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September 24, 2023

Accounting News Roundup: Accounting and Auditing Reform; Levi’s Outsourcing; Dewey Have a Conspiracy? | 07.14.15

Can corporate accounting ever be reformed? [Fortune]
Meh. Probably not. Even in the wake of mandated independent audits, there was trouble: "Within five years, one of the largest accounting scandals of the last century erupted, the McKesson & Robbins case involving audit firm Price Waterhouse’s agreeing to not verify the company’s receivables and inventory. According to W.T. Baxter’s history of the case, in the falsified report, the president of McKesson & Robbins wrote that the company suffered from an 'oppressive load of Government regulatory measures.' "

Levi Strauss to Outsource Finance Unit [CFOJ]
The company is using outsourcing company WIpro to provide finance functions that include "inventory accounting, payroll, treasury transactions and internal reporting."

FanDuel to Announce It Has Raised $275 Million More [DealBook]
The fantasy sports startup plans to use the money to "gain customers and expand the start-up’s global presence, comes as the business of legally betting on sports is increasing in popularity."

Dewey & LeBoeuf Finance Director Testifies About CFO’s Actions [WSJ]
Sara Randazzo reports that Francis Canellas says that he and ex-Dewey CFO Joel Sanders, "discussed ways to make the firm’s net income appear higher than it was," and, "what they would tell auditors if prodded about the books."

Deloitte Acquires CIS [AT]
The "life sciences compliance consulting" firm will operate under Deloitte Advisory as "CIS by Deloitte." 

Colorado police track down a pair of fugitives using Spotify and Netflix [Quartz]
Good to know in case you siphon off a bunch of money and head for the Carribean.

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