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Accounting News Roundup: A Clucked Up Audit; Audit Committees Still Worried; CPA No More | 02.13.15

Posted on by Adrienne Gonzalez

Utah Firm Settles SEC Accounting Case Over Chinese Poultry Company [WSJ]
A Utah accounting firm and one of its partners agreed to pay a total of more than $130,000 to settle Securities and Exchange Commission allegations that they botched the audits of a chicken company based in China that itself faces allegations of fraud. Child Van Wagoner & Bradshaw PLLC of Salt Lake City, Utah, and its partner Russell E. Anderson agreed to pay a total of $90,506 in disgorgement and interest, and Mr. Anderson agreed to pay a $40,000 fine, according to a settlement order filed Wednesday.

Cookeville accountant's CPA license revoked [Herald-Citizen]
A local accountant who self-reported his actions of misappropriating funds while serving as a non-profit organization’s treasurer now has his license revoked after failing to follow the payment schedule.

Tweeting and driving? Tsk tsk [Twitter]

Statement on Passing of Former SEC Commissioner Harvey J. Goldschmid [SEC]
A moment of silence is in order: "Harvey was an accomplished man of considerable talents who touched many lives throughout his illustrious career. His dedication to Columbia University School of Law and its students was inspiring. He was a true public servant, whose commitment to this agency lived long past the days he spent working here. The SEC mourns the loss of one of its own. Our thoughts and prayers go out to Harvey’s family and loved ones."

5 Key Takeaways from KPMG’s “2015 Global Audit Committee Survey” [AccountingWEB]
Audit committees still be trippin.

China Launches Crackdown On Dating Sites, Citing Fraud and Prostitution [WSJ]
Earlier this week, China’s official news agency Xinhua reported that the Cyberspace Administration of China released a statement saying fraud is rampant on online dating platforms and has become a “public nuisance to millions of users.” The statement also said prostitution would be targeted and that dating sites must enforce real-name registration, and that “accounts failing to register with real names must be closed.”

Why Are The Feds Obsessed With Seizing These People's Old Trucks? [Jalopnik]
No, not back taxes owed.

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‘Consumers Are Paralyzed’ Over Tax Doubt [WSJ]
“Congress halted plans to pass a major tax bill before the November elections, leaving taxpayers and financial advisers unsure of how to plan for the future.

One of three scenarios face Congress when it returns from the election recess: It will extend all of the Bush tax cuts of 2001, which expire this year; it will hammer out a new law, perhaps using some of President Barack Obama’s budget proposals; or lawmakers will let the cuts expire, which would mean higher rates for all taxpayers.

Meantime, ‘consumers are paralyzed,’ said Dean Barber, a planner who heads the Barber Financial Group near Kansas City. ‘They have money to spend but they aren’t going to until they know where the tax burden will lie next year.’

The problem extends to business as well. ‘There are 29 million private businesses in this country, and they interact with our members,’ said Barry Melancon, head of the American Institute of Certified Public Accountants. ‘Universally we are hearing that businesses are paralyzed by lack of capital and uncertainty over taxes.’ “

SEC Hiring for Multiple Offices [FINS]
“The SEC is hiring qualified talent for both its Division of Enforcement and its Office of Compliance Inspections and Examinations (OCIE). The agency is looking for candidates with experience in risk management, operations and accounting and other specialties.

In testimony given yesterday at a Senate Banking Committee hearing, Robert Khuzami, director of the Division of Enforcement and Carlo di Florio, director of OCIE, spoke to their respective units’ hiring needs.”

Ernst & Young Previews New Campus Recruitment and Social Media Strategies [PR Newswire]
E&Y is hiring 6,000 campus recruits – both interns and new associates – this fiscal year. That’s an increase over last year’s numbers (although the press release doesn’t say by how much). The firm also states that 60% of its workforce will be Gen Y by the end of 2011.


Tax Policy in an Election Year [Tax Updated Blog]
Joe Kristan answers questions that politicians won’t.

Comtech Telecommunications Does the Right Thing by Fixing Errors in Latest Report [White Collar Fraud]
Sam is sending an autographed “WANTED” poster of his cousin “Crazy” Eddie as an “attaboy” for Comtech CEO Fred Kornberg for “[taking] the high road and corrected its errors without attacking a critic.” That “critic” being Sam, who reported on Comtech’s erroneous EBITDA calculation last July.

Whether this type of nostalgic temptation works for the other company execs that are on Sam’s radar remains to be seen.

Pastors to challenge IRS by endorsing candidates [AP]
One hundred men and women of the cloth will be endorsing political candidates from their pulpits this Sunday. If the IRS is doing its job, agents should be kicking down doors at many of God’s homes on Monday.