CPA gets probation for stealing from a dementia client

Hmmmm......   Will she have consequences for her CPA license?    Iowa CPA Society Ethics Division, please look into this case.   Send a message that the public trust of the CPA profession does not tolerate this kind of example.    

http://siouxcityjournal.com/news/local/crime-and-courts/sioux-city-accountant-gets-probation/article_80e537d0-6b51-5d26-9991-726372155091.html

Andrew Fastow speaks to ACFE convention

This former Enron fraudster addressed 2500 fraud examiners.   One ironic point noted was about getting approvals to do what was done from accountants, lawyers, etc...and yet is was still fraud.   

Also interesting bit about his habit of looking at his prison id card every morning, which a picture is shown.   He was not paid for this speech (travel expenses were covered), and has given other unpaid speeches to universities.   An interesting story.      http://features.blogs.fortune.cnn.com/2013/07/01/the-confessions-of-andy-fastow/

Auditor rotation

 bill to ban PCAOB moves forward  http://blogs.wsj.com/cfo/2013/06/19/bill-to-ban-pcaob-from-forcing-auditor-rotation-advances/?mod=djem_jiewr_AC_domainid

SEC charges cross-border company in fraud

The alleged loss - millions of dollars of cash improperly reported since the company China MediaExpress went public.   Auditor resigned, and forensic accountant auditor refused to take bribe   http://www.sec.gov/news/press/2013/2013-115.htm

Ex-Enron CEO Jeff Skilling's prison sentence shortened

under an agreement with Federal prosecutors.  He could get out in 2017 with the time he has served.  http://www.usatoday.com/story/money/business/2013/06/21/ex-enron-ceo-skilling-resentenced-to-14-years/2447223/

House bill to prohibit mandatory rotation of auditors

PCAOB proposed mandatory rotation; many opposed it as noted with comment letters.   http://www.reuters.com/article/2013/06/19/us-house-sec-bills-idUSBRE95I1NS20130619

The AICPA, not surprisingly,  had a letter also in suppport of the bill and in opposition to mandatory rotation. http://www.aicpa.org/Advocacy/Issues/DownloadableDocuments/2013-6-17-MFR-Letter.pdf

SEC, fraud, CPAs

This post by Francine McKenna is rich with links that synthesize issues of interest to those interested in studying and finding fraud   http://www.forbes.com/sites/francinemckenna/2013/06/18/where-should-sec-start-a-fraud-crack-down-maybe-look-at-fake-restatements/