Corporate Finance Accounting

  • Ernst & Young settles charges tied to former employees

    The accounting firm will pay a fine of $9.3-million to settle charges that two former auditors got 'too close' to clients.

  • Ernst and Young signage in New York City.

    Accounting firm Ernst & Young will pay $9.3 million to settle charges that two of its former auditors got "too close to clients on a personal level."

  • The agency said the two former Ernst& Young partners also settled SEC charges that they lacked independence when auditing the clients' companies. Another partner and a client's chief accounting officer also settled SEC charges that they engaged in unprofessional conduct. All agreed to penalties and suspensions from doing any accounting work relating to...

  • Three former Ernst& Young partners and a client's former chief accounting officer also settled SEC charges, agreeing to various penalties and suspensions, the agency said. SEC investigations found that Gregory Bednar, a former senior partner on the audit team for a New York- based public company, had "maintained an improperly close friendship" with its chief...

  • WASHINGTON, Sept 19- Accounting firm Ernst& Young will pay $9.3 million to settle charges that two of its auditors got "too close to clients on a personal level" and broke rules aimed at ensuring reviews were objective and impartial, the U.S. Securities and Exchange Commission said on Monday. SEC investigations found that the senior partner on the audit team for a...

  • "SEC investigations found that the senior partner on an engagement team for the audit of a New York- based public company maintained an improperly close friendship with its chief financial officer, and a different partner serving on an engagement team for the audit of another public company was romantically involved with its chief accounting officer," the SEC...

  • Sept 16- New York Attorney General Eric Schneiderman is investigating Exxon Mobil Corp's accounting practices and why the oil major hasn't written down the value of its assets in the wake of a slump in oil prices, a person familiar with the matter said. "Our results are in accordance with the accounting and reporting standards of the SEC and FASB," an Exxon...

  • District Judge Gregory Woods in Manhattan on Thursday said the SEC may pursue all its claims against former Chief Financial Officer Edward DiMaria, and all but one claim against former Director of Accounting Matthew Gamsey. The SEC accused New York- based Bankrate, which reached a $15 million settlement last September, and the executives of using...

  • LONDON, Sept 9- Britain's Serious Fraud Office has charged three former senior Tesco executives with fraud in its investigation into accounting practices at the country's biggest supermarket chain. Carl Rogberg, Christopher Bush and John Scouler have been charged with one count of fraud by abuse of position and one count of false accounting, the SFO said in a...

  • LONDON, Sept 9- Britain's Serious Fraud Office has charged three former senior Tesco executives with fraud in its investigation into accounting practices at the country's biggest supermarket chain. Carl Rogberg, Christopher Bush and John Scouler have been charged with one count of fraud by abuse of position and one count of false accounting, the SFO said in a...

  • LONDON, Sept 9- Britain's Serious Fraud Office said it has charged three former senior Tesco executives with fraud in its investigation into accounting practices at the country's biggest grocer. Carl Rogberg, Christopher Bush and John Scouler have been charged with fraud by abuse of position, the SFO said in a statement on Friday. Bush, 50, was managing director...

  • Tim Cook, chief executive officer of Apple.

    The European Union's fight for Apple's tax money may actually create setbacks for tax reform, a former U.S. tax authority told CNBC.

  • LONDON, Aug 31- Britain's accounting watchdog has closed an investigation into Laurie McIlwee, former chief financial officer of supermarket giant Tesco which hit a book-keeping crisis in 2014.. "The executive counsel to the FRC has concluded that there is no realistic prospect that a Tribunal would make an adverse finding in relation to the conduct of Mr...

  • U.S. regulators said AstraZeneca will pay $5.52 million to resolve a foreign bribery probe into improper payments by its sales and marketing staff.

  • Neither the SEC nor Justice Department responded to requests for comment. The SEC said that AstraZeneca through at least 2010 failed to devise and maintain a system of internal accounting controls relating to its subsidiaries' interactions with Chinese and Russian government officials. AstraZeneca also falsely recorded the improper payments in China...

  • MILAN, Aug 19- The latest judicial probe into Monte dei Paschi di Siena is a procedural necessity but it could still damage Italy's third-largest bank as it seeks to solve its financial woes, the lender's chief executive said on Friday. CEO Fabrizio Viola and former chairman Alessandro Profumo are under investigation for alleged false accounting and market...

  • The Defense Department's Inspector General, in a June report, said the Army made $2.8 trillion in wrongful adjustments to accounting entries in one quarter alone in 2015, and $6.5 trillion for the year. Yet the Army lacked receipts and invoices to support those numbers or simply made them up. Disclosure of the Army's manipulation of numbers is the latest...

  • *Short sellers shifting focus from Chinese companies to Japan. *Citron's Cyberdyne attack is sixth ever on Japan company. HONG KONG, Aug 19- Short-sellers who made their names and fortunes wiping billions off Chinese and Southeast Asian companies are setting their sights on Japan after a series of accounting scandals amplified concerns about weak corporate...

  • Hain Celestial on pace for worst day ever

    Jon Najarian discusses buying Hain calls last week as today's news of delayed earnings sends the stock tumbling, with the "FMHR" traders.

  • *Raises 2016 profit forecast to $6.31/ shr from $6.27/ shr. Home Depot and smaller rival Lowe's Cos Inc have benefited as consumers cut back spending on items such as apparel and accessories and instead spend more on houses and renovating and redecorating their homes. Sales of such products rose 8.1 percent in the second quarter ended July 31, accounting for about...