Institutional Investor (September 1)
“Most Chinese internet stocks will need to move their primary listings to Hong Kong or delist from the US” in light of *updated SEC rules regarding the audit of US listed China stocks” and recent actions by the Chinese government. “We don’t expect this to mean a disorderly unwind of VIE listed stocks listed in US,” but “it is unlikely stocks with data considered ‘sensitive’ can keep their primary listing in the US.”
Tags: Audit, China, Delis, Disorderly, Hong Kong, Internet stocks, Primary listings, SEC rules, U.S., Unwind, VIE
Website Magazine (December Issue)
Digital advertising has evolved greatly from the once ubiquitous pop-up ads, but advertisers still frequently lack a “reliable way” of judging the effectiveness of their ad spend. The reports rely on “trust me” technology whose inventors/providers have not been “audited, could not be audited frequently enough for it to be verifiable, or actually refused to be audited.”
Tags: Ad spend, Advertisers, Audit, Digital advertising, Effectiveness, Pop-up ads, Trust me technology, Verifiable
CNN (October 31)
U.S. “lawmakers should be conducting a serious audit of our nation’s intelligence and cybersecurity capacities and strengthening areas of weakness to ensure our country is well-equipped to withstand future efforts from state actors, like Russia, to disrupt our democratic processes…. We’ve seen these efforts underway in Europe for years, and should learn from and even improve upon what they are already doing.”
Tags: Audit, Cybersecurity, Democratic processes, Disrupt, Europe, Intelligence, Lawmakers, Russia, U.S., Weakness
Businessweek (December 21)Businessweek (December 21)
Ernst & Young LLP is being sued by New York Attorney General Andrew Cuomo for enabling Lehman Brothers to engage in a major accounting fraud designed to deceive investors. Lehman routinely moved liabilities off balance sheet for a period of over 7 years while Ernst & Young was its public auditor. Through what became known as “Repo 105” transactions, Lehman would sell debt before reporting dates with an agreement to repurchase the debt afterwards. As much as $50 billion was hidden from view through this window-dressing tactic. According to Cuomo, who will soon step aside as Attorney General to become New York’s Governor, “This practice was a house-of-cards business model designed to hide billions in liabilities in the years before Lehman collapsed.”
Ernst & Young LLP is being sued by New York Attorney General Andrew Cuomo for enabling Lehman Brothers to engage in a major accounting fraud designed to deceive investors. Lehman routinely moved liabilities off balance sheet for a period of over 7 years while Ernst & Young was its public auditor. Through what became known as “Repo 105” transactions, Lehman would sell debt before reporting dates with an agreement to repurchase the debt afterwards. As much as $50 billion was hidden from view through this window-dressing tactic. According to Cuomo, who will soon step aside as Attorney General to become New York’s Governor, “This practice was a house-of-cards business model designed to hide billions in liabilities in the years before Lehman collapsed.”
Tags: Accounting, Audit, Cuomo, Ernst & Young, Fraud, Lehman
