Converting their payroll system has resulted in some serious errors to the tune of greater than $1.5 million for the Fort Worth (Texas) school district.
The school district overpaid employees and former employees at least $1.54 million, according to the [internal] audit. It also found that the district’s payroll system lacked proper controls, was cumbersome and [...]

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Dan Meyer at Tick Marks has brought my attention to a KPMG survey that reports audit committees are becoming more concerned about IT risks on financial reporting.
90% believed that IT oversight deserved more time at audit committee meetings. By constrast, 80% of committee members were satisfied with audit committee oversight of management judgments and estimates [...]

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The Conrad Black trial has been good theatre, and the latest coming out of Chicago doesn’t disappoint.
Testifying at the trial of former Hollinger chairman Conrad Black, a former member of the company’s audit committee has testified that it kept watch over company finances for four years without any financial experts.
Economist Marie-Josee Kravis, sat on the [...]

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Apple has informed investors that due to the ongoing investigation into their options backdating problems, they may be removed from the Nasdaq’s special “Global Select Market.” How select, you may ask? Well, a mere 1/3 of companies listed on the Nasdaq are privileged enough to make the cut.
Wait, was that a typo? [...]

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It has been announced recently that Dr. Eric Schmidt, currently the CEO of Google, is joining Apple’s Board of Directors. Boards are responsible for overseeing management, protecting shareholder interests and overall strategy.
The move has been hailed as a signal of future partnership between Google and Apple in their joint fights against Microsoft. I [...]

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