The auditing of tax returns of big companies has decreased in the last few years even though the federal government has reiterated many times that it will crackdown on the big guys who are trying to decrease their tax liabilities. Last year, only one-fourth of the big league companies were audited. [Read more…]
Accounting Malpractices Continue Even After Reforms
New revelations about the erstwhile Lehman Brothers Holdings Inc, have shown that governmental measures to curb accountancy malpractices have failed as exemplified in this case. [Read more…]
If You’re Facing Foreclosure Learn How to Use a Mortgage Audit to Reduce Debt
Borrowers facing foreclosure because of default on payments can use mortgage audit as a means of getting their mortgage terms softened. However, there are drastically differing views on whether this tactic will actually work. [Read more…]
Lehman Brothers Investigation Causes a Stir
The report on an investigation into wrongdoing at Lehman Brothers before the company collapsed has caused quite a stir among regulators and the financial industry.
The comprehensive report, which was authored by Anton R. Valukas, an examiner appointed by court to investigate the company’s bankruptcy has blamed Lehman’s top management and auditor Ernst and Young of using accounting gimmicks to hide troubled assets. The most controversial was the use of an accounting trick known as Repo 105 that allowed the company to shift a massive $50 billion of toxic assets. [Read more…]
Report on Lehman Brothers Collapse Blames Executives
The report on the collapse of Lehman Brothers has come out and it has blamed the company’s executives, its auditors and its rivals of wrong doing. The 158 year old Wall Street bank went bankrupt in 2008, triggering a huge financial crisis.
Anton R. Valukas, who was appointed by the court as an examiner to understand what went wrong in the last few days of the company authored a 2,200 page report detailing his findings. He claims that the senior management of the company indulged in balance sheet manipulation to hide its insolvency. [Read more…]
4 Tips to Avoid an IRS Audit by Steering Clear of Red Flags
There is often nothing more annoying, stressful, and downright upsetting than finding out you have been selected for an audit. The questions that come around are almost impossible to answer and the entire process is intimidating and never pleasant. [Read more…]
