On November 10,1494, the first book about double entry systems was published by the Italian mathematician, Lua Pacioli, also known as the father of accounting. In his honor the day is celebrated as the International Accountants Day! To all fellow accountants, keep up the great work.
Italy’s Antitrust authority fined the big 4 (Ernst & Young, Deloitte, KPMG and PWC) a total of 23 million euros for allegedly conspiring and colluding to divvy up large public consultancy contracts. Looks like the Big 4 need to revise their Ethics class!
According to a recent study by global specialty insurer Hiscox, in 2016, workplace embezzlement cases cost companies an average of $1.13million. Some very interesting facts from the report–
55% of cases occurred at companies with fewer than 100 employees
37% of cases committed by someone in finance and accounting
30% of cases occurred in financial services or government sectors
37% of cases involved losses of > $500,000 and 23% of cases involved losses of > $1million
28.7% schemes lasted greater than 5 years
51% of perpetrators were women
Median age of perpetrators is 48
Definitely an interesting read.