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Footnotes: Broke People; RIP Dr. Adolf J.H. Enthoven; Future Accounting Geniuses Win the AICPA Competition | 03.18.13

Posted on by Adrienne Gonzalez

All Upstate N.Y. Shooter Left Behind Was Debt and New Clothes [New York Magazine]

No Accounting For Auditor PwC At Levin's Whale Hearing [Francine McKenna in Forbes]

Crown Heights Accountant Untangles Tax Code For Brooklyn's Creative Class [DNAinfo.com]

Sonic Falls Most in Three Weeks on Accounting Weakness Some automotive company, not that drive-in place you've only been to when you're drunk. [Bloomberg]

UT Dallas Mourns Longtime Professor and Accounting Expert The qualified accounting professor shortage continues *sadface* [UT Dallas]

AICPA Announces Winners of Start Here, Go Places. High School Accounting Competition Get 'em started young [MW]

PwC 2013 "State Of The Profession Survey" Finds Strong Needs Exist For Internal Audit To Deliver More Value To Organizations [Dark Reading]

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When Booking Bogus Revenue, Ideally Your CFO Is the Type to Not Give a Rat’s Ass

James Li and David Chow used to run a shop called Syntax-Brillian Company as the CEO and Chief Procurement Officer respectively. They sold high-def, LCD TVs under the Olevia brand in China. Problem was, they didn’t really sell TVs under the Olevia brand in China. According to the SEC:

[F]rom at least June 2006 through April 2008, Li and Chow engaged in a complex scheme to overstate Syntax’s financial results by publicly reporting significant sales of LCD televisions in China, when in fact the vast majority of these sales never occurred. Li and Chow initially concealed the scheme through the use of fake shipping and sales documents.

Of course, they couldn’t do it alone. They needed a CFO. A CFO who would backdate things when asked and ignore obvious signs of bogus revenue. That man was Wayne Pratt who, from the sounds of it, wasn’t too concerned about ANYTHING:

The SEC alleges that Wayne Pratt, Syntax’s Chief Financial Officer, ignored red flags of improper revenue recognition and participated in preparing backdated documentation that was provided to Syntax’s auditors to support fictitious fiscal 2006 year-end sales. Pratt also ignored indications of impaired assets, agency sales, and potential collectability issues.

So, budding criminals, get on the look out for a guy/gal who is accustomed to shrugging their shoulders and responding “Meh. Whatever.” to your demands. Should work out well for you.

Litigation Release [SEC]
Complaint [SEC]