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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.
Posted in ANR