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Accounting News Roundup: Audit Firms Show Improvement; New Twitter CAO; Terrible Hoaxes | 06.05.15

Posted on by Caleb Newquist

Big Firms Getting Better Grades on Internal Control Audits: PCAOB [CFOJ]
Director of Registration and Inspections Helen Munter doesn't want anyone to get too excited, but, "I am very encouraged by what I saw at certain firms in our 2014 inspections. I think we will begin to see some real improvements in performance and in efficiency coming out of last year into this year and next."  

Twitter appoints Robert Kaiden as chief accounting officer [Reuters]
Kaiden is a Deloitte & Touche alum.

In Suit, SEC Says Fake Avon Bid Was Work of Bulgarian [WSJ]
The Commission alleges that Nedko Nedev "was the mastermind behind the bizarre bogus takeover offer for Avon Products Inc." He managed to make only $5k off the scheme. 

Guy Who Did Avon Hoax Was Terrible at Hoaxes [BloombergView]
Apparently it doesn't take a "mastermind" to dupe Edgar: "Obviously it is not great that Edgar is so susceptible to false documents. But consider that Nedev's Tower Group hoax, which was done via press release rather than Edgar filing, worked just about as well, which is to say terribly, as his Edgar-based Avon and Rocky Mountain Chocolate hoaxes. Edgar is just an online place to file securities documents; it is not a place to file securities documents vouched for by the SEC." 

Waseca accountant gets stiff prison term for cheating clients out of $1.6M [MST]
Roger Goetz Jr. will serve 4.5 years. He was sending client money to his technology company.

Stormtrooper arrested outside Lynn school [WHDH]
Dude can't even show off his new uniform without getting in trouble.

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PwC To Provide Up To $12.5M To JPMorgan For FSA Fine [Dow Jones]
“J.P. Morgan Chase & Co. (JPM) disclosed in a regulatory filing Friday that PricewaterhouseCoopers LLP agreed to provide up to an aggregate of $12.5 million to the bank related to a fine J.P. Morgan had to pay to the U.K. Financial Services Authority.”

Late Ponzi schemer’s accountant surrenders license [Nashville Business Journal]
This accountant managed to surrender his CPA in just under four months for his role in a Ponzi scheme. Dave Friehling had to be stripped of his license nearly 9 months after pleading guilty. NY DoE should get with Tennessee and see how they do things.

IRS to stay at new Austin site after plane crash [AP]
“An Internal Revenue Service office will not return to the Texas building where a tax protester killed himself by crashing his plane into the structure.

IRS spokeswoman Lea Crusberg said Thursday that the agency has signed a two-year lease on another office space in Austin. She declined to identify the location.”


Senate Democrats Propose Scaling Back IRS Reporting Law [WSJ]
“The Nelson proposal would exempt from the reporting rules firms with fewer than 25 employees. For larger businesses, it would require information returns only in cases where payments to a single vendor exceeded $5,000 in a given year—down from $600 in the health-care law.”

Richtermeyer to Chair Management Accountants [Web CPA]
“The Institute of Management Accountants has named accounting professor Sandra Richtermeyer as the chair of its board of directors for the 2010-2011 fiscal year.

Richtermeyer, who also chairs the Department of Accountancy in the Williams College of Business at Xavier University in Cincinnati, is only the fourth woman ever to hold the position of IMA chair since the organization’s inception in 1919.”

BKD looks to grow health care practice with purchase of Grant Thornton team [Wichita Business Journal (partial subscription required)]
According to the message sent from Stephen Chipman, that we reported on at the end of July, this is the final transition that Grant Thornton will be making. What happens from here is anyone’s guess.