Accounting firm settles Allen Stanford litigation for $40 million [HC/SAEN] BDO said, "the settlement made the most sense given its insurance coverage and the costs associated with litigation."
Four Reasons You Should Stop Feeling Guilty About Leaving Your Job [Lifehacker] Important point: If the tables were turned, the company you are leaving wouldn't feel guilty.
AICPA President, CEO and beer pong champion Barry Melancon, CPA, CGMA is talking this morning:
Melancon: We're in a world of massive commodification. People don't want to pay for an audit or a compilation. #AICPAGC15
— Accounting Today (@AccountingToday) May 18, 2015
Signs That You’re Being a Pushover [HBR] And suggestions for holding your ground.
Analysis: Vladimir Putin exploits terrible defending to score 8 goals [Yahoo] Probably because they didn't want to DIE.
• KPMG wins dismissal of Madoff feeder fund lawsuit [Reuters]
A class action lawsuit brought against KPMG by Meridian Horizon Fund, L.P. and other investors in Tremont Partners was dismissed yesterday in New York. Tremont had more than half of its assets were Berns andKPMG audited Tremont funds in 2006 and 2007.
Judge Thomas Griesa ruled that the plaintiffs’ case did not show that KPMG had any intent to deceive the investors in Tremont. Emily Chasan reports that Judge Griesa wrote, “Merely alleging that the auditor had access to the information by which it could have discovered the fraud is not sufficient,” and that the firm would have had to botch the engagements so badly that it would have amounted to “no audit at all.” He did not rule out the possibility of Meridian re-filing their lawsuit in the future.
• SEC may require more details of wrongdoing to be disclosed in settlements [WaPo]
The SEC is thinking about disclosing more details in their civil action settlements; a move that would do away with the quick and dirty “neither admitted nor denied the charges.” This could result in a more transparent process where violations of the law are — God forbid — disclosed in detail.
Securities lawyers said a more detailed public record of cases could make defendants less likely to settle and make it easier for shareholders to file class-action lawsuits piggybacking on the SEC’s claims. It could also lead to embarrassment for executives if the agency publicized their roles in violating securities law, even if they are not personally charged.
God knows we can’t have executives embarrassed.
• The Tax Code and Regs for Your iPhone [TaxProf Blog]
Who wants to schlep around the physical tax code?