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Accounting News Roundup: Auditors Lobbying on Accounting; Blaming Intuit for TurboTax Fraud; Pushing the Limits on ‘Business Casual’ | 02.12.15

Posted on by Caleb Newquist

Auditor Lobbying on Accounting Standards [Working Knowledge/HBS]
Some light academic reading on auditor lobbying. From the Executive Summary: "In a study of the role of major auditors in the accounting standard-setting process, the authors provide a systematic characterization of auditors' changing incentives. They also examine how those incentives influence auditor lobbying across nearly every financial reporting standard issued from 1973 through 2006."  

Deloitte is first of ‘Big 4′ accounting firms to name a female CEO [WaPo]
More on Deloitte and Engelbert: "While Deloitte's percentage of female partners is not significantly higher than that of other top firms, the company has been the first to break several high-profile diversity barriers in the past, such as appointing a female board chairman and a minority CEO."

Former accountant imprisoned for not paying taxes on embezzled money [WSAU]
Rebecca Hoff probably should've known that income from illegal sources is still taxable.

Why TurboTax Fraud Is Intuit's Fault [Inc.]
Perfect! Now you have someone to blame it on.

Seems to be bordering "casual."

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Accounting News Roundup: Surprise! Global Accounting Standards Face Delays; Don’t Die in These States This Year; Canada Has a National Accounting Competition? | 02.04.10

• Global accounting rules may face big delays [Reuters]
Here’s a shocker: the convergence of accounting rules may not get done in a timely fashion. Considering that the SEC seems to be avoiding the issue and everyone seems to be waiting on them:

“The next six months are going to be defining,” said Deloitte Touche Tohmatsu CEO James Quigley, who describes his position as more hopeful than confident that a single set of standards will be agreed soon. “The key is what the SEC’s position is going to be,” he said.

Great to know. Plus, the timeline keeps getting longer. Forget 2011; Bob Moritz says we’ll be lucky if we get this wrapped up by the end of the decade, “[Moritz] said that the original date of 2014 for one set of rules could easily extend to 2020.” A show of hands for just throwing this on the scrap heap along with tax reform?


• Where Not To Die In 2010 [Forbes via TaxProf Blog]
So if you’ve been enjoying the impotence of Congress with regards to the federal estate tax, thinking that it won’t be long before that rich uncle of yours will kick the bucket and you’ll dodge the estate tax. Sure they could retroactively reinstate the tax but it’s worth the gamble isn’t it? Plus, we’re still talking about the likes of Charlie Rangel. It’s possible that he could have forgotten that there’s problem. If a Rangel can forget about his financial situation he can surely do the same for the good of his country, can’t he?

Despite Rangs and Co., there are nineteen states out there that can still get a little piece of your rich relative’s action, whether it’s an inheritance tax or an estate tax:

Maybe this isn’t reason enough to the pull up the stakes but now you can’t say you weren’t warned.

• National accounting competition begins in Winnipeg [Winnipeg Free Press]
We weren’t aware such a thing existed in the world, let alone our own continent. Plus, what does “an accounting-focused case competition” consist of? We’ve obviously not been paying attention because this is the 9th go-round for the Gathering of Accounting Associates Professionals and Students Conference (GAAPS).

Since Winnipeg doesn’t have a hockey team anymore, it’s understandable that they would like to attract people to their city for something; but this?