error and financial accounting

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Auditing: The Mythical Isolated Error

An enduring myth in auditing is that of the isolated error—an auditor’s belief that the one error detected in an audit sample is the only error in the population under examination. This occurs when an auditor, expecting to find no error, selects a small audit sample, such as a discovery...

Tags: Error, Financial Accounting, Operational Accounting, Financial Services, Finance, Accounting, Auditing, Audit

White papers 2003-01-01

Operational Risk: Automate to Eliminate

For a variety of reasons, operational risk is climbing financial institutions agendas. It is becoming increasingly clear that those firms which have risk sensitive processes and organisational structures will be able to reap benefits – in lower capital set-asides, improvement to the bottom line and, not least, reputation. Operating risk...

Tags: Emphasis, Error, Financial Services, Benefits, Financial Accounting, Human Resources, Finance

White papers 2001-10-01

Behavioral Corporate Finance

Managers and corporate directors need to recognize two key behavioral impediments that obstruct the process of value maximization, one internal to the firm and the other external. I call the first obstruction behavioral costs. Behavioral costs, like agency costs, tend to prevent value creation. Behavioral costs are the costs associated...

Tags: Cost, Marketing, Finance, Financial Accounting, Advertising & Promotion, Social Science Electronic Publishing Inc., Obstruction, Error

White papers 2001-09-01

Forecast Errors And Financial Developments

This paper looks at the accuracy of forecasts and, more specifically, addresses the question whether forecasts of growth and inflation can be improved by including information from financial markets. The empirical work presented suggests that average forecast errors are not large enough to seriously undermine the basis for forward-looking monetary...

Tags: Financial, Bank For International Settlements, Error, Financial Accounting, Currency & Foreign Exchange, Finance

White papers 1997-11-01

Additional Resources

Fix MDUSD mess; elect Eberhard and Whitmarsh

On July 17, 2005, the Contra Costa Times alerted us to "massive payroll-system failures," "flawed financial reports," and "multimillion-dollar accounting errors" in the Mt. Diablo Unified School District. Superintendent Gary McHenry acknowledged the problems and said, "Yes, we have payroll problems, personnel problems. We don't even know all of them....

Articles 2008-10-09

Halmont Properties Corporation: To Restate Financial Statements for Prior Year

HALMONT PROPERTIES CORPORATION (TSX VENTURE: HHC) announced today that it will be restating its financial statements for the financial year ended June 30, 2007 and the first three quarters of fiscal 2008. The Corporation and its auditors have identified certain errors with respect to the accounting treatment applied in connection...

Articles 2008-09-24

Harris Stratex Networks Reports Q4 Fiscal 2008 Financial Results

Company Increases Revenue Guidance for Q1 FY 2009 RESEARCH TRIANGLE PARK, N.C., Sept. 18 /PRNewswire-FirstCall/ -- Harris Stratex Networks, Inc. , the leading independent supplier of turnkey wireless transmission solutions, today reported complete financial results for the fourth quarter and full year of fiscal 2008, which ended...

Articles 2008-09-18

The earnings impact of FAS 154: an analysis by year, industry and firm size

ABSTRACT When a new accounting standard is proposed a question arises as to whether or not the impact on earnings will be significant. The recently issued FAS 154 mandates that enterprises no longer report the cumulative-effect losses and gains of a change in accounting method. Based on 1998...

Articles 2008-09-01

China Shenghuo Provides Update Regarding AMEX Trading Activities and Receipt of Deficiency Letter

KUNMING, China, Aug. 22 /Xinhua-PRNewswire-FirstCall/ -- China Shenghuo Pharmaceutical Holdings, Inc. ("China Shenghuo" or the "Company"), announced today that, because of its inability to finalize its second quarter 2008 financial statements and timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2008 (the...

Articles 2008-08-22

Jetcom Inc. Files Restated 2005, 2006, 2007 and Interim 2008 Financial Statements, and Amended Management Discussion and Analysis

Jetcom Inc. (the "Company") (TSX VENTURE: JTM) announced today that the Ontario Securities Commission OSC has completed its continuous disclosure review of the company and of its financial statements for the periods up to and including March 31, 2008. The Company has now restated its 2005, 2006 and 2007 annual...

Articles 2008-08-18

Green Bay snags WisDOT money blunder

A clerical error at the Wisconsin Department of Transportation sent Green Bay $232,665 more than it requested for the Main Street lift bridge, leaving four municipalities with less than they wanted. But Green Bay's Public Works Department reported the error after receiving a $550,616 check in early...

Articles 2008-08-07

TVA to Restate Financial Results

KNOXVILLE, Tenn., Aug. 5 /PRNewswire/ -- TVA announced today that it will revise its financial statements for the 2006 and 2007 fiscal years and for quarterly periods during the 2007 and 2008 fiscal years. TVA has determined that the method used to estimate unbilled revenues for these periods...

Articles 2008-08-05

Dynegy to Restate First Quarter 2008 Financial Statements to Reflect Accounting Adjustments; No Impact to Net Income

HOUSTON -- Dynegy Inc. (NYSE:DYN) today announced that it will restate its previously issued financial statements for the first quarter 2008 to: * Reduce revenues by $229 million from $774 million to $545 million; and * Reduce cost of sales by $229 million from $680 million...

Articles 2008-07-25

Planning can prevent errors, family strife

Elder-law attorneys here say people make avoidable, but all-too-common mistakes in planning their estates. Asked how frequently such problems and pitfalls crop up, Spokane attorney Karen Sayre gives a succinct answer. "I'm thinking about the people I've seen just in the last couple of days," she says. ...

Articles 2008-07-10

Schwab Institutional's Regional Workshops Help Advisors Get the Most Out of Technology

SOLUTIONS([R]) 2008 to Feature Content for New and Seasoned Operations Staff, as Well as Special Session and Personalized Adoption Scorecard for Firm Principals and Managers SAN FRANCISCO -- Increasingly complex client needs coupled with explosive growth rates in the independent advisor industry are compelling firm...

Articles 2008-07-09

PIMCO Launches New Unconstrained Bond Fund

PIMCO, a leading investment managementfirm, announced today that it has launched the PIMCO Unconstrained BondFund UBF, which puts the firm's proven investment process to work forclients in a fund that is not tethered to benchmark-specific guidelines.The UBF is managed by PIMCO Managing Director and Portfolio Manager ChrisDialynas. "The...

Articles 2008-07-09

Acute Cost and Growth Pressures to Drive Large-Scale BPO and ITO Outsourcing/Offshoring in Healthcare Sector over Next Three to Five Years

HOUSTON -- The slumping economy may be slowing deal flow in some sectors, but it is accelerating adoption of outsourcing in the healthcare industry as it struggles to streamline its back-office and ramp up to meet increased demand for services as the U.S. population ages, according to...

Articles 2008-07-08

Hasler Introduces Line of Intelligent Mailing Systems

Built-in functionality and multiple features offer simple, "smart" mailing performance MILFORD, Conn. -- Hasler has introduced its IM series of Intelligent Mailing systems with ease-of-use functionality to help businesses simplify mail processing, track mail usage and control postage costs. This complete line of "smart" mailing...

Articles 2008-07-08

Siemens Selects ACL Technology to Support Worldwide Governance and Compliance Initiatives

Largest Purchase-to-Pay Monitoring Project Ever Undertaken SAN FRANCISCO -- ACL Services Ltd. today announced at The Institute of Internal Auditor's annual international conference that Siemens AG, one of the world's largest companies, has selected ACL technology to continuously monitor critical financial transactions that are at...

Articles 2008-07-08

Travel Holdings, Inc., Reports Exponential Growth in 2007 and Strong Start to Revenue in 2008

Global Wholesale Travel Brokerage Company Shows Consistent Increase in Sales and Earnings for Another Milestone Year and First Quarter ORLANDO, Fla. -- Contrary to what naysayers are touting about a soft economy threatening the travel industry, Travel Holdings' continued growth indicates that the world's need...

Articles 2008-07-07