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This Year’s Top Five Accounting Horror Stories

It’s that scary time of year when we review the top five accounting horror stories.

Whether these mistakes were intentional or not, we consider these scenarios to be right up the Headless Horseman’s dark path.

1. “We were stunned about the situation we inherited,” said Tom Clifford, New Mexico’s Secretary for the Department of Finance & Administration.

New Mexico’s $100 Million Accounting Error

2. In a recent SEC filing, Hanger Inc. stated that in 2014 it incurred $16 million in third-party accounting costs and expects to spend another $12 million this year.

Accounting mistakes cost Austin medical device company $28M

3. “We deeply apologize for the situation we are in yet again,” said Masashi Muromachi, Toshiba’s Chief Executive.

Toshiba scandal continues as more accounting errors found

4.   “Bankrate manipulated its financial results through numerous small accounting entries in order to meet analyst estimates on a key metric,” said Andrew J. Ceresney, Director of the SEC’s Division of Enforcement.

SEC Charges Bankrate and Former Executives With Accounting Fraud

5.   Michael Laphen agreed to return more than $3.7 million in compensation to CSC under the “clawback” provision of the Sarbanes-Oxley Act of 2002.

CSC Agrees To $190M Settlement With SEC Over Accounting Fraud Charges

A great way to avoid frightening surprises is to automate your account reconciliation and financial close. Check out ART, SkyStem’s account reconciliation and financial close automation solution, and get out of the dark.

By |2023-08-07T15:29:52+00:00October 23rd, 2015|Blog|0 Comments
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