Deloitte hacked

One of the big 4 accountancy firms, Deloitte is one of the victims of the hacker attacks of the recent times. The attack that dates back to November 2016, was a breach of Deloitte’s email systems that gave the hackers access to all the areas of the firm.

What is interesting is that the attack went undetected till March 2016. After the detection though, the firm implemented security protocols, began intensive review of their cybersecurity, and contacted the affected parties and notified the government authorities and regulators.

The hack attacks of the last few years have made us aware of the vulnerability of companies and countries. It will be interesting to see what technology can do to protect against these attacks, it will be technical minds of hackers vs the technical minds of another set of hackers!

Father of Accounting

Luca Pacioli, known as the “Father of Accounting and Bookkeeping” was an Italian mathematician, who published the first book on double entry accounting in the year 1494.

Impaired expectation

After discovering accounting errors in prior periods, chemical and mining group Rolfes has re stated its expected earnings for year ending June 2016. The issue in hand was, understatement of impairments relating to prior periods. The understatements will reduce the expected earnings for year ending June 2016, from an earlier number of 55.9c to a range between 39.9c to 48.1c. A significant impairment from previous expectation!