As we mentioned last week, Frank DiPascali, the Chief Financial Officer Accounting Officer Number-Maker-Upper is going to be arraigned today on multiple counts of fraud, conspiracy and other bad stuff that will earn him a permanent wardrobe of bright orange or heavy denim jumpsuits. We’ll update you on the sitch after 3 pm EDT.
Related Posts
Internal Controls Are of the Devil (Or: Why Stealing from the Catholic Church Is So Easy)
The other day I asked my wife if she'd be mad if I started a new religion. I clarified that she would not be required to join my new religion; I just wanted to know if I'd have her support. She didn't really answer. Not out loud. But her nonverbal message was as clear as an auditing standard that was clarified in the Clarity Project1. What she wasn't saying was either (a) she'd be pissed if I really did it, or (b) she'll tolerate my stupid questions, or (c) she'd be shocked if I could get more religious followers than I have Twitter followers2.
Ex-NMFA Controller Admits That He Was ‘Probably Negligent’ to Submit a Fake Audit Report But It’s Okay Because a Real Audit Will Confirm That Everything Is A-okay
The New Mexico Finance Authority ("NMFA") has a bit of a mess on its hands. […]
Cynical Executives are Expecting More Bad Behavior Out of You
Let’s talk about fraud, friends. We’re all sure that you’re number crunching sleuths and that no accounting hocus-pocus would ever get past you but apparently executives are still expecting more of it. This probably means one of two things: A) You’re not as smart as you think you are, or 2) You’re in on it.
Now, we should clarify that in Web CPA’s piece, these executives polled expect a rise in one of three areas: “financial reporting, asset misappropriation, or as another illegal or unethical act”. If you’re involved in the first kind, that’s boring. If you’re involved in the second kind, we suggest you retain counsel.
More, after the jump.
We’d like to focus on the “illegal and unethical act” part. Now, assuming you’ve passed the CPA, and also passed the grueling ethics exam that most states require, this shouldn’t be an issue for you.
For the rest of you, we’re assuming that your typical day is rife with unethical behavior. Some of you are probably unable to consume lunch and turn the entire work environment into a biohazard. So what we’re getting at here is that your clients and/or bosses don’t trust seem to trust you. We’re sure they’re right. We want to know why.
What kind of chicanery is going on that the bigwigs wouldn’t want to know about? Do you jimmy the vending machine on a regular basis for your lunch? Are you raiding the supply closet to build replicas of the [insert city here] skyline with staples? Let’s keep it to minor offenses though. Nothing that qualifies as misdemeanors and above will be allowed.