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One of China's largest listed drugmakers said it overstated cash holdings by $4.4 billion, sending its shares and bonds tumbling. [ABSTRACT FROM AUTHOR]

The article offers tips to accountants on avoiding accounting mistakes, including paying attention to reviewer comments, maintaining focus when using spreadsheets created by others and opting for a comprehensive review rather than a spot check.

The article explains why it is not uncommon for professional services firms to focus on the 100% rather than 90,000 U.S. dollars and why one should think differently about realization on his time and materials projects.

This section offers news briefs on the banking industry as of February 2019. Mastercard posted an increase in its earnings in the fourth quarter despite a charge for litigation costs. Metro Bank has faced growing pressure from regulators and shareholders over its handling of an accounting error. Financial regulators and criminal prosecutors in Germany have introduced a preliminary investigation into potential market manipulation at payment company Wirecard.

Massachusetts' Medicaid program made incorrect electronic health record incentive payments to 19 hospitals totaling $3.3 million, according to the Department of Health and Human Services Office of Inspector General. [ABSTRACT FROM AUTHOR]

The article reports on the decline registered by the stock of real estate investment trust American Realty Capital Properties Inc. for the second day as of October 31, 2014 following report of accounting errors that resulted to the resignation of two executives. Topics include the concern raised about the company's ability to raise money for growth and the disclosure that a mistake in the landlord's financial statement was intentionally concealed.

Studies have found that as many as 25% of records contain errors that can reduce benefits. [ABSTRACT FROM AUTHOR]

The article reports on the settlement fine agreed by the Park National in Newark, Ohio with the U.S. Securities and Exchange Commission (SEC) regarding questionable accounting procedural reports. Topics include the reference to the alleged underplayed accounting credit problems at its Vision Bank, voluntary correction of accounting errors as well as sale of deposits in Centennial Bank.

The article reports that Lending Club has revised its overstated loan sales data for the week ending May 31, 2016 which initially reported that it sold 65 million U.S. dollars of loans.

The article reports that the accounting errors for tax credits may compel First NBC Bank Holding in New Orleans, Louisiana to cut its 2015 profit.

The article reports on First Northwest Bancorp's effort to increase its net loss in the fiscal year ending June 30, 2015 due to an accounting error.

Three major credit agencies are overhauling the way they resolve disputes and report unpaid medical debt. That's a good start, but the best way to wipe out credit-reporting errors is to encourage Americans to review them regularly. [ABSTRACT FROM AUTHOR]

The ruling means that customers could be at risk for not reviewing bank statements carefully and then failing to notify their bank of an error in a timely manner. [ABSTRACT FROM AUTHOR]

The article reports on a U.S. Securities and Exchange Commission (SEC) exam that is underway at Girard Securities in 2015. Topics discussed include the plan of RCS Capital to acquire Girard Securities, a 23 million dollar accounting error directed at former RCS Capital executive chairman Nicholas Schorsch, and the exam priorities of the SEC for 2015.

The article reports on the resignation of accounting firm Grant Thornton as auditor of real estate investment trusts (REITs) managed by Nicholas Schorsch's American Realty Capital in 2015. Topics covered include the negotiation to retain CohnReznick to replace Grant Thornton, the challenges encountered by Schorsch's financial empire following a discovery of an accounting error and the dispute stemming from the complicated corporate structure at American Realty.

Activist investment firm Corvex Management reported a 7.1% stake in American Realty Capital Properties, the U.S. real estate investment trust that has plunged since disclosing accounting errors two months ago. [ABSTRACT FROM AUTHOR]

The article discusses the three primary causes of human errors in banking namely manual processes and spreadsheets, poorly compensated support staff and inadequate oversight. It cites the impact of the inability or unwillingness of companies to invest in upgrading their infrastructure on employees as well as the impact of layoffs on employee morale. Also mentioned is the failure of the team running operations to receive the right incentives and compensation to be successful in their roles.

RCS Capital said it was contacted by FINRA and the SEC after accounting errors were disclosed at American Realty Capital Properties. [ABSTRACT FROM AUTHOR]

The article discusses the U.S. Consumer Financial Protection Bureau (CFPB) ordering Flagstar Bank to pay restitution and fines as penalty for blocking homeowners from receiving financial relief, taking too long to process applications for foreclosure relief, not informing borrowers when an application was incomplete, and denying loan modifications to qualified customers.

The article discusses Bank of America Corp. paying a fine to settle charges following incorrect accounting during its 2009 acquisition of wealth management company Merrill Lynch & Co, resulting in overstatement of capital level.

The article focuses on Berkshire Bancorp in New York which disclosed on April 16, 2013 that it has a major accounting issue resulting from outsourcing to an unidentified tax specialist. Berkshire's annual report states the problem is related to errors in tax computations. The article mentions the company's chief executive officer Steven Rosenbeg has been replaced by Joseph Fink, the son-in-law of Berkshire's chairman Moses Marx.

The article reports First Mariner Bancorp (FMAR) in Baltimore, Maryland restated its earnings for fourth-quarter 2012 and for the full year. The article notes the revised results show First Mariner earned $16.1 million in 2012, not $17 million, and $699,000 for the quarter. It also notes the noninterest income was based on previous preliminary financial statements.

The article reports State Bank Financial in Atlanta, Georgia lowered its 2012 earnings to $22.7 million after the discovery of an accounting error related to U.S. Small Business Administration loans and failed-bank deals. The company's fourth-quarter profit dropped to $3.2 million after the restatement of earnings. A press release from State Bank's chief executive officer Joe Evans is noted.

The article briefly discusses an accounting error that will force banking company Iberiabank of Lafayette, Louisiana to restate financial reports for 2010, 2011, and the first nine months of 2012.

The article mentions North Valley Bancorp discovered an error in its third-quarter 2012 earnings report that will lower its reported profit to $4 million. The Redding, California banking company said it found the mistake after consulting with Crowe Horwath accounting firm. It also said the error was an overstated tax benefit.

The article reports that the asset management company Broadway Financial has restated its 2011 financial results, increasing reported losses to over fifteen million dollars, following the correction of errors resulting from a failure to account for appraisals of properties securing impaired loans.

The article reports on the accounting error by the Indiana Department of Revenue that lead to withholding of local option income tax revenue worth 205 million dollar that should be given to county governments and result to resignation John Eckart and Darrel Anderson, officers of the department.

The article reports on the independent audit in Surprise, Arizona which has found 16 million U.S. dollars worth of accounting errors which were misallocated to finance city facilities.