GLG News by Inventory Accounting Experts (US)

Vitesse had previously attributed, without any further elaboration, its termination of KPMG to a “lack of independence” which certainly raised a few eyebrows given the extensive prohibitions of Sarbanes-Oxley. As addressed in this article, Vitesse has now clarified that such “lack of independence” is...

This article sheds much needed light upon what I believe to be the most pervasive and significant internal control weakness among public companies…that being the absence of current and relevant technical accounting and financial reporting expertise on audit committees. As an audit committee truly serves...

1. Sears retailing operations continue to flounder.2. Profits are generated through various financial engineering schemes.3. What will the future Sears looks like?

1. The PCAOB is an entity that few people know much about2. Although they impose strong standards on the accounting firms, their own processes seem to be needing improvement3. Accounting firms don't have the luxury of finishing audits without a deadline. Why should the PCAOB not have one?

1. Dillard's faces a tough competitive climate2. It finally has abandoned its cluttered store concept and streamlined inventories3. The net result is fewer sales, but increased profitability

1. Other than payroll costs, legal costs are the largest expense in an accounting firm.2. Doctors got medical malpractice relief last year and now the accountants want the same treatment.3. But are the accountants willing to lower their billing rates, if they have less legal exposure?

1. Sarbanes Oxley has cost US businesses billions of dollar, making the cost of doing business in the US higher than other capital markets around the world. 2. The biggest benefactor of Sarbanes Oxley is the big 4 accounting firms who also got a windfall from the demise of Arthur Andersen. The...

1. Auditors are substituting their judgment for adhering to rules2. Rule based compliance helps auditors to minimize tier litigation exposure3. Accounting is now producing meaningless results by following arbitrary rules

Bed Bath and Beyond has admitted to back dating options from 1992 -2006 - 14 years! It admits that its top 3 executives were not only aware of this, but endorsed it. This included the co chairman, Warren Eisenberg, and it's CEO Steve Temares. The Company then indicated that it did not need to restate,...