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Accounting News Roundup: Chinese Exports May Include More Accounting Irregularities; PwC Into Africa; Faking Sick | 07.18.11

Congress tees up crucial votes on debt limit [WaPo]
A bipartisan effort in the Senate to allow President Obama to raise the federal debt ceiling in exchange for about $1.5 trillion in spending cuts over 10 years gained momentum Sunday, as leaders agreed they would have to act in the next two weeks to avert a potential default by the U.S. government. The growing sentiment for raising the federal limit on U.S. borrowing sets the stage for a week of largely scripted actions on Capitol Hill, where leaders in both chambers are looking to build support for the plan being crafted by Senate Majority Leader Harry M. Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.).

Allegations against Chinese cos to continue, affect funding – Fitch [Reuters]
Allegations of fraud and accounting irregularities at Chinese companies are likely to continue for at least the near term and the accusations may hamper the firms’ access to funds regardless of the claims’ merit, Fitch Ratings said. A string of fraud allegations against Chinese companies listed in North America, often made by investors shorting the stock involved, has sparked a sell-off in China-related equities.

Getting Out of a Slump [WSJ]
Everyone can relate to hitting a wall at work. Whether it’s feeling unchallenged or underappreciated, most of the reasons people get stuck in their role can be resolved with planning. But you must understand the nature of the problem and determine whether it’s a workplace issue, such as being topped out in the company, or a psychological impasse.

PwC putting $100m into Africa [FT]
The latest long-term investment into Africa comes from PwC, which on Monday said it would put $100m into the region over the next five years. PwC is among several international organisations that have upped their spending in east Africa of late, and the firm believes the value of the continent’s economic output could double to nearly US $3,000bn by 2020.

The “Independent” Auditor’s Real Client? Time to Re-Assess, I Kid You Not [Re:Balance]
Forget the investors! Sort of.

43% of College Grades Are A’s [TaxProf]
Gosh, the kids must be getting smarter.

One in three workers ‘admits to skiving’, survey suggests [BBC]
PwC polled 1,190 people, of which 34% admitted having taken time off under false pretences. The majority of so-called “skivers” said they did so because they were bored and depressed with work. Illness is the most common excuse. Four out of 10 said they planned their sick days by faking symptoms around the office in advance. Some of the more incredible excuses given for missing work included a rabbit running away and amnesia.

Posted in ANR