Here’s an interesting story coming out of Dallas: Embattled multi-level marketing firm Mannatech has fired its independent auditor, Grant Thornton, after the auditor gave the company an ultimatum: Remove Chairman and founder Sam Caster from the company or find yourself another auditor. So they found themselves another auditor, BDO Seidman, and let Grant Thornton go.Continue reading “Grant Thornton insists client remove Chairman, is removed as auditor”
Tag Archives: US
Income trust foreign takeovers may be a good thing
There’s been a lot of activity lately on the income trust front. Foreign firms are making bids left and right to acquire the Canadian entities, in the wake of the 31.5% trust tax introduced by the Conservative government. Jack Mintz, a professor at Rotman, the business school at the University of Toronto, discusses in aContinue reading “Income trust foreign takeovers may be a good thing”
Scots tout principles in the Big Apple
The Scotsman: The Institute of Chartered Accountants of Scotland will tell high-powered US financiers at a conference in New York that individual judgment should play a bigger role than strict adherence to a rule book. Ah, this old classic. Once again the rules-based US system is coming under attack by external sources, this time fromContinue reading “Scots tout principles in the Big Apple”
AMT woes south of the border – what about us?
The Alternative Minimum Tax is getting a lot of coverage in the US since changes made by Reagan in the 80s are causing it to affect 80% of “families with an adjusted gross income of $75,000 to $100,000,” in other words, a lot of frickin’ families. When the tax was first introduced in 1969, itContinue reading “AMT woes south of the border – what about us?”
Canadian bank “shakes” Enron related audit rules
From the (Toronto) Star: Banking authorities in Canada and the United States have lifted an enforcement action that they imposed on the Canadian Imperial Bank of Commerce three years ago over its involvement with Enron Corp. The action put restrictions on CIBC and required it – for the past three years – to pay forContinue reading “Canadian bank “shakes” Enron related audit rules”