“[R]eally, when you get down to it, the guys at Enron never would have done this. This is so blatant, so extreme,” Gates said of state governments’ accounting practices generally. “Is anyone paying attention to some of the things these guys do? They borrow money — they’re not supposed to, but they figure out a way — they make you pay more in withholding to help their cashflow out, they sell off the assets, they defer the payments, they sell off the revenues from tobacco.” [HuffPo]
Maine’s ‘Utterly Unqualified’ State Auditor Just Stepped Down Because He Couldn’t Pass the Certified Internal Auditor Exam
- Adrienne Gonzalez
- October 5, 2021
In January of this year, seasoned bureaucrat Matthew Dunlap took the helm as state auditor […]
- Caleb Newquist
- March 17, 2011
Sorry that we’re a little tardy on this news but you just knew someone was going down for this.
Apparently the mortification suffered by Weatherford International CFO Andrew Becnel was enough for him to keep his job. Principal Accounting Officer Charles Geer, on the other hand, wasn’t so lucky:
The Geneva-based company also disclosed the departure of Principal Accounting Officer Charles E. Geer, whose resignation comes two weeks after Weatherford disclosed tax-accounting errors that forced it to revise previous results by $500 million.
Weatherford said in a securities filings that Mr. Geer, whose resignation is effective Friday, is leaving to “pursue another career opportunity.”
It’s awfully nice of the company to keep things so professional after the material weaknesses under Geer’s watch will result in restatements for three years of filings.
- Caleb Newquist
- September 8, 2015
If you're a fan of accounting nostalgia, I recommend the semi-regular anecdotes from WithumSmith+Brown partner […]