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The concept of "two sets of books" refers to the practice of keeping two sets of accounting ledgers ("books").In colloquial terms, this practice may refer to fraudulent behavior, i.e. attempting to hide or disguise financial transactions from outsiders by having a falsified set of records for official use and another for internal recordkeeping.
Turnover in accounting personnel or other deficiencies in accounting and information processes can create an opportunity for misstatement. As for misappropriation of assets, opportunities are greater in companies with accessible cash or with inventory or other valuable assets, especially if the assets are small or easily removed.
Depending on the jurisdiction, CPAs may be liable for damages based upon common law, statutory law, or both. Common law liability arises from negligence, breach of contract, and fraud. Statutory law liability is the obligation that comes from a certain statute or a law, which is applied, to society.
Public Company Accounting Oversight Board, 561 U.S. 477 (2010), was a 5–4 decision by the U.S. Supreme Court in which the Court ruled that laws enabling inferior officers of the United States to be insulated from the Presidential removal authority with two levels of "for cause" removal violated Article Two of the United States Constitution.
An account of profits (sometimes referred to as an accounting for profits or simply an accounting) is a type of equitable remedy most commonly used in cases of breach of fiduciary duty. [1] It is an action taken against a defendant to recover the profits taken as a result of the breach of duty, in order to prevent unjust enrichment .
Breach of US law, by owning another bank. Fraud, money laundering and larceny. Better known as BCCI. Nordbanken: Sweden: 1991: Banking: Following market deregulation, there was a housing price bubble, and it burst. As part of a general rescue as the Swedish banking crisis unfolded, Nordbanken was nationalised for 64 billion kronor.
The Treasury Building, Canberra The PwC tax scandal was a scandal involving PwC's abuse of Australian Government secrets to enrich itself and its corporate clients.. PwC, and other Big Four accounting firms, give advice to governments on writing tax law, and also corporations seeking to avoid those laws.
Buchwald won the lawsuit and was awarded damages, and then accepted a settlement from Paramount before any appeal took place. The decision was important mainly for the court's determination in the damages phase of the trial that Paramount used " unconscionable " means of determining how much to pay authors, which is widely called " Hollywood ...