Word: auditore
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...into the big time. He started out in a group called 3's Company, which appeared in between folk singers doing whaling songs at coffeehouses and never attracted much of a following. In 1974 he earned so little and had such high expenses that the IRS came calling. The auditor found the $2,200 in travel receipts in order but asked Janice why in the world he kept at it for only $4,000 a year. "It's in his blood," she sighed...
...homework." Here rest the domains, familiar to everyone, of being on the spot, of feeling guilty, of fearing reprimand, failure or disgrace, and on the other side of the ledger, of wishing to seem more impressive to others than the bald facts will allow. Complicity between liar and auditor rarely occurs in this category; the liar wants to get away with something. If a lie turneth away wrath, or win a job or a date on Saturday night, why not tell it? Because to do so is immoral and wrong, runs the standard, timeworn answer. But this stricture has never...
...struggling World Basketball League, which folded Aug. 1. The firm says the two men participated in a scheme to cook the company's books, forcing it to write off $350 million -- including the allegedly stolen funds and $340 million in overstated profits. The privately held concern has dismissed auditor Coopers & Lybrand, which it blamed for failing to spot the fraud. The accounting firm says Phar-Mor's move was "apparently designed to posture, bluster and transfer blame...
Karen E. Esielonis '80 received a scholarship from Massachusetts in 1989 to help pay for a graduate program in Fine Arts. On Tuesday an auditor from the IRS told her that she had failed to report her scholarship...
Responsibility for spotting outright fraud, though, is another matter. Says John Hill, assistant professor of accounting at Indiana University: "No audit is going to uncover cleverly disguised fraudulent schemes concocted by management." In the strictest sense, auditors are not required to look for fraud -- but controversy rages about what they should do when they stumble upon it. Rather than inform on clients, auditors usually prefer to drop the account quietly. When that happens, the client must file form 8-K with the Securities and Exchange Commission, explaining why the auditor resigned. But details of the disagreement are typically fudged...