|
|
This is only a preview of the paper
Click here to register and get the full text.
Existing members click here to login
|
|
|
... Trauger, a former Ernst & Young partner who allegedly altered and destroyed audit working papers, was arrested in September 2003 by FBI agents on criminal charges for obstructing investigations by both the Office of the Comptroller of the Currency and the Securities and Exchange Commission. Thomas Trauger, who oversaw Ernst & Youngs financial audits of NextCard, is accused of altering key financial documents after banking regulators raised doubts about the San Francisco-based companys accounting practices in October 2001.
Beginning in early 2000, NextCard began reclassifying losses attributable to nonpayment of bills by customers who were poor credit risks, categorizing the losses as fraudulent use of the credit cards. ... In the summer of 2001, the office of the Comptroller of the Currency asked Ernst & Young for a portion of its audit working papers regarding E&Y’s audit of NextCard. Trauger decided to tinker with the papers because he was concerned the documents would make him look bad for not flagging some of the changes that led to NextCards bankruptcy.
Approximate Word count = 707
Approximate Pages = 2.8
(250 words per page double spaced)
|
|
|
|
|
|