July 1, 1998
Harrison Digicom Inc. said Tuesday it has ordered a re-audit of its 1995 and 1996 financial statements due to concerns that reports from its former auditor in Vietnam may not be genuine. The Costa Mesa company said it has hired Deloitte & Touche's Vietnam affiliate to audit the company's financial statements for fiscal years 1995, 1996 and 1997. Deloitte & Touche alerted the company to its concerns about the 1995 and 1996 statements.
March 12, 1990 |
Union Bank Wins $5-Million Court Award: Accounting firm Arthur Young & Co. (now known as Ernst & Young) was ordered Thursday to pay $5 million to Union Bank of San Francisco for negligence in preparing financial statements on a Los Angeles company. An Orange County Superior Court jury in Santa Ana found the financial statements for Small World Greetings were inadequate and faulted the bank for sloppy lending practices. (Filed May 17, 1988; Case No. X557156)
April 10, 2013 |
This was the last thing Herbalife Ltd. needed. Just as the Los Angeles company appeared to be regaining its footing from a Wall Street hedge fund manager's assault, the company's auditor resigned abruptly because of an alleged insider-trading scandal. Accounting giant KPMG said Tuesday that Scott London, its chief Southern California auditor, had divulged financial information about Herbalife to a friend who then used those secrets to gain an edge in the markets. KPMG fired London, who had supervised Herbalife's audits, and withdrew its approval of the company's financial statements.
June 1, 1994
IDB Communications Group Inc. Auditor Quits: The company said Deloitte & Touche resigned after the accounting firm "questioned various adjustments" in IDB's first-quarter financial statements. IDB, a fast-growing Los Angeles-based telecommunications firm, is headed by Jeffrey P. Sudikoff, who recently joined with entertainment industry executive Joseph Cohen to buy a 72% stake in the L.A. Kings from financially troubled owner Bruce McNall.