Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: EY Concedes Farepak Audit Failure; Vatican Blesses KPMG; Baucus Proposes Cuts to Energy Tax Breaks | 12.19.13

EY fined £750,000 for audit of Christmas hamper company [FT]
While not a huge sum of money, the firm did acknowledge that it screwed the pooch on this one: “EY regrets that aspects of our 2005 audit fell beneath our usual high standards.” 

KPMG acquiring Link Analytics [AJC]
Link Analytics "builds analytics technology to help big companies make sense of what to do with their data and to help them make smarter business decisions," whatever that means. No terms, per usual, but plenty of empty quotes from people.

Vatican outsources even more financial reform, tapping KPMG, McKinsey to join Promontory, EY [AP]
Pope Franny even shows benevolence to KPMG! "The Vatican is outsourcing more of its financial reform to big-name consulting firms, tapping McKinsey & Co. and KMPG [sic] to advise it on modernizing its communications operations and bring its accounting up to international standards."

Wisconsin’s Walker thinking about ending income tax [WaPo]
Of course he is.

Cincinnati-Dayton accounting firms merge [DDN]
Battelle & Battelle merged with Rippe & Kingston on Dec. 1.

Baucus proposes dumping energy breaks [The Hill]
I love how he announced this first and then the story leaked about his appointment as Ambassador to China. Well played, Maxie. “It’s time to bring our energy tax policy into the 21st century,” Baucus said in a statement. “Our current set of energy tax incentives is overly complex and picks winners and losers with no clear policy rationale.”

U.S. GAAP taxonomy for 2014 available [JofA]

Father films young son as he’s forced to run alongside car for ‘football training’ [NYDN]
While wearing Crocs, no less.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]