Beware of defensive auditing

first_img continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Greetings from Albany, New York where I now know the answer to the following question: Can ten degrees feel like a heat wave at 7 a.m.? Yes, it can.Here is another question for you: Can a recent victory by the FDIC actually make things more expensive and difficult for not only banks but credit unions? To me the answer is yes.Colonial Bank was victimized by a major fraud between 2002 and 2009 in which some of its key employees conspired with its major customer to allow it to overdraw the bank’s line of credit and then cover up this fact. By the time the fraud was discovered, $2 Billion had been lost. During much of this time the accounting firms PricewaterhouseCoopers LLP and Crowe Horwath LLP were responsible for auditing the bank. The FDIC brought a lawsuit in 2012claiming that but for their accounting negligence, the fraud would have been discovered sooner. Among the arguments advanced by the accounting firms in defending themselves was that the bank and the FDIC were effectively trying to get them money to pay for actions committed by the bank’s own employees. Late last week, the Court ruled that the bank could not win a lawsuit against the accountants but the FDIC could. This is a big deal and will presumably be appealed.last_img read more

Alpena County Library selects contractor for upcoming renovation project

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich. — The Alpena George N. Fletcher library has selected a contractor for their upcoming renovation project. They have decided to go with Meridian Contracting Services from Alpena.Library Director Eric Magness–Eubank says they have a good reputation working with older buildings and have used them for several smaller scale projects. He also said that the community has shown the library so much support and that was a big reason why they decided to stay with a local contractor. “We needed to do our part to ensure that much of the community’s money stayed within the community,” he said.The 46–year–old building will receive several improvements, including upgraded air conditioning. “We’re basically going to be putting a 21st century library in the shell of a 20th century building,” said Magness-Eubank.The library will be shut down throughout the renovations but will be moving to a temporary location early in August. That location has yet to be determined. The project is estimated to cost $3.7 million and is expected to be completed in June of 2021.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: Alpena County George N. Fletcher Public Library, Meridian Contracting ServicesContinue ReadingPrevious Fire destroys John A. Lau’s Saloon and Restaurant in AlpenaNext Possible COVID-19 exposure at local restaurantlast_img read more

Travel advisory for Greece updated

first_imgThe Australian Government’s Department of Foreign Affairs and Trade (DFAT) updated its travel advisory for Greece early this week, due to bomb attacks in Athens and possible civil unrest. The information under Safety and security: Civil unrest/political tension contained on the DFAT website, was updated after a homemade bomb exploded inside a suburban Athens shopping mall, on January 20, slightly injuring two security guards. “Groups opposed to the Greek Government, Greek institutions and Western commercial and diplomatic interests have bombed government, commercial and other buildings in Greece on several occasions. This included bomb attacks at several locations in Athens in January 2013 and a serious bomb attack on a government building in December 2010. Such attacks have resulted in death and/or injury. Further attacks cannot be ruled out,” the DFAT website reads. Despite the updated information, the overall level of the advice has not changed, and Greece keeps its position in a group of countries where “normal safety precautions” should be exercised. “We continue to advise Australians to exercise normal safety precautions in Greece,” the DFAT website notice reads. The DFAT has advised Australian citizens and travellers to monitor the media and be prepared to change their travel plans in case of transport disruptions. Australian citizens are also advised to avoid all protests and demonstrations as they may turn violent. As main areas in Athens that have been effected by demonstrations and riots in past, the website refers to Syntagma Square, Monastiraki (tourist area) and Omonia. Facebook Twitter: @NeosKosmos Instagramlast_img read more