Accounting News Roundup: Groupon Throws New Accounting Chief a Bone; Ex-Madoff Controller to Plead Guilty; IRS Volunteer Performance

Investor fears over 'aggressive’ accounting [Telegraph]
Investors have raised concerns about the “aggressiveness” of companies’ financial statements, calling for auditors to investigate firms’ accounting policies. Shareholders question the usefulness of the accounts companies provide and want auditors to look at how judgment and accounting policies are applied, according to a survey from accountants PwC. […] One investor surveyed said: “It would be very helpful to know where people push the boundaries. If all companies could be ranked in terms of aggressiveness or conservative accounting policies, as judged by their auditors, that would be helpful information.”

Groupon awards new accounting chief 281K shares [CT]
Brian Stevens will receive 281,030 shares to be exact.

Longtime Madoff Employee to Plead Guilty [NYT]
Irwin Lipkin, a former controller of Bernard L. Madoff Investment Securities LLC, will appear in Manhattan federal court on Thursday, prosecutors said in a letter to the judge. He will plead guilty to charges of conspiracy to commit securities fraud and falsifying documents, prosecutors told U.S. District Judge Laura Taylor Swain in the letter, which was dated Tuesday, September 11. The letter said Lipkin, 74, created "false financial records that were provided to BLMIS investors," false filings with the U.S. Securities and Exchange Commission and false statements required under a federal law that sets standards for pension plans.

Informer Sparked New York Probe [WSJ]

The information came from someone who approached Mr. Schneiderman's office between roughly nine months and a year ago, this person said. Under the state's False Claims Act, the attorney general can investigate alleged fraud against the state based on a whistleblower's allegations. The ongoing probe is examining whether partners at private-equity firms changed management fees into investment income to delay tax payment and pay less—or avoid taxes altogether. Some private-equity firms use so-called management-fee conversions, while other firms avoid them.

TIGTA: Tax Returns Prepared Through IRS's Volunteer Assistance Program had 51% Error Rate [TaxProf]
That's not so good.

Chicago visitors pay the most travel taxes [DMWT]
Five years running, Chicago!

Suspect pulls gun on victim while having sex in a moving car [CBS]

The incident began Sep. 2 when the victim and his two friends went to the Paddy Wagon Irish Pub in Port Charlotte. When the bar closed early Monday morning they invited two girls they met to one of the friend’s home on Atlas Street. One of the women and the victim went into a bedroom to have sex. The girl said she needed $250, which he said he didn’t have. She asked how much he had and he gave her $120. The victim then went to the bathroom and when he returned, found the two women had left the home. The victim had obtained the woman’s cell phone number earlier at the bar and called her; they agreed to meet at the Pick N Run store on Peachland Boulevard. When he got there he expected to meet the woman who took the $120. Instead, Linscott walked up to his Nissan Sentra and said the other girl ditched her. Linscott got into his car and as they drove off, he said she began touching him and having sex while he was driving. The victim told detectives she also said she needed money and he told her he already gave her friend $120 earlier. The victim said Linscott then put a .357 Taurus revolver to his head and demanded money. The victim grabbed the gun and a fight ensued in the moving car; he said he punched her in the head so she would release the gun. He told detectives he was in fear of his life and lost control of his car, struck a palm tree, went airborne and then ran across two front yards in the 1200 block of Dewhurst Street. Linscott got out and fled the scene.

Accounting News Roundup: Chinese Exports May Include More Accounting Irregularities; PwC Into Africa; Faking Sick | 07.18.11

Caleb Newquist
July 18, 2011

Congress tees up crucial votes on debt limit [WaPo]
A bipartisan effort in the Senate to allow President Obama to raise the federal debt ceiling in exchange for about $1.5 trillion in spending cuts over 10 years gained momentum Sunday, as leaders agreed they would have to act in the next two weeks to avert a potential default by the U.S. government. The growing sentiment for raising the federal limit on U.S. borrowing sets the stage for a week of largely scripted actions on Capitol Hill, where leaders in both chambers are looking to build support for the plan being crafted by Senate Majority Leader Harry M. Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.).

Allegations against Chinese cos to continue, affect funding – Fitch [Reuters]
Allegations of fraud and accounting irregularities at Chinese companies are likely to continue for at least the near term and the accusations may hamper the firms’ access to funds regardless of the claims’ merit, Fitch Ratings said. A string of fraud allegations against Chinese companies listed in North America, often made by investors shorting the stock involved, has sparked a sell-off in China-related equities.

Getting Out of a Slump [WSJ]
Everyone can relate to hitting a wall at work. Whether it’s feeling unchallenged or underappreciated, most of the reasons people get stuck in their role can be resolved with planning. But you must understand the nature of the problem and determine whether it’s a workplace issue, such as being topped out in the company, or a psychological impasse.

PwC putting $100m into Africa [FT]
The latest long-term investment into Africa comes from PwC, which on Monday said it would put $100m into the region over the next five years. PwC is among several international organisations that have upped their spending in east Africa of late, and the firm believes the value of the continent’s economic output could double to nearly US $3,000bn by 2020.

The “Independent” Auditor’s Real Client? Time to Re-Assess, I Kid You Not [Re:Balance]
Forget the investors! Sort of.

43% of College Grades Are A’s [TaxProf]
Gosh, the kids must be getting smarter.

One in three workers ‘admits to skiving’, survey suggests [BBC]
PwC polled 1,190 people, of which 34% admitted having taken time off under false pretences. The majority of so-called “skivers” said they did so because they were bored and depressed with work. Illness is the most common excuse. Four out of 10 said they planned their sick days by faking symptoms around the office in advance. Some of the more incredible excuses given for missing work included a rabbit running away and amnesia.