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October 2, 2023

Accounting News Roundup: Auditing Auditors, Boilerplate, and Soup > Taxes | 04.16.18

KPMG South Africa Audits Own Staff After Breaking Public Trust [Bloomberg]
This kinda sounds like a joke, but: “[A]ll staff face background checks every two years to try improve public trust in the firm.” And the checks will be “done by an external, independent party.”

Elsewhere: Microsoft auditing partner KPMG’s anti-piracy work in India after complaint: documents

The Interstate Tax Grab [WSJ]
The WSJ Editorial Board bemoans the possibility that SCOTUS could bring sales tax systems into the 21st century. “America’s founders devised the Commerce Clause to prevent states from burdening interstate commerce and making long-arm tax grabs,” as if those toothless powdered-wig-wearing rich white guys could’ve predicted the Internet.

Will CAMs Get the Shaft from the ‘New’ PCAOB? [Accounting Onion]
Tom Selling worries about the possibility that the Critical Audit Matters in the new expanded auditor’s report could “devolve into boilerplate,” writing “the required communications don’t go far enough.”

Ex-Soupman CFO Gets Jail for $600K Tax Fraud [CFO]
Yes, the finance chief for the Soup Nazi company received a nine-month sentence “for cheating the federal government out of nearly $600,000 taxes on compensation paid to employees.”

Previously, on Going Concern…

Greg Kyte’s Exposure Drafts cartoon touched on busy season betrayal.

In Open Items, someone is looking for business data analytics recommendations.

From the archives: Your End of Busy Season Party Hasn’t Really Started Until the Beefcake Shows Up; See also:  Utah Man Discovers Liberty Tax Not as Effective as Maury Povich in Determining Paternity.

In other news:

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