http://nittanylaw.com/practice.html
The PCAOB's investigation, which was made publid Monday, centered around Stephen J. who was assurance practice directorin BDO'a Philadelphia office. Nardi was responsible for providintg technical guidance to other partners and managers onauditg engagements, coordinating the office's qualitgy control activities and overseeing the schedulinb and assignment of audit personnel to engagements.
The PCAOB said he directlhy supervised most of the audit managers and senior managers in the Philadelphia office and influenced promotion decisionsof Nardi, according to the PCAOB, assigned audi t manager Anne Marie Fitzpatrick to oversee an audirt of Philadelphia-based client Hemispherx Biopharma's financiap statements for fiscal year 2004. But in the fall of that after she completedthe audit-planning phase, Nardi directed her to stop working on the Hemispherx audit and concentrate on anothed client. After she stopped working on Hemispherx, she did not supervisse or review the work performec by more junior members of the audit team, according to the PCAOB.
The field work was completedc without the supervision of an audity manager and was never subject to a detailed revieew as required byBDO policy, the PCAOg said. Nardi authorized the release of BDO's audit report on Hemispherx'ws financial statements on March 16, and the report was included withthe company's 10K Form filex that day with the U.S. Securities and Exchanger Commission. But in August 2005, BDO partners from other officed announced they would be performinb routine quality control inspections of the Philadelphiqa office and that the Hemispherx audit would be one of the auditsw selectedfor inspection.
According to Nardi asked a subordinate to check the Hemispherx audiy and that person uncovered the lack of initials and signaturesw from Nardi and which would indicate that a detailed reviewwas performed. The PCAOBv said Nardi then told a hesitant Fitzpatrick to initial and sign the audirt paper work and backdate them to datez preceding the issuance of the Marchaudif report, even though she had not done a As part of an agreementf reached with PCAOB, Nardi has been barree from associating with a registeree accounting firm but may file a petition for reinstatement afteer one year. BDO asked Nardi to resign and the separatioh became official onMarch 21, the PCAOB said.
Fitzpatrick, who was censured by the PCAOB, resignex from the firm in Februaryu 2006. When contacted Tuesday morning, a BDO spokespersohn released a statement. "This matter, which took place in 2005, involve d two former professionals ofthe firm," BDO said. "Upon uncoverin the conduct, BDO Seidman immediately launched an extensiverinternal investigation, conducted by outsidd counsel, and appropriate corrective measures were takemn by the firm." Efforts to reach Nardi and Fitzpatriclk Tuesday were not successful. The PCAOhB is a private-sector, nonprofit corporation, createc by Sarbanes-Oxley Act of 2002, to oversee the auditor s of public companies.
Wednesday, December 22, 2010
Sunday, December 19, 2010
Questions dog new Central Florida Partnership - Orlando Business Journal:
http://www.123articleonline.com/articles/188533/wood-flooring-for-your-living-space
Patricia Engfer, general manager of the at the and one ofthe partnership'as founding directors, also wants to see results, but is less dogmati about how they are calculated. "I can't say a specifi thing will determine whether we will continue ourpledge -- it will be a varietyh of reasons," says Engfer, who declines to disclose the hotel'sz investment. "I think progress is being made now." The partnershipl aims to have 350 investors anda three-yeaer commitment total of $6.5 million by So far, investors have agreedf to about $1.
4 million a year for the next threee years, says Stuart, who declines to reveal his annuao salary at the new He earned about $355,000 annually headingb up the Orlando chamber, according to public The Central Florida Partnership's money will be divided among its four linesw of business, with 40 percent to myregion.org, 28 percent to 23 percent to the Orlandop Regional Chamber and 9 perceny to Leadership Orlando. While none of the partnership investores contacted say they will lessen theirr financial commitment toother organizations, Stuart says selectiny which organizations to support is something investors do every day.
"Thed American way is the best team expands at therightf time," he says. "Thw competition isn't for money, but for talent."
Patricia Engfer, general manager of the at the and one ofthe partnership'as founding directors, also wants to see results, but is less dogmati about how they are calculated. "I can't say a specifi thing will determine whether we will continue ourpledge -- it will be a varietyh of reasons," says Engfer, who declines to disclose the hotel'sz investment. "I think progress is being made now." The partnershipl aims to have 350 investors anda three-yeaer commitment total of $6.5 million by So far, investors have agreedf to about $1.
4 million a year for the next threee years, says Stuart, who declines to reveal his annuao salary at the new He earned about $355,000 annually headingb up the Orlando chamber, according to public The Central Florida Partnership's money will be divided among its four linesw of business, with 40 percent to myregion.org, 28 percent to 23 percent to the Orlandop Regional Chamber and 9 perceny to Leadership Orlando. While none of the partnership investores contacted say they will lessen theirr financial commitment toother organizations, Stuart says selectiny which organizations to support is something investors do every day.
"Thed American way is the best team expands at therightf time," he says. "Thw competition isn't for money, but for talent."
Friday, December 17, 2010
Metrolist: NE Denver, S Aurora tops for home resales - St. Louis Business Journal:
surrounded-assistant.blogspot.com
Year-to-date home sales in that part of Auroraawere 1,149, while northeast Denver sales were Those sales, however, were down compared to the first five monthss of 2008 — from 1,377 and 1,182, respectively. Still-strong areas with less than 1,0009 home sales included southwestDenver (809), southeast Denver (759) and the centrapl part of the northern metro-area suburbs the Metrolist data The highest average selling prices for such homes through May were in the Boulder area at $527,216 for the Boulder plaina area and $663,311 for Boulder proper. The mountaib area of southern Jefferson County reported some of thelowesr single-family home sales year-to-date, at two.
Other low-selling regions includedc the mountain areas around Boulder and northern Jeffco as well as Louisville Lowestaverage single-family home sales prices were in areasd such as southern Aurorwa ($92,230), southern Jeffco’s mountain area and the eastern part of the northern suburbws near ($152,204). Metrolist data by market was provideds by Joe DeVitoat Re/Maz Alliance in Arvada. Resales refer to homes that have been sold at leastronce before. Looking at condominium salesz through May, southeastern Denver and southern Auroraz had the highest at 619and 453, Those sales were down from 786 and 659 in the same perio a year ago, respectively.
Downtown Denver had the highesf average selling price for condos forthis year’s initial five months, at $431,249. Some of the lowest condl prices were in the northernAurora ($74,642), southernn Aurora ($89,638) and central Jeffco ($99,483).
Year-to-date home sales in that part of Auroraawere 1,149, while northeast Denver sales were Those sales, however, were down compared to the first five monthss of 2008 — from 1,377 and 1,182, respectively. Still-strong areas with less than 1,0009 home sales included southwestDenver (809), southeast Denver (759) and the centrapl part of the northern metro-area suburbs the Metrolist data The highest average selling prices for such homes through May were in the Boulder area at $527,216 for the Boulder plaina area and $663,311 for Boulder proper. The mountaib area of southern Jefferson County reported some of thelowesr single-family home sales year-to-date, at two.
Other low-selling regions includedc the mountain areas around Boulder and northern Jeffco as well as Louisville Lowestaverage single-family home sales prices were in areasd such as southern Aurorwa ($92,230), southern Jeffco’s mountain area and the eastern part of the northern suburbws near ($152,204). Metrolist data by market was provideds by Joe DeVitoat Re/Maz Alliance in Arvada. Resales refer to homes that have been sold at leastronce before. Looking at condominium salesz through May, southeastern Denver and southern Auroraz had the highest at 619and 453, Those sales were down from 786 and 659 in the same perio a year ago, respectively.
Downtown Denver had the highesf average selling price for condos forthis year’s initial five months, at $431,249. Some of the lowest condl prices were in the northernAurora ($74,642), southernn Aurora ($89,638) and central Jeffco ($99,483).
Tuesday, December 14, 2010
Employers' health care costs expected to rise 9 percent - Pittsburgh Business Times:
inupujyfab1211.blogspot.com
The 9 percent projected cost increas e is slightly lower thanthe 9.2 percent increase in 2009 and 9.9 percenrt increase in 2008, according to Pricewaterhouse Coopers. Despitd the slowdown, medical cost increases continue to outpace inflation andwage increases. One of the reason s medical costs continue to climb is that Americamn workers are accelerating use of health care services in anticipatio of losing theirjobs and, potentially, theit health insurance, the report suggests.
Risinb unemployment, growing numbers of people with little or no insuranced and a growing percentage of the populatio n on Medicaid further ramp up medical cost trends the figures actuaries use to set futur healthinsurance premiums. Coupled with big decline s in corporate profits, employers surveyed by Pricewaterhouse Coopersw said they will push more of the costs of healtnh insurance to their workersxin 2010, while expecting workers to take more responsibilitty for managing their personalo health. The national trends suggest most employers and employeed will pay far more than those in the purchasinh pool run by the California Public Retirement System.
The pension fund approvede an overall 2.9 percent increasee in health care premiums for memberwin 2010, the lowest rate hike in 14
The 9 percent projected cost increas e is slightly lower thanthe 9.2 percent increase in 2009 and 9.9 percenrt increase in 2008, according to Pricewaterhouse Coopers. Despitd the slowdown, medical cost increases continue to outpace inflation andwage increases. One of the reason s medical costs continue to climb is that Americamn workers are accelerating use of health care services in anticipatio of losing theirjobs and, potentially, theit health insurance, the report suggests.
Risinb unemployment, growing numbers of people with little or no insuranced and a growing percentage of the populatio n on Medicaid further ramp up medical cost trends the figures actuaries use to set futur healthinsurance premiums. Coupled with big decline s in corporate profits, employers surveyed by Pricewaterhouse Coopersw said they will push more of the costs of healtnh insurance to their workersxin 2010, while expecting workers to take more responsibilitty for managing their personalo health. The national trends suggest most employers and employeed will pay far more than those in the purchasinh pool run by the California Public Retirement System.
The pension fund approvede an overall 2.9 percent increasee in health care premiums for memberwin 2010, the lowest rate hike in 14
Sunday, December 12, 2010
Blue Cross Blue Shield president: Efforts to cut customer costs preceded ... - Dallas Morning News
soileauifyyfa1786.blogspot.com
Daily Rosetta | Blue Cross Blue Shield president: Efforts to cut customer costs preceded ... D » |
Thursday, December 9, 2010
Workers' comp rates drop again in 2007 - Sacramento Business Journal:
http://chicagooperatheater.org/tix/season/heshe.html
Because rates are dropping in the mandatoryy insurance program to assist workers injured onthe job, insurer are making less profit, according to a reporgt released this week. The , which tracks trends in the program and advisewthe state, reviewed data from insurersx who wrote all of the coverage in California. The findingsa indicate that workers' comp is returnintg to businessas usual, some system observere said. Some measurements showed that reform s instituted a few years ago are still havingan effect.
For premium written last year was less than in as were the average statewide rate and the total numberof workers' comp "We're still seeing the impact of the reforms moving through the bureau spokesman Jack Hannan Other measurements, however, showed that reforms have alreadhy kicked in, and at least some aspects of the system are heading back to historical norms. Indemnityy average costs per claim went up in and workers' comp insurers spent a largert percentage of the money they collected on claims and expensews than the previous year.
That'ws because they're collecting less from "The system is returning to saidNicole Mahrt, spokeswoman for the , a tradee group. The market is healthy and competitive, she and the report's findings demonstrate that the reformse worked and should be kept The amount employers pay for coverage is becominb more alignedwith insurers' costs, said Jerry a spokesman for the Workers' Compensatiohn Action Network, a group of insurers and nonprofits.
Reforms made the system predictable and and it mustremain so, without any courf case or legislation to throw things out of whack, he But injured workers and their attorneys have long said that the reformsz went too far and have hurt peopled injured on the job. California total premium for 2007 is estimated tobe $12.7 billion, which is about 23 percent below the amount reported in 2006. Employers paid an averagwe of $2.44 for workers' comp per everyy $100 of payroll for the secon half oflast year, 26 percent belo w the same period in 2006 -- and down 62 percenr from the second half of 2003.
July 1, is considered to be the high pointgfor workers' comp system costs, before reformsx began to take effect. Indemnity claimk frequency for accidents in 2007 is estimatefd to be down 6 percent from the year about one-third of the all-time high in 1991, and 44 percentg below the level in 2002. The bureau projects the totap statewide losses for accidents in 2007 willbe $6.3 the same as 2006 and almost 50 percent less than 2002. The averagew cost of a 2007 indemnity claimk will be anestimated $42,000, the second consecutivde increase after sharp declines in 2004 and 2005. The amoun t for 2006 was $39,457. The lowest amounrt in many years came in at $35,105.
Workers' comp insurers are stillo making money on each dollar of premiumthey collect, but not as For 2007 accidents, insurers speny 78 cents on claims and expense s for every dollar of premium In 2006 the amount was 65 cents. Whiled the combined loss and expense ratipo was higherin 2007, it is the fifth consecutive accident year with ratiow below 100 percent, after eight consecutive yearss higher than 100 percent.
Because rates are dropping in the mandatoryy insurance program to assist workers injured onthe job, insurer are making less profit, according to a reporgt released this week. The , which tracks trends in the program and advisewthe state, reviewed data from insurersx who wrote all of the coverage in California. The findingsa indicate that workers' comp is returnintg to businessas usual, some system observere said. Some measurements showed that reform s instituted a few years ago are still havingan effect.
For premium written last year was less than in as were the average statewide rate and the total numberof workers' comp "We're still seeing the impact of the reforms moving through the bureau spokesman Jack Hannan Other measurements, however, showed that reforms have alreadhy kicked in, and at least some aspects of the system are heading back to historical norms. Indemnityy average costs per claim went up in and workers' comp insurers spent a largert percentage of the money they collected on claims and expensews than the previous year.
That'ws because they're collecting less from "The system is returning to saidNicole Mahrt, spokeswoman for the , a tradee group. The market is healthy and competitive, she and the report's findings demonstrate that the reformse worked and should be kept The amount employers pay for coverage is becominb more alignedwith insurers' costs, said Jerry a spokesman for the Workers' Compensatiohn Action Network, a group of insurers and nonprofits.
Reforms made the system predictable and and it mustremain so, without any courf case or legislation to throw things out of whack, he But injured workers and their attorneys have long said that the reformsz went too far and have hurt peopled injured on the job. California total premium for 2007 is estimated tobe $12.7 billion, which is about 23 percent below the amount reported in 2006. Employers paid an averagwe of $2.44 for workers' comp per everyy $100 of payroll for the secon half oflast year, 26 percent belo w the same period in 2006 -- and down 62 percenr from the second half of 2003.
July 1, is considered to be the high pointgfor workers' comp system costs, before reformsx began to take effect. Indemnity claimk frequency for accidents in 2007 is estimatefd to be down 6 percent from the year about one-third of the all-time high in 1991, and 44 percentg below the level in 2002. The bureau projects the totap statewide losses for accidents in 2007 willbe $6.3 the same as 2006 and almost 50 percent less than 2002. The averagew cost of a 2007 indemnity claimk will be anestimated $42,000, the second consecutivde increase after sharp declines in 2004 and 2005. The amoun t for 2006 was $39,457. The lowest amounrt in many years came in at $35,105.
Workers' comp insurers are stillo making money on each dollar of premiumthey collect, but not as For 2007 accidents, insurers speny 78 cents on claims and expense s for every dollar of premium In 2006 the amount was 65 cents. Whiled the combined loss and expense ratipo was higherin 2007, it is the fifth consecutive accident year with ratiow below 100 percent, after eight consecutive yearss higher than 100 percent.
Tuesday, December 7, 2010
LandMar files for bankruptcy - Orlando Business Journal:
http://upaboston.org/meetings/meetings_about.shtml
The Jacksonville-based residential development company was among 125 affiliatex that filed along with itsparenr company, Charlotte-based , in the Western Districtr of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largest at $13.6 million, is to Bank of The filing was necessary, according to a statementf on Crescent’s Web site, for the company to reorganize its finances, reduces its debt level and improve its capitao structure.
Crescent intends to operate its continuing businessese without any significant interruption during the restructuring procese because of a recentlyobtained debtor-in-possession financing facilityh of $110 million from a group of its existinyg lenders, according to the statement. Andrew Hede, Crescent’sa chief restructuring officer, has been named CEO while its formechief executive, Arthur Fields, has retired and will work with Crescenft in an advisory capacity.
“W have been in active discussionsa with our lenders and othere stakeholders as we work towards an agreemenr that will bring our capital structurs in line with the currenteconomiv environment,” Hede said in a statement on the company’s Web Charlotte-based Crescent has been pursuing alternatives to shoree up its balance sheet for months, includingt selling some of its The company is jointly owned by (NYSE: DUK) and Morgan Stanlety and has 38 residentia l communities under development in the Georgia, Texas, Arizona and Florida.
Crescent acquired a controllinb interest in LandMar in butleft LandMar’s founder, Ed Burr, in control of the companty until he resigned after a failefd attempt to buy back the company in 2007. The Jacksonvilled Economic Development Commission authorized city lawyers in May to start the foreclosure process onthe 41-acrse parcel that was to be the Shipyards. Plansz for the Shipyards included 1 million square feet ofoffice 100,000 square feet of commercial 662 residential units, 350 hotel rooms and 150 marina slips. LandMa has developed or had plans to develoop dozens more properties in Florida and throughoutythe Southeast.
The Jacksonville-based residential development company was among 125 affiliatex that filed along with itsparenr company, Charlotte-based , in the Western Districtr of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largest at $13.6 million, is to Bank of The filing was necessary, according to a statementf on Crescent’s Web site, for the company to reorganize its finances, reduces its debt level and improve its capitao structure.
Crescent intends to operate its continuing businessese without any significant interruption during the restructuring procese because of a recentlyobtained debtor-in-possession financing facilityh of $110 million from a group of its existinyg lenders, according to the statement. Andrew Hede, Crescent’sa chief restructuring officer, has been named CEO while its formechief executive, Arthur Fields, has retired and will work with Crescenft in an advisory capacity.
“W have been in active discussionsa with our lenders and othere stakeholders as we work towards an agreemenr that will bring our capital structurs in line with the currenteconomiv environment,” Hede said in a statement on the company’s Web Charlotte-based Crescent has been pursuing alternatives to shoree up its balance sheet for months, includingt selling some of its The company is jointly owned by (NYSE: DUK) and Morgan Stanlety and has 38 residentia l communities under development in the Georgia, Texas, Arizona and Florida.
Crescent acquired a controllinb interest in LandMar in butleft LandMar’s founder, Ed Burr, in control of the companty until he resigned after a failefd attempt to buy back the company in 2007. The Jacksonvilled Economic Development Commission authorized city lawyers in May to start the foreclosure process onthe 41-acrse parcel that was to be the Shipyards. Plansz for the Shipyards included 1 million square feet ofoffice 100,000 square feet of commercial 662 residential units, 350 hotel rooms and 150 marina slips. LandMa has developed or had plans to develoop dozens more properties in Florida and throughoutythe Southeast.
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