Monthly Archives: October 2014

Look at the footnotes in financial statements to safeguard your investing dollars

The case I’m examining today has not ventured into the legal arena as fraud.  However, it yields a valuable lesson because it stresses the power of the information contained in the footnotes in financial statements. In my humble opinion, the footnotes that accompany basic financial statements are the most valuable components of an audited set […]

The cost of free: Washington sales and use tax on complimentary meals

NOTE: The information in this post was updated on October 13, 2015. Read the update. Many hotels, clubs, restaurants and similar establishments provide complimentary food, drinks and snacks to guests in a variety of contexts. However, the potential sales and use tax liabilities associated with complimentary meals and drinks are often overlooked. A recently published […]

“The Wire” – a complex case of fraud

Some frauds are frighteningly simple and are made possible by a lack of critical internal controls or a real poor tone at the top.  Other frauds, like this one involving embezzlement of a PBS station through wire fraud, are extremely complicated and make us think (1) why in the world would someone go to all […]