New PCAOB Rule Sways Investor Decisions [CFO]
A recent study found that partner naming “has a considerable impact on investment decisions” perhaps even more so than anyone expected. The study found that a contagion effect — a phenomenon where negatives traits of a company extend to others like, say, an audit firm partner — could occur under the new rule, with “potential to distort investment decision-making.”
ZTE – Where were the auditors? [China Accounting Blog]
Paul Gillis asks if “EY have blown the whistle earlier?” about ZTE, the Chinese tech company that the U.S. Commerce Department recently banned from buying American components for seven years. The ban puts the company’s existence in serious doubt.
U.S. Tax Revamp Weakens Case for Companies to Shift Profit Overseas [WSJ]]
Richard Rubin reports that the new 21 percent corporate rate will reduce profit shifting offshore by $65 billion a year, but countries with lower tax rates will still tempt some gamesmanship. “You’re never going to eliminate this until we have exactly the same tax rates and tax rules across all the countries, [b]ut you can certainly not have the U.S. be a chump,” one tax expert said.
Previously, on Going Concern…
I wrote about a judge tossing a Deloitte employee’s lawsuit against a New York City bar over his MAGA hat.
The featured job of the week was a Finance and Operations Analyst with Incandescent in New York.
From out partner Hubdoc: How a Career in Cloud Accounting Can Change Your Life
From the archives: It’s Not Every Day That 50 Cent Gets Mentioned in an SEC Filing. See also: Has Microsoft Excel Ruined the World?
In other news:
- Sprint announces deal to merge with T-Mobile
- Twitter sold data access to researcher in Cambridge Analytica scandal
- Tesla Doesn’t Burn Fuel, It Burns Cash
- $11 Million a Year for a Law Partner?
- Bob Dylan whiskey.
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