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January 27, 2023

Accounting News Roundup: Auditor Fraud, the AMT Lives, and Grant Thornton’s Golf Deal | 12.05.17

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Audit Firm Charged With Fraud Relating to Auditing of Penny Stock Companies [SEC]
File to Accountants Behaving Badly: They just made the numbers up. “The SEC’s Enforcement Division alleges that Anton & Chia LLP and its accountants ignored numerous indications of fraudulent financial reporting by three of the firm’s audit clients – microcap companies Accelera Innovations Inc., Premier Holding Corp., and CannaVEST Corp. For example, Accelera’s public filings allegedly included revenue, assets, and liabilities from an entirely different company. ” And from the SEC’s complaint: “Yet A&C audited Accelera’s financials and opined that they fairly represented Accelera’s financial condition and results and complied with generally accepted accounting principles.” Accounting Today reports that Anton Chia managing partner Gregory Wahl, who, along with two other partners and a manger, face charges, called the SEC’s allegations “total bullshit.”

Elsewhere in enforcement: SEC Emergency Action Halts ICO Scam

Companies Push to Repeal AMT After Senate’s Last-Minute Move to Keep It Alive [WSJ]
To no one’s surprise, the revival of the AMT has gone over like a lead balloon. “It would substantially undercut the structural underpinnings of what they’re trying to accomplish,” says a guy. Also not surprising: That Congress would undermine its own efforts.

Ireland forced to collect €13bn in tax from Apple that it doesn’t want [The Guardian]
In October, the EU referred Ireland to European Court of Justice “for failing to collect the back taxes.”

Professional Services Firm Grant Thornton Inks Its Biggest Sports Deal With Golf Partnership Trio [Forbes]
GT is now the official professional services firm of the PGA Tour, The Players Championship, and a golfer man named Rickie Fowler.

Previously, on Going Concern…

Megan Lewczyk wrote about seasonal accountants, including those who freelance and those who take sabbaticals in the off-season. It’s been an increasingly good option for firms and employees alike.

In Open Items, someone has a list of questions about being a Big 4 Audit Senior Associate and Manager.

In other news:

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