July 2014

More good stuff for auditors – 7/2

A few links and comments of interest to auditors. No more discussions of Mr. London or scofflaw banks for the day, so here is some accounting stuff.

6/8 – Boston Globe – The vanished grandeur of accounting – Early on in the history of accounting, the double entry stuff created accountability for the rulers and aristocrats. Did you know that once upon a time rich people who could afford to have an oil painting made of themselves would often put their ledger books into the pictures, to show they were knowledgeable about accounting?  Later, paintings of high-ranking public officials would include ledger books to show they were open and accountable. Check out the article for a different and entertaining history of accounting. At one time, accounting generated huge increase in transparency and accountability.

5/1 – Re:Balance – Big Data: Can the Regulators Handle the Big Challenge to Big Audit – …

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Total BNP Paribas fine is $8.97 billion for money laundering

I previously mentioned the total penalty BNP Paribas agreed to pay for laundering money to evade U.S. trade sanctions was $8,833.6M. The updated WSJ article said the total settlement is $8.97B. After realizing the disconnect, I went back to the federal plea deal. I missed that amount until this morning.

The forfeiture is $8,833.6M, which represents the amount the feds say on page 1 of the plea deal is …

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