All articles tagged with #financial audit
A recent state audit revealed significant financial mismanagement and weaknesses at Texas Southern University, including inaccurate vendor records, lack of inventory procedures, and delayed financial reporting. Lt. Gov. Dan Patrick called the findings 'deeply disturbing' and has halted non-essential spending, while the university commits to addressing the issues amidst a history of operational problems.
Super Micro Computer (SMCI) faces significant challenges, including a potential Nasdaq delisting after its auditor, Ernst & Young, resigned over concerns with the company's financial statements. The stock has plummeted, erasing its gains for the year, and key client Nvidia is reportedly shifting orders to competitors. Despite a growing market for AI servers and Super Micro's competitive advantages, the company's governance issues, DOJ scrutiny, and increased competition pose substantial risks. Analysts have downgraded the stock to a "Hold," and investors are advised to be cautious ahead of upcoming earnings and compliance updates.
A Seattle man, James, made an emotional decision to buy a Dodge Charger for $35,000 less than a year after filing for bankruptcy. James admits to struggling with personal finance and using credit cards wisely. Despite making $80,000 a year and his wife earning an additional $40,000, James has faced financial setbacks, including a previous car purchase that quickly failed. He currently owes $7,252 at a high interest rate on another car and has an $850 monthly payment for the Charger. Financial expert Caleb Hammer criticized James's decision and urged him to prioritize building an emergency fund and paying off debt. Hammer projected that James could be debt-free in three years and two months if he followed a strict budget and avoided wasteful purchases.
The NBA has updated its salary cap projections for the 2023-24 season, with the cap projected to be $136 million and the luxury tax projected to be $165 million, both higher than initial projections. The final figures will be determined after the NBA's annual financial audit is completed later this month. The new collective bargaining agreement allows for a maximum 10% rise in the salary cap per season, with the 2023-24 cap and tax projected to be $136.021 million and $165.294 million, respectively.