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Audit Committee

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BUSINESS
October 17, 2002 | FROM INQUIRER WIRE SERVICES
Publicly traded companies would have to tell investors if the audit committee of their board of directors includes a financial expert or explain why not, according to a rule proposed yesterday by the Securities and Exchange Commission. Moving quickly to implement corporate reforms ordered by Congress in July in response to accounting scandals over the last year, the commission also proposed requiring companies to disclose more about their internal financial controls and codes of ethics.
BUSINESS
November 19, 1999 | By Miriam Hill, INQUIRER STAFF WRITER
Rite Aid Corp. said yesterday that its auditor, KPMG L.L.P., resigned Monday because the accountants could not rely on information the drugstore chain was reporting. The revelation, contained in a company filing with the Securities and Exchange Commission made after the stock market closed, is yet another blow to the credibility of the Camp Hill, Pa.-based chain. Rite Aid also said in the filing that the SEC had begun a formal investigation of its financial statements. Rite Aid had expected such an investigation because of its decision to restate three years of earnings downward by $500 million.
NEWS
October 11, 2007 | By CHRIS BRENNAN, brennac@phillynews.com 215-854-5973
The owner of a nearly completed Poconos casino, under investigation by a grand jury, yesterday pushed back his grand opening because an independent audit committee created to run the business will not be approved in time. The Mount Airy Casino Resort had planned to open Monday in Mount Pocono, Monroe County, but owner Louis DeNaples announced the delay "to permit the completion of the regulatory approval process. " DeNaples, in his application to the state Gaming Control Board, said the committee would run the casino, in part because of long-running rumors about his alleged ties to organized crime.
NEWS
March 3, 2013
Zoo welcomes polar bear cub BUFFALO, N.Y. - A smiling, playful 3-month-old polar bear cub has made its public debut at the Buffalo Zoo in New York. The fluffy white cub was introduced Friday as the zoo announced the next phase of fund-raising for a new $18 million polar bear exhibit. About $4 million is still needed. The zoo says it's one of only two in North America to have polar bear births in 2012. The cub is still too small to exhibit, but she's visible via closed-circuit television at the zoo on weekday afternoons.
NEWS
August 1, 2014 | By Paul Nussbaum, Inquirer Staff Writer
The secrecy surrounding political contributions made by companies working for the Delaware River Port Authority may soon be lifted. The DRPA's audit committee on Wednesday reviewed a proposal to restore public access to vendors' political contributions. The proposal, by Pennsylvania Auditor General Eugene DePasquale, will get another hearing by the audit committee next month. If approved by the panel, it will be sent to the full DRPA board for a vote. Under the DRPA's current rules, adopted in November 2012, contractors doing or seeking business with DRPA must disclose to the agency any political contributions made in Pennsylvania and New Jersey.
NEWS
December 18, 2013 | By Paul Nussbaum, Inquirer Staff Writer
The inspector general of the Delaware River Port Authority has hired an outside law firm to represent his office in a long-running dispute with DRPA officials over his independence. The firm selected by inspector general Thomas W. Raftery employs the wife of the DRPA board chairman, David Simon. Simon has been an ally of Raftery in the internal DRPA battle. So far, more than $58,000 in legal bills submitted to the DRPA by the law firm, Elliott Greenleaf of Blue Bell, on Raftery's behalf have gone unpaid.
NEWS
February 24, 2012 | By David O'Reilly, Inquirer Staff Writer
The Roman Catholic Archdiocese of Philadelphia has named Timothy O'Shaughnessy as its chief financial officer to succeed Anita Guzzardi, who resigned last year amid allegations she had embezzled more than $900,000. O'Shaughnessy, 48, has been chief financial officer of St. Joseph's Preparatory School since 2008, and previously was a senior vice president at Aramark Corp., where he was controller for its business, sports, and entertainment group. Archbishop Charles J. Chaput said that O'Shaughnessy, a certified public accountant, had the skills "to create the controls and procedures to protect against loss" and to work in a "mission-driven organization" such as the archdiocese.
NEWS
May 3, 1987 | By Amy S. Rosenberg, Inquirer Staff Writer
Abington Township's auditor has expressed concern about the way the township has accounted for and spent nearly $400,000 in sewer rental fees. The auditor, Peat Marwick Main and Co. (formerly KMG Main Hurdman), has asked township commissioners for more information about accounting procedures for the funds, according to commissioners. The auditor questioned the township's practice of transferring funds from sewer rentals to the township's general fund, according to Commissioner Richard E. Fluge Jr., a member of the audit committee.
NEWS
November 19, 2006 | By Kristen A. Graham INQUIRER STAFF WRITER
The School Reform Commission yesterday ordered $22.3 million in budget cuts to reduce the Philadelphia School District's unexpected deficit. The commission rejected some of schools chief executive Paul Vallas' suggestions to trim the $73.3 million deficit, reduced the amount of some cuts, and pressed Vallas for more information in other instances. Commission chairman James Nevels said he was not comfortable proceeding with contract reductions that would affect student services.
NEWS
April 4, 1991 | By John Way Jennings and Richard V. Sabatini, Inquirer Staff Writers
The former treasurer of a Haddonfield church was indicted by a county grand jury yesterday for allegedly stealing $123,000 from the church over a little more than six years. Gary Marks, who was treasurer of the Evangelical Lutheran Church of Our Savior until last year, was indicted on one count of theft, according to Camden County Prosecutor Edward F. Borden Jr. Borden said Marks, 39, formerly of Collingswood, diverted money in the church's checking account to his own personal use between December 1983 and February 1990.
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BUSINESS
March 24, 2015
The ALS Association Greater Philadelphia Chapter , Ambler, has elected the following board members: Claire Choppy Conway , vice president, store manager, Macy's, Exton Square Mall; and small-business owner Raina Gorman , owner of Platos Closet and Nest. James M. Bonner has been elected president of the 550-member medical staff of Inspira Medical Center Woodbury . Bruce A. Monaghan will serve as vice president. Bonner has served as medical director of Inspira Woodbury's Department of Emergency Medicine since 1998.
NEWS
August 1, 2014 | By Paul Nussbaum, Inquirer Staff Writer
The secrecy surrounding political contributions made by companies working for the Delaware River Port Authority may soon be lifted. The DRPA's audit committee on Wednesday reviewed a proposal to restore public access to vendors' political contributions. The proposal, by Pennsylvania Auditor General Eugene DePasquale, will get another hearing by the audit committee next month. If approved by the panel, it will be sent to the full DRPA board for a vote. Under the DRPA's current rules, adopted in November 2012, contractors doing or seeking business with DRPA must disclose to the agency any political contributions made in Pennsylvania and New Jersey.
NEWS
December 18, 2013 | By Paul Nussbaum, Inquirer Staff Writer
The inspector general of the Delaware River Port Authority has hired an outside law firm to represent his office in a long-running dispute with DRPA officials over his independence. The firm selected by inspector general Thomas W. Raftery employs the wife of the DRPA board chairman, David Simon. Simon has been an ally of Raftery in the internal DRPA battle. So far, more than $58,000 in legal bills submitted to the DRPA by the law firm, Elliott Greenleaf of Blue Bell, on Raftery's behalf have gone unpaid.
NEWS
June 21, 2013 | By Paul Nussbaum, Inquirer Staff Writer
Selective pay raises for some Delaware River Port Authority workers, improper use of outside law firms, misuse of economic-development funds, and overcharges for employee health insurance are among issues raised by internal audits, DRPA Chairman David Simon said Wednesday. Although the audits have not been made public, Simon took the unusual step of describing some of their findings at a DRPA board meeting Wednesday. That immediately drew fire from the chief executive and the vice chairman of the agency, who said the reports were not completed and should not be publicly discussed until staff responses were prepared.
NEWS
March 3, 2013
Zoo welcomes polar bear cub BUFFALO, N.Y. - A smiling, playful 3-month-old polar bear cub has made its public debut at the Buffalo Zoo in New York. The fluffy white cub was introduced Friday as the zoo announced the next phase of fund-raising for a new $18 million polar bear exhibit. About $4 million is still needed. The zoo says it's one of only two in North America to have polar bear births in 2012. The cub is still too small to exhibit, but she's visible via closed-circuit television at the zoo on weekday afternoons.
NEWS
October 7, 2012 | By Paul Nussbaum, Inquirer Staff Writer
Long-simmering disputes over reform efforts and the role of an internal watchdog at the Delaware River Port Authority boiled over this week at a DRPA committee meeting. One Pennsylvania board member, Rob Teplitz, called DRPA chief executive John Matheussen the biggest obstacle to reform, and New Jersey board members balked at establishing operating standards for the agency's new inspector general. The role and salary of the inspector general, Thomas Raftery 3d, have been debated almost since the former FBI agent was hired in January to root out fraud, waste, and abuse.
NEWS
February 24, 2012 | By David O'Reilly, Inquirer Staff Writer
The Roman Catholic Archdiocese of Philadelphia has named Timothy O'Shaughnessy as its chief financial officer to succeed Anita Guzzardi, who resigned last year amid allegations she had embezzled more than $900,000. O'Shaughnessy, 48, has been chief financial officer of St. Joseph's Preparatory School since 2008, and previously was a senior vice president at Aramark Corp., where he was controller for its business, sports, and entertainment group. Archbishop Charles J. Chaput said that O'Shaughnessy, a certified public accountant, had the skills "to create the controls and procedures to protect against loss" and to work in a "mission-driven organization" such as the archdiocese.
NEWS
February 23, 2012 | By David O’Reilly, INQUIRER STAFF WRITER
The Roman Catholic Archdiocese of Philadelphia has named Timothy O'Shaughnessy as its chief financial officer to succeed Anita Guzzardi, who resigned last year amid allegations she had embezzled more than $900,000. O'Shaughnessy, 48, has been chief financial officer of St. Joseph's Preparatory School since 2008, and previously was a senior vice president at Aramark Corp., where he was controller for its business, sports, and entertainment group. Archbishop Charles J. Chaput said that O'Shaughnessy, a certified public accountant, had the skills "to create the controls and procedures to protect against loss" and to work in a "mission-driven organization" such as the archdiocese.
NEWS
February 6, 2009 | By Jennifer Lin INQUIRER STAFF WRITER
The Pennsylvania Public Utility Commission released 93 recommendations yesterday for saving the perennially cash-strapped Philadelphia Gas Works as much as $7.5 million a year, in addition to a onetime savings of $2 million. All the savings could come from supply purchasing and customer service. The city-owned utility said it would fully or partially follow all but two recommendations, which it said were beyond the control of management. One was the elimination of layers of oversight of the utility, which reports to the Philadelphia Gas Commission and Philadelphia Facilities Management Corp.
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