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November 28, 2022

Accounting News Roundup: The Auditor Sit n Spin; Child Taxstravaganza; Getting Un-Tough on insider Trading | 12.10.14

Prosecution drops embezzlement charge against accountant due to lack of evidence [MLive]
“I’m not saying it didn’t occur, but sometimes you just don’t have enough evidence to convince 12 jurors beyond a reasonable doubt,” Assistant Kent County Prosecutor Lawrence Boivin said.

Accountant brought company to its knees by stealing nearly £40,000 – but is ordered to pay back just £1 and WON'T be jailed [Daily Mail]
The company's founder said "I believe this is a signal to everybody that this kind of behaviour is acceptable. 'Basically, you can take large amounts of money from a company, not go to jail and only pay back £1 of it."

PwC replaces Deloitte at Euromoney [economia]
Round and round we go.

PwC denies 'mass marketing' tax avoidance schemes [Telegraph]
PwC has denied “mass marketing” tax avoidance schemes to companies after being accused of helping firms avoid bills to the Treasury on an "industrial" scale. Kevin Nicholson, the accountant’s head of tax for the UK, defended the advice it gave businesses over their arrangements, and told MPs that the measures used by multinationals to manage taxes had been approved by Parliament.

Can you guess occupation adding 210 local jobs a year? [Democrat & Chronicle]
Ah, to be young and naive again: As a staff auditor within the advisory practice at accounting giant Ernst & Young LLP, Megan Lohrberg scours records and interviews clients to make sure companies are achieving goals and operating as effectively as possible. “It’s good to have someone from the outside come in and point things out,” she said. “A lot of these people have been doing their jobs for so long, they might not understand the risk perspectives we provide.”

IG: Billions lost to potential child tax credit fraud [POLITICO]
Potential abuse of a popular tax-credit program is costing the government billions of dollars, the IRS inspector general said in findings that may ramp up the debate over undocumented workers getting government benefits. The IRS paid out at least $5.9 billion in improper payments of the additional child tax credit in fiscal year 2013, or about 25 percent to 30 percent of total payments, the Treasury inspector general for tax administration said Tuesday.

Insider Trading Prosecutions Just Got Harder as Court Raises Bar [Bloomberg]
Insider trading prosecutions just got harder after a key federal court raised the bar on what the government must prove to convict, imperiling a handful of victories for the Justice Department in its multiyear probe.

4 Easy Ways to Network (Even If You're Bad at It) [BND]
Some of you need this.

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