August 13, 2022

Accounting News Roundup: KPMG Partners Face Contempt Over Chinese Audit | 12.20.17

kpmg china medical

KPMG partners face court contempt over China audit [Reuters]
Ninety-one (!) current and former KPMG partners face contempt charges in a Hong Kong court for refusing to turn over workpapers related to its audit of defunct China Medical Technologies.

Congress Is on Brink of Tax Overhaul [WSJ]
The Senate approved the bill early Wednesday morning in a party-line vote, 51-48, with Arizona Senator John McCain absent. The bill goes back to the House for a final vote after minor changes were made to comply with Senate rules.

Republican Senators Will Save Millions With Special Real-Estate Tax Break [IBT]
Fourteen GOP Senators who hold more than $100 million in real estate interests that would benefit from an 11th-hour change to the bill. It allows pass-throughs that own depreciable property and just a few employees to qualify for the new pass-through rate.

Shinewing faces huge fine [China Accounting Blog]
Paul Gillis notes that the fine levied against one of China’s largest non-Big 4 firms, Shinewing, is larger than what each of the Big 4 Chinese affiliates paid for failing to turnover workpapers to the Securities and Exchange Commission.

Good News! You Are a Bitcoin Millionaire. Bad News! You Forgot Your Password [WSJ]
One guy built a supercomputer “that […] sits in a 270 gallon tank in special mineral water to disperse the heat” to try to crack his passcode. It’ll only take a couple hundred years to run through all the possible combinations.

Previously, on Going Concern…

In Open Items, a user asks about compensation with a Big 4 valuation group in a major market like New York or Chicago.

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