deloitte said that key players in the mortgage lending industry believed mortgage brokers could have a better opportunity in life insurance distribution, but expanding from brokerage to financial planning might hamper their activity. Efforts to extend activities to include financial planning might fail along the way, revealed mortgage lending industry experts [...]

Deloitte, SAP Face Charges of Bribery

Deloitte, SAP Face Charges of Bribery

Marin County has charged Deloitte Consulting LLP and SAP for allegedly engaging into bribery with former assistant auditor-controller Ernest Culver that cost the county more than $20 million for a “deficient work” on a public sector software. The county’s bribery suit claimed that Deloitte and two subsidiaries of SAP had repeatedly treated Culver, who currently [...]

SEC Tags Investment Advisers in Fund Misuse

SEC Tags Investment Advisers in Fund Misuse

Three former investment advisers who held top positions in two San Francisco-based firms, American Pegasus LDG and American Pegasus Investment Management, got the ire of the Securities and Exchange Commission (SEC) for failing to disclose conflict of interest when they misused the $100 million hedge fund from the subprime automobile loans of the investors. The SEC [...]

Google to Connecticut Attorney General: No Way for Street Views Data Turnover

Google to Connecticut Attorney General: No Way for Street Views Data Turnover

Following the request from Connecticut Attorney General Richard Blumenthal that Google hand over the payload data that its Street Views cars allegedly collected from unencrypted Wi-Fi networks in his state, Google has released its response stating its refusal to turn over the data it vowed to delete. Earlier last week, Blumenthal has released an ultimatum [...]

On Questions of Auditors’ Role in 2008 Crisis, KPMG Answers Anew

On Questions of Auditors’ Role in 2008 Crisis, KPMG Answers Anew

About one month after the House of Lords Economic Affairs Committee questioned the role of audit firms during the financial crisis with the Big Four defending themselves, KPMG has new revelations. Accounting firm KPMG, which was implicated in the interrogation carried out by the House of Lords Economic Affairs Committee in November, stated in a [...]

PCAOB Sends Wake Up Call to Auditors Over Tasks on Losses and Disclosures

PCAOB Sends Wake Up Call to Auditors Over Tasks on Losses and Disclosures

Reports that emerged in fall revealing alleged misrepresentations from companies with securitization loans that they sell have prompted the Public Company Accounting Oversight Board to remind the auditors of the audit practice that they should adopt when auditing their companies’ loss contingencies and disclosures, among other things. PCAOB’s Staff Audit Practice Alert released December 20 [...]

SEC Cleans Clothes of Carter’s

SEC Cleans Clothes of Carter’s

Since Securities and Exchange Commission (SEC) approved in January 2010 a new initiative that demands cooperation from companies, the commission has never issued a non-prosecution agreement with any firm that violated securities laws, except the one that it has entered December 20 with Carter’s despite misconduct committed by its former vice-president Joseph M. Elles. Although [...]

Lehman Brothers, State Attorney, Ernst & Young to Meet in Court Room

Lehman Brothers, State Attorney, Ernst & Young to Meet in Court Room

This week might set the one more example of a lawsuit filed against a key player in the accounting industry as State Attorney General Andrew Cuomo found negligence on the part of Ernst & Young over the alleged fraud committed by Lehman Brothers to its investors, Wall Street Journal reported December 19, 2010. The lawsuit [...]

KPMG to Probe Distributors’ Advance Information Access to Canadian Statistical Economic Data

KPMG to Probe Distributors’ Advance Information Access to Canadian Statistical Economic Data

Canada has appointed KPMG to carry out an investigation into the entities that may have benefited from advance information access to economic data from Statistics Canada in response to the call from opposition lawmakers that blew the whistle on the issue. The external investigation, which will be completed by March 31, 2011 according to Statistics [...]

Failing Winery Tour to New Zealand for Deloitte

Failing Winery Tour to New Zealand for Deloitte

Partners from consultancy Deloitte reported another business failure that befell to one of the wineries in Marlborough region, New Zealand due to its rapid expansion since 2003 amid oversupply of grapes and the rise of excise tax and value of NZ dollar. Otuwhero Estates Group fell into Deloitte administration with partners Grant Jarrold and Shari [...]

Mining Companies See Continued Gold Price Hike After 2010

Mining Companies See Continued Gold Price Hike After 2010

Pricewaterhouse Coopers disclosed in its survey released today that majority of mining companies have high expectations of a continued gold rush at the turn of 2011 as financial concerns, PwC said, will drive price increase of gold. Of the 44 mining companies that expressed upbeat in the price hike of gold next year, 82 percent [...]