October 6, 2022

Accounting News Roundup: Finding Irregularities; Your Boss’s Work-Life Balance; New KPMG Jacksonville Honcho | 07.31.14

FTI Consulting Names New C.F.O. [DealBook]
As well as new HR and "Strategy and Transformation" Chiefs.

British Fraud Office Reaches Second Settlement in Inquiry Over Icelandic Bank [DealBook
Will Grant Thornton be next to cough up a settlement? "Britain’s Serious Fraud Office said on Thursday that it had reached a second settlement in a series of civil claims brought by two brothers after a flawed investigation into the collapse of the Icelandic bank Kaupthing during the financial crisis. The office, which prosecutes fraud and corruption cases, dropped the brothers, Vincent and Robert Tchenguiz, as suspects in 2012 after it admitted that the way it had handled some seized materials in the case “was flawed and thus unlawful.” The office was criticized by the High Court of Justice for the way it handled the case."

Penn West to restate results amid accounting probe, shares slump [Reuters]
The company's new CFO has had fun first three months on the job: "
Penn West, listed in Toronto and New York, said that a preliminary review of its accounting practices carried out by Chief Financial Office David Dyck, who was appointed May 1, found that C$70 million of operating expenses were classified as capital expenditures in fiscal 2013. It also found C$111 million of expenses that were listed as capital expenditures in fiscal 2012 while C$100 million of operating expenses were listed as royalty expenses in each of the 2012 and 2013 fiscal years. The company said it has notified regulators of the irregularities and will restate its financial statements for 2012 and 2013 as well as for the first quarter of this year."

How Your Boss's Work-Life Balance Affects Yours [FC]
They know not what they do: "If your boss works long hours, there is likely little you can do to change their behavior. Hopefully this awareness of their unconscious decisions might help you assert your right to leave at a more reasonable hour. It's also so a good idea to talk to your boss about the expectations for your job, chances are they might not realize the stress they are causing."

Rob Labenski tapped to head up local KPMG office [JBJ]
Succeeding Travis Storey in Jacksonville.

What Ronald Reagan Didn’t Say About the EITC [TaxVox]
"It slices! It dices!" and other stuff. 

Woman Sues Doc Over "Cocaine Nose" Photos [TSG]
Well, this is awkward: "A Chicago woman is suing her plastic surgeon for publishing before and after photos of her facial reconstruction and labeling the images 'Cocaine Nose.' Sabrina Kropp, 55, alleges that Dr. Robert Walton posted the photos to his web site last year without her permission, according to a lawsuit filed yesterday in Cook County Circuit Court. The photos were taken in 2004 and were supposed to be kept confidential, Kropp contends. […] Three 'before' images […] were captioned, 'Pre-operative view of a cocaine injured nose with collapse of the nasal lining.' A trio of 'after' images […] were described as 'Post operative views of the cocaine injured nose following reconstruction of the nasal lining with a microsurgical Bat Flap. A stable nasal platform has been restored allowing for projection of the mid face. Rib cartilage grafts were used to provide structural support.' "

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