Tag: Accounting

SEC’s ‘Swiss Army’ Accounting Law Tested by Cyber Breach Charges

R.R. Donnelley & Sons Co. agreed last month to pay $2.1 million to settle Securities and Exchange Commission charges that the marketing and printing company violated disclosure and internal accounting control rules stemming from a 2021 cybersecurity breach. The settlement, which comes amid heightened SEC focus on cybersecurity, represents a new—and expansive—take on the accounting control provisions. The regulator included…

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Dark Accounting Matter

Physicists calculate that approximately 85% of the matter in the universe is composed of “dark matter” that “does not absorb, reflect, or emit electromagnetic radiation and is therefore difficult to detect.” The S&P 500 currently trades at a price to book value of 4.2, suggesting that book value accounts for less than 20% of the S&P 500’s market value. The…

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SEC Obtains Final Judgment Against Synchronoss CFO for Role in Accounting Misconduct

On June 14, 2024, the U.S. District Court for the Southern District of New York entered a final judgment against Karen Rosenberger, imposing an injunction and officer and director bar, and also ordering her to pay civil monetary penalties and reimburse Synchronoss Technologies, Inc. (“Synchronoss”) for certain compensation. According to the SEC’s complaint, Rosenberger engaged in accounting misconduct which resulted…

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Autodesk Faces SEC, DOJ Scrutiny After Internal Accounting Probe

The US Securities and Exchange Commission and the Department of Justice are probing Autodesk Inc. after the software maker reassigned its chief financial officer following an internal investigation into the company’s accounting practices. “The Company intends to cooperate with the SEC’s investigation,” Autodesk disclosed in a 10-K filed Monday afternoon. In addition, the US Attorney’s Office for the Northern District…

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Autodesk Falls After Disclosing Internal Probe Into Accounting

Autodesk Inc. fell by the most in almost a month after disclosing an internal investigation into its own accounting practices and putting off the release of its annual financial report. The San Francisco-based software maker received information that has prompted “an internal investigation with the assistance of outside counsel and advisors,” Autodesk said in a filing late Monday. The probe…

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Chemours Faces DOJ, SEC Accounting Probe Amid Shakeup at Top

The US Securities and Exchange Commission and the Department of Justice are probing Chemours Co. after the chemical company put three of its top executives on leave amid an investigation into its accounting practices. “Chemours is cooperating with requests for information by the SEC and the United States Attorney’s Office for the Southern District of New York concerning the results…

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India regulator finds $240 million diverted out of Zee’s books, sources say | Reuters

India’s market regulator has made a preliminary finding that 20 billion rupees ($240 million) has been diverted out of Zee Entertainment Enterprises’ books, and Zee Group founders have been called in for questioning, two sources with direct knowledge of the matter said. The amount was 10 times higher than investigators had initially estimated, said one of the sources. Zee’s shares…

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U.S. SEC’s Knock From GAO Unlikely to Budge Agency’s View on Crypto Accounting

As the U.S. Securities and Exchange Commission (SEC) Chair keeps chasing non-compliance in crypto, his agency was slammed by the watchdog Government Accountability Office (GAO) for its own compliance failure in issuing crypto accounting standards without treating the policy as a formal rule. So, what now? In practical terms, probably nothing much. The agency is likely to rectify the accusation…

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