Tuesday, December 22, 2009

Did Koss' Auditors Cover Their Ears?

Geez, that's a lot of money...

A longtime financial executive with Koss Corp. was accused Monday of embezzling more than $4.5 million from the Milwaukee company and using the money to pay for shopping sprees at upscale stores.

Compare that to the Company's sales/profit numbers:

In the fiscal year ended June 30, the company reported making $2 million on $38.2 million in sales. The firm reported a $566,000 profit in its most recent quarter, ended Sept. 30.

Umnnh.....wire transfers from Koss' checking account to American Express?

Hello????

2 comments:

Terrence Berres said...

She could be featured on that I-43 billboard: "Profit and Koss Statement"

Terrence K. Rice, CPA said...

There is so much wrong with this in so many ways.

Internal controls?????????????