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Internal Control Over Financial Reporting News

Eric Watson's cothing company suffers hit Saturday, July 31, 2010 @ 3:13PMShares in Eric Watson's United States casualwear company American Apparel plunged on Friday after the company announced its auditors, Deloitte and Touche, had quit amid concerns over its accounts.It is the latest in a string of...
20. Corporate governance and doing it right Friday, July 30, 2010 @ 6:46PMOF late, the issue of governance has been in the limelight. I have just returned from the Asian Shadow Financial Regulation Committee (ASFRC) meeting, held in conjunction with the Asian Financial Management Conference in Singapore.
Northwest Pipe overstated profits by millions Friday, July 30, 2010 @ 5:05PMVancouver-based Northwest Pipe Co. overstated its profits by $37 million to $47 million over the course of a number of years, the company disclosed Friday. From Jan. 1, 2005, to June 30, 2009, the company previously reported $91.6 million in profits, but that figure was $17 million to $22 million too high because of errors in accounting procedures, according to a filing with the U.S. Securities ...
Friday morning headlines Friday, July 30, 2010 @ 11:00AMMark Lacter: Growth slows in second quarter, American Apparel's auditing firm quits, Miramax deal is finally done, and flying from L.A. to Istanbul.
Deloitte Resigns as American Apparel Auditor Friday, July 30, 2010 @ 10:15AMDeloitte & Touche LLP has resigned as the auditor for American Apparel and has been replaced with the troubled garment retailer s former auditor Marcum LLP.
Finance and Banking Friday, July 30, 2010 @ 9:28AMOn July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). The Act provides the most sweeping overhaul of the regulation of the U.S. financial services industry and financial markets since the aftermath of the Great Depression.
Troy Resources NL: Quarterly Report for the Fourth Quarter Ending 30 June 2010 Friday, July 30, 2010 @ 8:17AMPERTH, WESTERN AUSTRALIA--(Marketwire - July 30, 2010) - Troy Resources NL (TSX:TRY)(ASX:TRY) - N
UAE lining up with West over a nuclear Iran Friday, July 23, 2010 @ 11:12AMDUBAI (Reuters) - The United Arab Emirates is toughening its posture toward Tehran, worried that the risks of a nuclear Iran on its doorstep may outweigh the cost of a conflict between Iran and the West.
ANALYSIS-UAE lining up with West over a nuclear Iran Friday, July 23, 2010 @ 8:18AMSource: Reuters * UAE vulnerable to nuclear Iran, wants to block bomb * But Abu Dhabi keen to avoid war over nuclear programme By Cynthia Johnston DUBAI, July 23 (Reuters ...
PetroAlgae Engages Audit Firm Friday, July 23, 2010 @ 7:00AMMELBOURNE, Fla.----PetroAlgae Inc. , a leading renewable energy company that licenses its commercial micro-crop technology globally, today announced that it has engaged a global business consulting and internal audit firm to assist it in complying with the requirements of Section 404 of the Sarbanes-Oxley legislation.
Perfect World to Hold Annual General Meeting on August 14, 2010 Friday, July 23, 2010 @ 4:00AMPerfect World Co., Ltd. , a leading online game developer and operator based in China, today announced that it will hold its annual general meeting of shareholders at the offices of Skadden, Arps, Slate, Meagher & Flom, 42nd Floor, Edinburgh Tower, The Landmark, 15 Queen's Road, Central, Hong Kong, on August 14, 2010 at 3:00 PM .
STMicroelectronics Reports 2010 Second Quarter and First Half Financial Results Thursday, July 22, 2010 @ 4:12PMSTMicroelectronics reported financial results for the second quarter and first half ended June 26, 2010.
Impax Laboratories Receives Final FDA Approval for Generic OPANA® ER Tablets Thursday, July 22, 2010 @ 3:30PMHAYWARD, Calif.----Impax Laboratories, Inc. today announced that the U.S. Food and Drug Administration has granted final approval of the Company’s Abbreviated New Drug Application for the generic version of OPANA® ER Extended Release 30mg tablet.
Digi International Reports Third Fiscal Quarter 2010 Results Thursday, July 22, 2010 @ 3:05PMMINNEAPOLIS----Digi International® Inc. reported revenue of $47.2 million for the third fiscal quarter of 2010, compared with $44.5 million for the third fiscal quarter of 2009, an increase of $2.7 million, or 6.2%.
Checkpoint Systems, Inc. Announces Amended and Restated Credit Agreement and Note Purchase and Private Shelf Agreement Thursday, July 22, 2010 @ 3:05PMTHOROFARE, N.J.----Checkpoint Systems, Inc. today announced that it has entered into an amended and restated credit agreement and note purchase and private shelf agreement, effective July 22, 2010.
Obama Signs Improper Payments Law Thursday, July 22, 2010 @ 2:45PMPresident Obama signed a law Thursday that aims to bar payments to federal contractors that haven t paid their taxes and to make sure that payments go out in the correct amounts to the right people.
Labour and Employment Thursday, July 22, 2010 @ 9:28AMEvery business holds information it regards as commercially sensitive and confidential. Employees will require access to this information in the course of their employment. The issue for employers is how to permit access to information whilst protecting the business.
Home sales hit 3-month low Thursday, July 22, 2010 @ 8:22AMWASHINGTON (Reuters) - Sales of previously owned homes hit a three-month low in June while new claims for jobless benefits surged last week, the latest indications that the economy is on the ropes.
HITRUST CSF Now Most Widely Adopted Security Control Framework in U.S. Healthcare Industry Thursday, July 22, 2010 @ 8:00AMFRISCO, Texas----The Health Information Trust Alliance announced today that more than 50 percent of hospitals and 70 percent of health plans with more than 500,000 members are utilizing the HITRUST Common Security Framework .
Cypress Reports Second-Quarter 2010 Results Thursday, July 22, 2010 @ 7:00AMSAN JOSE, Calif.----Cypress Semiconductor Corp. today announced that revenue for the 2010 second quarter was $223.0 million, up 10.2% from $202.3 million for the prior quarter, and up 43.1% from $155.8 million for the year-ago period.
IBM Unveils zEnterprise System, Ushers in Era of Smarter Data Centers Thursday, July 22, 2010 @ 7:00AM-
AT&T Delivers Double-Digit Earnings Growth in Second Quarter, Raises Full-Year Outlook Thursday, July 22, 2010 @ 6:30AMDALLAS----AT&T Inc. today reported solid second-quarter results highlighted by double-digit earnings growth, an increase in consolidated revenues and improved margins. These results were driven by continued growth in mobile broadband, including a record quarter for iPhone activations, gains in IP-based and strategic business services and disciplined execution on cost initiatives.
IMAX Signs Theatre Deal in Russia; Expands Partnership With Rising Star Media With Additional Location in Moscow Thursday, July 22, 2010 @ 6:30AMIMAX Theatre Contract Signing Momentum Continues
Tupperware Brands Reports Second Quarter Sales and Record Profit Monday, July 19, 2010 @ 4:00PM-
Sybase Reports Record Second Quarter Results Monday, July 19, 2010 @ 3:05PMDUBLIN, Calif.----Sybase, Inc. , an industry leader in enterprise and mobile software, today reported financial results for the second quarter ended June 30, 2010.
CPA liability risk on the upswing Monday, July 19, 2010 @ 6:00AMThe current financial environment has placed increased pressure on both accountants and their clients, which in turn can lead to increased risk of liability.
GAO cites internal control weaknesses in $400M Interior aid to CNMI, other areas Sunday, July 18, 2010 @ 9:06AMThe U.S. Government Accountability Office has cited long standing concerns with insular area governments' internal control weaknesses, which increase the risk of fraud, waste, abuse and mismanagement, at a Thursday congressional oversight hearing on the effectiveness of the technical assistance program in the CNMI, Guam and other insular areas.
Christopher Nolan's "Inception" Opens in IMAX Theatres on July 16, 2010 Friday, July 16, 2010 @ 7:37PMWarner Bros. Pictures Reunites "The Dark Knight" Director with IMAX for His Next Big Movie
Bank rolls out 5-year plan to stimulate growth Friday, July 16, 2010 @ 7:28PMStarBizWeek talks to Kuwait Finance House (M) Bhd chief executive office r Jamelah Jamaluddin on the current situation at the bank and the way forward.
eFuture Announces Resignation of Chief Financial Officer Friday, July 16, 2010 @ 4:00PMBEIJING -- eFuture Information Technology Inc. , a leading provider of software and services in China's rapidly growing retail and consumer goods industries, today announced the resignation of Ms.
Dell: SEC staff to recommend accounting settlement Friday, July 16, 2010 @ 11:59AM(AP) -- Computer maker Dell Inc. said Friday it's getting closer to settling investigations by regulators into its accounting and the actions of CEO Michael Dell.
Yet another whistleblower ignored by the SEC Friday, July 16, 2010 @ 11:59AMOn September 15, 2006, the Institute of Management Accountants sent a comment letter to the SEC. In its correspondence, the IMA asked the SEC to take another look at some financial reporting controls the commission had endorsed for Sarbanes-Oxley implementation.
Diageo North America Creates New Commercial Roles to Drive Growth Friday, July 16, 2010 @ 11:09AMNORWALK, Conn.—Diageo, the world's leading spirits, beer and wine company, announced leadership changes designed to drive growth in its commercial business effective Aug. 1.
Suspected Sonray rogue trader 'not to blame' Friday, July 9, 2010 @ 3:49PMThe senior trader originally identified as responsible for the collapse of financial services company, Sonray Capital Markets, has won a reprieve of sorts.
Crisis Redux: Road To Perdition Friday, July 9, 2010 @ 3:29PMUse the above link to subscribe to the paid research reports, which include coverage of several smallcap companies positioned to rise during the ongoing panicky attempt to sustain an unsustainable system burdened by numerous imbalances aggravated by global village forces.
James Cameron's Avatar to be Re-Released in IMAX(R) 3D on August 27, 2010 Friday, July 9, 2010 @ 9:02AMEight Minutes of Additional, Never Before Seen "Avatar" Footage to be Shown in IMAX Theatres Around the World
Guest Post: I Smell A Vat Friday, July 9, 2010 @ 12:12AMBy David Galland Via Casey's Daily Dispatch I Smell A Vat In past editions of this service, I’ve advocated tuning your personal radar to pick up early indications that the government is taking an active interest in gold. Especially when that interest revolves around terrorists or tax evaders, two popular bogeymen these days. It was, therefore, with more than a little concern that I read an ...
Lawson Software Reports Fourth Quarter 2010 Financial Results Thursday, July 8, 2010 @ 3:15PMST. PAUL, Minn.----Regulatory News:
Lawson Software Reports Fourth Quarter 2010 Financial Results Thursday, July 8, 2010 @ 3:05PMST. PAUL, Minn.----Lawson Software, Inc. today reported financial results for its fourth quarter of fiscal year 2010, which ended May 31, 2010. As reported under generally accepted accounting principles , revenues were $197 million with GAAP net income of $2.6 million, or diluted earnings per share of $0.02.
Subscribe to a Newsletter Thursday, July 8, 2010 @ 2:55PMFacebook slapped with class-action privacy lawsuit A Canadian law firm has filed a class-action lawsuit against Facebook , alleging the social network mishandled users' private information and breached their privacy.
Point Blank Solutions to Explore Strategic Alternatives Thursday, July 8, 2010 @ 2:00PMPoint Blank Solutions, Inc. , a leader in the field of protective body armor, today announced plans to explore strategic alternatives, which includes a sale process, pursuant to Section 363 of Chapter 11 of the United States Bankruptcy Code. Â The Company, with the support of its financial advisor CRG Partners Group LLC, will be exploring various strategic options in an effort to enhance the ...
The Broke American Athlete and the Hateration Nation Monday, July 5, 2010 @ 6:44AM*According to the NBA Players Association, 60% of former NBA players go broke after the checks stop rolling in. This fact has been peppered throughout the media as of late with the trials and tribulations of these one-time millionaires: Kenny Anderson, Antoine Walker, Latrell Sprewell, Derrick Coleman and Scottie Pippen. Each of the aforementioned players [...]
Budget Cuts Will Lead To Rise In Public Sector Fraud - Survey Sunday, July 4, 2010 @ 7:02PMBudget Cuts Will Lead To Rise In Public Sector Fraud - Survey
Impax Laboratories Confirms Patent Challenge Relating to RENVELA®, 2.4 g and 0.8 g (For Suspension) Friday, July 2, 2010 @ 2:00PMHAYWARD, Calif.----Impax Laboratories, Inc. today confirms that it has initiated a challenge of a patent listed by Genzyme Corporation in connection with RENVELA® , 2.4 g and 0.8 g.
Selectmen give OK concerts on Common Friday, July 2, 2010 @ 6:58AMShirley Charitable Foundation launches summer concert series "In this job, I don't work for the selectmen," said Ron Marchetti, who, as assessor and transition manager, currently wears two hats in town government.
Cache County audit reveals misstatements, but auditors say they're OK Friday, July 2, 2010 @ 1:32AMAn independent audit says Cache County is lacking procedures needed to ensure accurate financial accounting, as far as the federal government is concerned.
Pasco sheriff hires two after asking for a bigger budget Thursday, July 1, 2010 @ 6:59PMAfter asking for a bigger budget, Bob White fills two newly created positions.
IMAX Enters Partnership With Leading Russian Exhibitor Thursday, July 1, 2010 @ 1:10PMFormula Kino to Install Digital IMAX Theatre Systems in Country's Flagship Mall Developments
NES Financial (NESF) Successfully Completes Fifth Consecutive Annual SAS 70 Type II Audit Wednesday, June 30, 2010 @ 8:00AMSAN JOSE, Calif.----NES Financial , a leading financial services provider for the banking industry and Fortune 500 companies, announced that Nationwide Exchange Services , the company’s 1031 division, has successfully completed its fifth consecutive SAS 70 Type II audit.
POLITICAL HOT TOPICS: Wednesday, June 30, 2010 Wednesday, June 30, 2010 @ 3:27AMThe CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. WASHINGTON/POLITICAL For the latest political news: www.CNNPolitics.com CNN: Kagan takes on GOP critics at Supreme Court confirmation hearing Supreme Court nominee Elena Kagan mounted a spirited defense against her Republican critics Tuesday, saying at ...