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Accounting News Roundup: Deutsche Bank Settles Over Tax Shelters; ‘The Accounting Profession Is a Sewer’; Auditing Al Qaeda | 12.22.10

Deutsche Punished On Bogus Shelters [WSJ]
Deutsche Bank AG agreed Tuesday to pay $553.6 million and admitted criminal wrongdoing to settle a long-running probe over fraudulent tax shelters that allowed clients to avoid paying billions of dollars in U.S. taxes.

Under a nonprosecution agreement with the U.S. Attorney’s office in Manhattan and the Internal Revenue Service, the German bank won’t be prosecuted for its participation in about 15 tax shelters involving more than 2,100 customers between 1996 and 2002, including shelters marketed by accounting firm KPMG LLP and defunct law firm Jenkens & Gilchrist PC.

Have audit rules been subtly rewritten? Three questions for the Big 4 [AccMan]
More questions after the revelation of the ‘secret talks’ in the UK.

Grant Thornton LLP elects one new member to Partnership Board [GT]
At Grant Thornton LLP’s Annual Partners Meeting in November, the partners and principals elected San Jose-based Jacqueline Akerblom, Audit partner, national managing partner of Women’s Initiatives and West Region North International Business Center director, to the Partnership Board.

Smith & Wesson Names Jeffrey D. Buchanan Chief Financial Officer [PR Newswire]
Smith & Wesson “a leader in the business of safety, security, protection, and sport,” names Jeffrey D. Buchanan as EVP, CFO and Treasurer (all positions require you to be strapped at all times).

Accounting Is a Sewer [JDA]
Sayeth perpetual accountant critic, Charlie Munger.

Christmas Gifts for that Special Tax Person [TaxProf Blog]
Three shopping days left.

CPAs in 49 states might meet experience requirement by working in industry [AW]
Michigan became the 49th state to accept industry experience for original CPA certification, leaving New Hampshire, Wyoming, and the U.S. Virgin Islands as jurisdictions that still do not accept industry experience.

Most state boards now accept experience gained by working in industry, government, and academia, as well as public accounting – a development that has received little attention in comparison with the movement to CPA mobility or changes in education requirements.

Audits of Bell were ‘rubber-stamp,’ state controller says [Los Angeles Times]
Seems to be going around.

Forensic Accounting and Al Qaeda [Freakonomics/NYT]
Getting to the bottom of the terrorist business.

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