On August 1, 2014 Citigroup Inc [C] received a comment letter from the SEC. One of the comments referred to a $235 million after-tax charge resulting from a fraud discovered at its Banco Nacional de Mexico (Banamex) subsidiary, which was recorded during the … Continue reading
Category Archives: Internal Controls (ICFR – SOX 404)
Audit Fees and Non-Audit Fees: A Twelve Year Trend
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Audit Analytics released its annual Audit Fee report yesterday. Titled “Audit Fees and Non-audit Fees: A Twelve Year Trend”, the report is available free to subscribers or for purchase to non-subscribers. Overall, the research showed that for 2013 the ratio of … Continue reading
GT Advanced Technologies: Red Flags Exhibited Prior to Bankruptcy
On October 6th, GT Advanced Technologies (GTAT) and its subsidiaries filed for bankruptcy protection under Chapter 11. Speculation about the company’s negative prospects were apparent after Apple decided not to use GT Advanced as a supplier for the behemoth’s latest iPhone. … Continue reading
Emerging Growth Company IPOs
One of the key provisions of the JOBS Act, which was signed into law on April 5, 2012, was the designation of Emerging Growth Companies. An Emerging Growth Company (or EGC) is a company which reports less than $1 billion in total … Continue reading
The Cost of an Error
A Latin phrase attributed to Seneca, errare humanum est, reminds us that to err is human. Although errors and mistakes may be unavoidable, they nevertheless tend to bear a cost, which sometimes can be quite significant. On April 28th, 2014 … Continue reading