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January 29, 2023

Accounting News Roundup: More on Madoff Auditor; CohnReznick’s Next CEO; Toshiba Is Sorry About the Wait | 05.29.15

Madoff Accountant Avoids Prison Term [DealBook, Earlier]
In his statement to the court, David Friehling said, "I would rather be regarded as dumb than crooked," referring to Madoff calling him a "dumb auditor." He continued, "I did not question what I should have questioned."

Labor Department Finds Problems with CPA Audits of Employee Benefit Plans [AT]
Serious deficiencies in 39% of EBP audits.

The SEC can't stop screwing up [Fortune]
Waivers to banks, executive pay compared to shareholder returns, and CEO-to-worker-pay ratios just to get you started.

Longtime Hartford Accountant Named CEO Of CohnReznick [CTNow
Frank Longobardi succeeds co-CEOs Ken Baggett and Tom Marino on October 1.

Toshiba says accounting probe to take until mid-July [Reuters]
CEO Hisao Tanaka said, "We accept the gravity of this extraordinary situation, and deeply apologize for the inconvenience we caused to many, including shareholders."

Waffle-maker dispute results in 30 people kicked out of Mason County hotel, police say [MLive]
People do seem to get a little more aggressive in those breakfast buffets: " 'It sounded like one lady walked up and asked the other lady if she was in line for the waffle maker. She didn't answer, so this lady started to make her waffle. The other confronted her and said, "That was my waffle" and the other lady said, "No, it's mine" and then it went down hill from there,' [Sheriff Kim] Cole said."

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