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- 4C Controls Announces Response to Market Manipulation Attack
- NEW YORK -- 4C Controls Inc. (OTCBB: FOUR.OB) today announced that it has formally requested the U.S. Securities & Exchange Commission to take action against the perpetrators of intentionally misleading and negative misstatements made in public attacks on the Company. The Company has been subject to short sale attacks caused...
- Research articles 2008-08-18
- Sunbeam & the 'Iron Curtain': Why a Dual Test for Materiality Assessment Was Necessary
- The financial community will soon be presented with previously unknown errors in prior financial statements. These prior-period errors, although known by management and the companies' outside auditors, had not been corrected because they had not been deemed material. On September 16, 2006, the SEC released Staff Accounting Bulletin SAB 108,...
- Research articles 2007-08-01
- Fixing 404.
- Although debate persists as to whether the costs of Sarbanes-Oxley's Section 404 regulations exceed their benefits, there is broad consensus that the rules have been inefficiently implemented. Substantive and procedural factor's contribute to the rules' inefficiency. From a substantive perspective, the terms "material...
- Research articles 2007-06-01
- SEC bulletin addresses misstatements
- The SEC has released a Staff Accounting Bulletin providing guidance on how the effects of the carryover or reversal of prior year misstatements should be considered in quantifying a current year misstatement.
- Research articles 2006-11-01
- Betrayed
- ON A momentous day, when the passing of a bogus "immigration" bill was accompanied by a visit from a British prime minister, I find it most fitting to declare, "Never in the course of human events have so many been betrayed by so few." Robert C. Kaul...
- Research articles 2006-06-01
- Understanding Materiality
- Materiality is a term used in accounting and the law, in relation to information disclosed in financial statements that affects decisions made by the people who read them.Deciding whether something is a material item involves making a judgment about it, in both quantitative and qualitative terms. Such evaluation is for...
- Articles 2007-11-09
- CAO ACCUSES JARON OF FRAUD
- AsiaInfo Services 03-24-2005 CAO Accuses JAron of Fraud BEIJING, Mar 24, 2005 SinoCast via COMTEX -- China Aviation Oil Singapore CAO has filed a lawsuit against Goldman Sachs' trading unit JAron on that the investment bank sold the complex and strange...
- Research articles 2005-03-24
- Congressman Gregory W. Meeks Introduces Legislation Targeting Fraudulent Companies
- News Advisory: WHAT:Introduction of HR 2836, The Deadbeat Corporations Tax Accountability Act of 2003. The legislation amends the IRS code of 1986 to reduce corporate refunds by fines and penalties imposed by reason of improper accounting or reporting practices or misstatements of its financial position. WHO:U.S. Rep. Gregory W....
- Research articles 2003-08-12
- Sec issues SAB on materiality
- A waived adjustment schedule can be seen on most audit engagements where each error found by the auditors is noted along with its estimated effect on the income statement and balance sheet. The net aggregate of the found errors is entered on the bottom of the schedule, which is then...
- Research articles 1999-10-01
- Current developments in financial accounting and reporting
- FASB Derivatives Standard Delayed FASB Statement No. 133 (FAS 133), Accounting for Derivative Instruments and Hedging Activities, was issued in June 1998. It establishes accounting and reporting standards for derivative instruments, including certain derivative instruments that are embedded in other contracts collectively referred to as derivatives, and for...
- Research articles 1999-07-01
- Regan Group Issues Clarification Regarding Recent Trading of Hanover Direct Stock
- NEW YORK--BUSINESS WIRE--March 17, 1999--The Regan Group today issued a clarification regarding a misstatement in the February, 1999 Section 16 Form 4 filing with the SEC regarding ownership of Hanover Direct, Inc. stock: 'During the month of February, 1999 472,400 shares of HNV were purchased, not sold.' The...
- Research articles 1999-03-17
- Measuring stockholder materiality.
- SYNOPSIS: The Securities and Exchange Commission SEC has recently expressed concern that auditors' use of materiality allows misstatements to go uncorrected. Auditors do not require their clients to correct the financial statements for immaterial missta SYNOPSIS: The Securities and Exchange Commission SEC has recently expressed...
- Research articles 2003-01-01
- Insituform Technologies makes announcement
- MEMPHIS, Tenn.--BUSINESS WIRE--May 24, 1995--Insituform Technologies, Inc. ("ITI") (Nasdaq National Stock Market:INSUA) today announced that it had entered into a memorandum of understanding to settle the previously disclosed shareholder class action against ITI in the United States District Court for the Western District of Tennessee (Neil Weinberg, on behalf of...
- Research articles 1995-05-24
- SEC READY TO CRACK DOWN ON ACCOUNTING GAMES.
- A public company's quarterly closing process reveals a small overstatement of sales that adds 3% to its earnings. Reversing the overstatement would mean the company would miss the consensus analyst estimates by a few cents. The CEO pushes the company A public company's quarterly closing process...
- Research articles 1999-09-20
- Reasonable Investigation in a Post-Sarbanes World: What's New in Due Diligence for Underwriters?
- Section 11 of the Securities Act makes underwriters of a new issue liable to purchasers for material misstatements or omissions in a registration statement unless, having undertaken a reasonable investigation, the underwriter has no reason to believe the registration statement contains any such misstatement or omission. Underwriters fulfill this statutory...
- White papers
- Planning Materiality
- Planning materiality is concerned with whether a misstatement, or an aggregation of misstatements, in a financial statement item or an underlying account balance or class of transaction, is likely to result in a material misstatement in the financial statements as a whole. Auditors use planning materiality to determine which items...
- White papers 2003-01-01
- SEC Advisor: Materiality and Audit Adjustments
- Perhaps the most authoritative definition of materiality is found in Financial Accounting Concepts Statement 2, Qualitative Characteristics of Accounting Information: "The magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the...
- White papers 2002-04-01
- Evaluating Audit Differences
- This article is about authors, discussing guidance that clarifies what should be addressed in engagement letters and management representation letters, and they analyze how to identify the quantitative and qualitative characteristics of potential financial statement misstatements. They provide sample wording for both engagement and management representation letters and a list...
- White papers 2003-01-01
Additional Resources
- Carnegie International to File Amended Form 8K Containing Correction Due to Misstatement by Former Auditor
- BALTIMORE--BUSINESS WIRE--Oct. 21, 1999-- Carnegie International Corporation (AMEX: CGY) said today that it will file an amended Form 8K with the Securities and Exchange Commission tomorrow which contains a correction "due to a misstatement by Grant Thornton, LLP," its former auditor, in a letter Grant Thornton submitted to the...
- Research articles 1999-10-21
- Materiality and Audit Adjustments
- Perhaps the most authoritative definition of materiality is found in Financial Accounting Concepts Statement 2, Qualitative Characteristics of Accounting Information: "The magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the...
- White papers 2002-04-01
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