Financial Accounting Blog

Thursday, November 18, 2004

Due Diligence. The city of Cincinnati learned a painful lesson about the improtance of due diligence. City mishandled aspects of failed theater project.
City officials also apparently did not know that when Pettus-Brown provided financial statements showing assets of '1.6 million,' the assets were listed in yen - not dollars. The amount in dollars would have been about $14,000.