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Accounting News Roundup: Debating the Audit Business Model; Tax Cheats in Prime Time; What Do I Have to Do to Put You in This Tax Reform Today? | 04.14.11

In Financial Crisis, No Prosecutions of Top Figures [NYT]
It is a question asked repeatedly across America: why, in the aftermath of a financial mess that generated hundreds of billions in losses, have no high-profile participants in the disaster been prosecuted?

Obama Challenges Republicans With Deadline for Deficit Deal [Bloomberg]
President Barack Obama set a June deadline for a bipartisan deal to cut the federal deficit and offered a path to get there that was designed to contrast with a Republican proposal he called unfair to the elderly and overly generous to the wealthy. Obama’s plan, outlined in a speech yesterday at George Washington University, would cut $4 trillion in cumulative deficits within 12 years through a combination of spending reductions and tax increases that draws heavily on recommendations from the chairmen of his bipartisan fiscal commission.

McKenna to Debate GT’s Bailey [The Summa]
The annual conference of the Ohio Region of the American Accounting Association is hosting a debate between Francine McKenna (journalist/commentator on the audit industry) and Andy Bailey (Grant Thornton). It is scheduled for Friday, May 13, 2011, in Dublin (Columbus), Ohio.

The American Tax Cheat [CNBC]
Tonight at 9 pm!

Audit Committee Priorities Remain Risk, Compliance, and Technology [IIA/Norman Marks]
“Eating a good breakfast” is nowhere to be found.

President Obama, GOP still differ on tax reform details [The Hill]
If you can believe it.

Obama, Ryan, and the Parameters of the Budget Debate [TaxVox]
Howard Gleckman explains just how much talking needs to happen, “Imagine for a moment you walk into a dealership to buy the vehicle of your dreams. The salesman asks what you want to pay. You say $50. He counters with $50,000. The good news is you have begun a negotiation. The bad news is, you’ve got a lot of talking to do before you can drive that honey off the lot.”

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