Professor Elam
Accounting & Investing Info for San Antonio A & M
about
Category: Audit
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Friday Feb 23, 2012 Drop me an e mail – first come first serve get a seat at the table dennis.elam@tamusa.tamus.edu
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Friday Feb 23, 2012 Here is the complete Bloomberg story on the Olympus Imaging Co. accounting scandal. Ethics class take note, someone is doing their case on this story.
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Thursday Feb 9, 2012 Okay so I made up the number 1,186. We are studying ethics and past fraudulent accounting practices in ACCT 5308, Ethics. We have another candidate for Who's the Worst Yep Diamond Foods DMND CEO Michael Mendes is cleanig out his office, as Trump would say, You're Fired. Most accounting frauds…
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Tuesday Jan 24, 2012 James Turley the CEO fo Ernst is interviewed in today's WSJ. This is the perfect example of why you should be subscribing. I don't see the article in the online version of the WSJ While his answers are power point perfectly obscure adn general, it is interesting that they tookin about…
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Monday Jan 23, 2012 A letter to the WSJ today makes the point that the first time an external audit firm performs an audit, they do due diligence and evaluate controls. As time goes on and they settle in however, they really become more of a joint venture partner with the firm, that professiional…
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Tuesday Jan 17, 2012 Olympus Imaging has become one of the biggest ethical frauds in Japanese history. This article sums up the story to date. The article idicates that individual auditors rather than the firms are being blamed. It goes on to note that without an external auditor it will be difficult for Olympus to stay…
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Wed Dec 28, 2011 Natural Gas is at a decade low discount to crude oil. Coal is being regulated out of use by the Obama Administration. But the low prices of natural gas are making it a favored substitute over coal. And nat gas burns a lot cleaner than coal. Historic Comparison Nat Gas to…
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Tuesday Nov 8, 2011 Olympus Imaging apparently made some bad bets on investments in the 1990s. They lost money. Now the truth is beginning to surface. While the linked article does not explicitly say so, apparently Olympus laundered the money through consultant fees to hide the loss. I assume the consultant channeled the money to cover…
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Friday Nov 4, 2011 The battle for the dumbest statement of the year by a politician is of course fiercely waged each and every year. But, I do believe, we have if not this winner for 2011, a serious contender. Consider By law the party chair is supposed to reconcile bank statements for party money…
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Monday Oct 24, 2011 Meredith Whitney has predicted trouble in the municipal bond market. It may well start in Rhode Island. Substitute Greece for RI in the article and it reads the same. This will be the end of the defined benefit pension plan in America. Notice that the problem is the inability to determine just…
Professor Elam 