SEC fines Newell Brands $12.5M for misleading investors
CFO Dive
OCTOBER 3, 2023
Newell veiled sub-par sales using various accounting changes and disregarded warnings from its audit committee and auditor, the SEC said.
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CFO Dive
OCTOBER 3, 2023
Newell veiled sub-par sales using various accounting changes and disregarded warnings from its audit committee and auditor, the SEC said.
CFO Share
APRIL 5, 2022
Think your business is too small to worry about sales taxes? South Dakota , small business sales tax has been an issue you cannot afford to ignore. With audits ramping up and penalties exceeding $100,000, understanding sales and use tax is essential. The cost of sales tax non-compliance. Think again.
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PYMNTS
JANUARY 26, 2021
Usually, the auditing workflow involves looking at expense reports filed by employees, with a focus on identifying potentially erroneous or even fraudulent transactions. Digitizing and centralizing spend across various departments and workflows is the first step to enhancing the auditing process, said McCrossan.
CFO Share
NOVEMBER 21, 2023
In the world of business finance, the terms “Cost of Sales” (COS) and “Cost of Goods Sold” (COGS) are often confused. Grasping the difference between Cost of Sales and Cost of Goods Sold can illuminate aspects of your business’s profitability and operational efficiency in new ways. What is Cost of Sales?
PYMNTS
JANUARY 7, 2021
(AmEx) harnessed strong and deceptive sales practices for card sales to business owners and if clients experienced negative effects, The Wall Street Journal reported Thursday (Jan. We carefully examine any issues raised through our various internal and external feedback channels and audits, and we do not tolerate any misconduct.”.
VCFO
MAY 5, 2022
Below is a summary of the discussion points from all professionals on the ‘ M&A: Preparing for Sale ‘ panel. Are the books and records clean and audit ready? Optimizing the sale of your company requires planning – it is not serendipitous. Maximizing Net After Tax Proceeds from a Sale.
PYMNTS
NOVEMBER 6, 2019
Wirecard is having auditing giant KPMG expand the scope of its review of Wirecard financials as the company continues to defend against allegations of fraud. 6) said Wirecard is having KPMG expand its audit review and expects authorities in Singapore to clear the company of any claims of fraud. Reports in Reuters on Wednesday (Nov.
PYMNTS
NOVEMBER 25, 2019
Isaacson gave PYMNTS an expert’s perspective on how the flurry of state laws is impacting companies — from small to medium-sized businesses (SMBs) to overseas retailers — and why a federal remote sales tax law may be a major economic boon. . Remote Sales Tax Laws: Winners and Losers . And the complexities do not end there.
CFO News
JULY 4, 2023
According to people briefed on the contents of the final forensic report, the founders have been found to have inflated revenues and sales in internal presentations to investors, and shown elevated expenses as well (to explain the losses in spite of the higher revenues).
VCFO
JANUARY 18, 2024
It’s talking with sales to clarify billing period details, engaging with engineering to understand technical complexities about risks that could impact delivery, or conferring with legal to check contractual interpretations. Another important element of dialogue can come via audits.
PYMNTS
MAY 1, 2020
Mnuchin: All PPP Loan Recipients Will Face Audits. Treasury Secretary Steven Mnuchin said per reports that firms that borrow money via the Paycheck Protection Program (PPP) can expect to be audited prior to forgiveness of the loans. Localized Payments Help Fashion eTailers Boost Cross-Border Sales.
CFO News Room
DECEMBER 24, 2022
A new merchandising leader undertook a review of brand profitability and saw that the company was actually losing money on its La Perla sales. Companies often look at their business by focusing on geographic regions, specific brands or products, or by sales channel. What is a Customer-Base Audit?
Adam Kae
APRIL 21, 2023
Speaking of transparency… Perform Internal Audits Audits, as tedious as they sound, have a couple of benefits. Audits also help you identify any areas of opportunity that may have otherwise gone under the radar. The best benefit from performing audits, however, is having something to show potential investors.
PYMNTS
MARCH 1, 2020
“We have rigorous, multilayered monitoring and independent risk-management processes in place, which we continuously review and enhance to ensure that all sales activities conform with our values, internal policies and regulatory requirements,” the spokesman said. “We The end of the partnership would have ended those fees, too.
PYMNTS
JULY 1, 2020
The Beijing-based coffee chain, which goes head-to-head with Starbucks in China’s booming market, said former CEO Jenny Zhiya Qian and former COO Jian Liu, as well as “certain employees reporting to them,” took part in a scheme under which $300 million in phony coffee sales were put on Luckin’s ledgers in 2019.
Jedox Finance
APRIL 30, 2020
In our first post in this blog series, we discussed the benefits of automating Sales Performance Management (SPM) and the related challenges. Sales Compensation Management is the most critical business function within SPM. Paying sales teams accurately is the primary objective of any sales compensation software.
VCFO
NOVEMBER 1, 2023
A review of revenue will often involve examining sales performance. By nature, most salespeople will do exactly what they are incentivized to do (which is why a well-designed sales compensation plan is so important). Year-end sales or special offers to past customers for that product might do the trick.
VCFO
NOVEMBER 7, 2023
It’s important to differentiate between having audited financial statements and a QoE report, as these are quite different reports. An audit opines on the accuracy of a historical period. An audit looks backwards, giving an opinion on the financial statements and health of the company. How Long Does it Take?
PYMNTS
MARCH 27, 2019
T-Mobile announced Wednesday (March 27) a new program geared toward businesses, removing some of the fees charged by other mobile point of sale providers. T-Mobile chose our point-of-sale platform to power GoPoint because of our deep knowledge and expertise in the payments industry.
PYMNTS
SEPTEMBER 29, 2020
The German payments company filed for bankruptcy protection in June and is already facing an investigation by APAS, the body that oversees auditing firms in Germany. An audit by KPMG , a global auditing firm, criticized Wirecard’s lack of transparency. EY was Wirecard’s auditor for more than a decade.
CFO News
APRIL 23, 2023
An investigation by SFIO had revealed that the company and its group companies had presented financial statements containing false statements of debtors and indulged in the malpractice of round-tripping and layering of transactions resulting in inflated purchases and sales.
PYMNTS
DECEMBER 13, 2019
Consider comments by Grubhub CEO Matt Maloney, who said in November that rivals should be charging more sales taxes on delivery fees. But in many cases, these firms may not be collecting sales taxes at all. The pizza company is treating that transaction like an over-the-counter sale,” he said. billion received in 2017. “The
Barry Ritholtz
AUGUST 6, 2023
New York Times ) • 22 years after the $63 billion Enron collapse, a key audit review board finds the industry in a ‘completely unacceptable’ state. Accounting firms have a critical role in verifying the finances of the companies they audit so that those clients can rely on and publish accurate snapshots of their businesses.
PYMNTS
NOVEMBER 3, 2019
In other news, one year-old Ember Fund , creator of an AI-managed crypto portfolio app, wants to raise as much as $1 million through an SEC-registered securities sale. In a filing, the startup explained that the sale of “Crowd SAFE” securities will run through the end of January 2020. Investors will need to post a $100 minimum buy-in.
PYMNTS
DECEMBER 18, 2020
auditing standards by the end of next year, including opening up their audit records to U.S. In September , China's top regulator, the State Administration for Market Regulation, fined coffee chain Luckin and other firms that helped it inflate its sales and expenses last year. auditing rules.
VCFO
APRIL 23, 2023
through identifying revenue-threatening errors and developing audit procedures. His first CFO role began in 2010, at Family Tree Corporation, a private oil and gas company, where he led strategic planning and development for non-operated working interests, mineral acquisitions, and large-scale lease plays. There, he saved the company $1.5M
Barry Ritholtz
MAY 9, 2024
It is a massive Dunning Kruger : exercise in inexperienced but overly confident “ Finfluencers ” reducing complex issues involving money to a slick but misleading sales pitch. 2 Sure, you can claim mainstream media is bad, but social media is worse.
PYMNTS
APRIL 16, 2019
The Federal Financial Supervisory Authority, known as BaFin, said the complaint centered around about 12 people it suspected in a short sale attack. This is the third time that the same highly confidential documents from a compliance audit have been used as the basis for a defamatory media coverage.”.
PYMNTS
OCTOBER 11, 2016
It’s a situation that sales people know all too well: You get a lead on the phone and they couldn’t seem any less interested in the product, even though you know it’s the right product at the right time for that company. There is a reason for that and an ideal time to call a sales lead, according to some new data. We audited 2,241 U.S.
PYMNTS
JUNE 21, 2018
States can collect sales taxes from online retailers thanks to a U.S. The 5-4 decision essentially overturns the court’s 1992 ruling that states can collect sales taxes only from retailers that maintain a physical presence in those states. retail sales. Do Sales Taxes Really Matter? Billions of Dollars at Stake.
PYMNTS
JULY 27, 2020
Bundesbank President Jens Weidmann said auditing should be enhanced. Wirecard is a scandal, and we have to do more to prevent it in the future,” Reuters quoted Weidmann as saying, adding that he called for more powerful auditing and accounting processes. a separate company from Wirecard AG, was listed for sale.
CFO Share
MARCH 14, 2022
Sellers order a Quality of Earnings report before soliciting buyers to uncover any problems that might disrupt the sale. In either case, the additional perspective enables you to remedy any pitfalls ahead of the sale. What is the difference between a quality of earnings report and an audit? Buy-Side Quality of Earning Report.
Jedox Finance
DECEMBER 4, 2022
release: Enhanced security and audit capabilities so organizations can minimize operational risk and maintain elevated compliance and governance standards. Heatmap example (sales data). Additional option of 14-day audit logging view in addition to the default availability of 1, 7, 30, or 365 days. Other highlights in the 2022.4
Bramasol
APRIL 15, 2024
Some of the specific use cases for order-to-cash to compliance include: Product breakdown analysis that unifies the sales, finance, and revenue recognition aspects of the process.
Centage
NOVEMBER 21, 2023
This can be due to factors such as seasonal sales and seasonal employee costs. While one quarter or month might not stand out as the biggest sales month, you might notice an uptick or downswing as the year goes along. Sales is one of the most difficult figures to estimate consistently, especially months down the road.
Bramasol
MAY 23, 2024
Examples include management consulting, accounting & auditing, legal services, IT and technology consulting, software integrators, engineering & architecture, marketing & advertising, financial advisory & investment firms, real estate & property management, and R&D consultancies.
PYMNTS
SEPTEMBER 15, 2020
In a letter to clients, Carmine Di Sibio pledged the accounting firm, also known as Ernst & Young , will do a better auditing job as the London-based professional services network recovers from the fallout from its role as auditor in the Wirecard scandal, the Financial Times reported. million Australian dollars ($5.7
PYMNTS
SEPTEMBER 30, 2020
The government has now also started an audit of the loans. internet sales on the rise as consumers switch to digital shopping, as has happened in many other parts of the world since the pandemic. This switch caused a 6 percent drop in retail sales for the year up to August, with traffic down 60 percent in June alone, PYMNTS reported.
Barry Ritholtz
APRIL 14, 2023
My end-of-week morning train WFH reads: • What Happened When the IRS Got Audited : Obsolete software. Wall Street Journal ) • A beginner’s guide to accounting fraud (and how to get away with it) : A history in the faking: The mechanics of making up sales are pretty simple. Archaic code. The IRS has an IT problem.
PYMNTS
JANUARY 18, 2019
One sector that has been hit hard has been peer-to-peer lending , where more than half of companies have shuttered through the past year and a half, a result of increased regulations – and where mandates expand all manner of legal and accounting audits.
CFO Thought Leader
MAY 16, 2023
Nearly 20 years later, Simone Nardi became a benefactor of GE’s media aspirations when he traded a senior manager position on GE’s audit team for a unit CFO role inside GE’s plus-size media holdings enterprise, NBCUniversal. by hand-delivering a bowl of fruit to GE’s executive brass.
Collectiv
JULY 17, 2023
President and CFO Brian Lewis was involved in an initiative to develop new audit automation software. While auditors are comfortable interpreting output in this layout, it doesn’t tell a compelling data story to stakeholders like audit committees, senior management, and outside parties.
The Finance Weekly
MAY 14, 2024
As a result, customers may turn to competitors to fulfill their needs, causing the business to lose sales and potentially long-term customers. You need a reliable system to avoid running out of stock and missing out on sales. It's like a puzzle with sales speed, upcoming deals, trends, and growth as pieces.
PYMNTS
DECEMBER 27, 2019
Sales taxes empower governments to maintain critical public services, but they can also make medical essentials too expensive for those who need them. Diaper expenses quickly add up for families with infants or incontinent adults, and sales taxes only increase the burden. Sales taxes’ price tags.
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