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Accounting News Roundup: EY’s Role in Gowex Fraud; The SEC’s Plumbers; Accounting for America | 08.14.14

A Takeover Battle That May Put Tax Inversions to the Test [DealBook]
The battle for Chiquita Brands gets fierce: "The unsolicited offer by the Cutrale Group and the Safra Group for Chiquita Brands International highlights the problems that tax inversions can create for American companies themselves in their mad dash abroad. A takeover battle may also be the first time when shareholders have a real opportunity to express their feelings on inversions."

Ernst & Young Role in Gowex Fraud Questioned by Exchange [Bloomberg]
They're not sure what all the fuss is since it was just a bunch of paper pushing:  "Francisco Silvan, the partner in charge of registered advisory work at the firm’s Madrid office, said that the job involves advice on paperwork and filings, and that EY wasn’t required to examine the content of Gowex’s reports. He likened the role to what the Spanish call a 'gestor,' something between an administrator and a file clerk."

Accounting for America: Students Helping Small Businesses [WSJ]
Small businesses desperate for accounting help need look no further than the local college campus: "Accounting For America would pair greenhorn accountants, presumably recent college graduates, with small businesses in desperate need of accounting services. […] The recent accounting grads would gain hands-on experience and valuable work references, while the small businesses would be able to get their bookkeeping in order at a presumably lower rate than hiring a seasoned professional." 

SEC aggressively investigates media leaks [CJR]
No joke: "Since 2008, one particular federal government agency has aggressively investigated leaks to the media, examining some one million emails sent by nearly 300 members of its staff, interviewing some 100 of its own employees and trolling the phone records of scores more.  It’s not the CIA, the Department of Justice or the National Security Agency. It’s the Securities and Exchange Commission." 

Dems want Obama to act on offshore tax deals [The Hill]
Congressional members are even sick of waiting for Congress to get anything done: "
The six Democrats back legislation introduced this summer that would also meet that goal. But with progress on that measure unlikely, they called on Obama to act 'to the maximum extent possible.' "

Criminals Posing as CFOs to Commit Wire Fraud [CFO]
If you can hack an email account and write a frantic email, you can pull off this fraud: "
In the scheme, a hacker poses as a senior executive, often the CFO, controller or CEO, and issues a communication directing a lower-level employee to urgently execute a financial transaction, like a confidential business investment or a payment to a vendor. Money is then wired or transmitted through the Automated Clearing House to a bogus account."

So, Ramen Poutine Is A Thing That Exists [BuzzFeed]
Adjust your dinner party menus accordingly.

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