Please ensure Javascript is enabled for purposes of website accessibility
November 23, 2022

Accounting News Roundup: IRS Commish: Budget Cuts Will Help Tax Cheats; Date Set for International CPA Exam; The 16th Turns 98 | 03.02.11

IRS Chief Tells U.S. Lawmakers House’s Spending Cuts Would Help Tax Cheats [Bloomberg]
The House spending bill for the rest of fiscal 2011, which is opposed by Senate Democrats and President Barack Obama, would cut $603 million from the IRS’s fiscal 2010 spending level of $12.1 billion, Shulman said. Those cuts would cost the government $4 billion in collected revenue, Shulman said. The hearing highlighted the conflict between the House Republican majority’s push to reduce spending and the Obama administration’s proposed funding increases for some agencies, including the IRS.

Gregg Clark rejoins Ernst & Young LLP as Americas Consumer Products Leader for Advisory Services [PR Newswire]
“We are thrilled that Gregg has decided to re-join the firm in this new role,” says Bryan Segedi, Vice Chair of Advisory Services at Ernst & Young LLP. “His experience in the areas of M&A, business and IT strategy, e-business and supply chain management make him a vital asset to the Advisory Services Practice and allows us to expand on the services already offered to our consumer products clients.”

CPA Exam Slated for International Debut in August [JofA]
Japan, Bahrain, Kuwait, Lebanon and the UAE join the fun.

Charlie Sheen And Public Company Disclosure [Forbes]
CBS and TimeWarner don’t appear to be winning. Should they be disclosing?


Big Four domination creates dearth of expert witnesses [Accountancy Age]
A lack of non-conflicted expert accounting witnesses could impact on the ability to bring litigation against the biggest firms. The Joint Disciplinary Scheme, the accountants’ watchdog that has issued its last annual report after completing its caseload, warned that the “near monopoly” of Big Four audits of the FTSE 350 meant it was difficult to find expert accounting witnesses to help in tribunals.

HMV lenders set to appoint Deloitte over debt talks [FT]
Lenders to HMV Group, including state-backed banks Royal Bank of Scotland and Lloyds Banking Group, are about to appoint Deloitte to advise them in talks over the group’s debts, according to people familiar with the situation. The decision to appoint financial advisers came as the embattled music and entertainment retailer warned on Tuesday that it would miss analysts’ expectations for full-year pre-tax profits of £45m because of a continued “challenging” trading conditions.

Happy Tax Day (er, Sort Of) [Tax Girl]
Memo to Tax Deniers: The 16th Amendment turned 98 yesterday.

IRS Chief Tells U.S. Lawmakers House’s Spending Cuts Would Help Tax Cheats [Bloomberg]
The House spending bill for the rest of fiscal 2011, which is opposed by Senate Democrats and President Barack Obama, would cut $603 million from the IRS’s fiscal 2010 spending level of $12.1 billion, Shulman said. Those cuts would cost the government $4 billion in collected revenue, Shulman said. The hearing highlighted the conflict between the House Republican majority’s push to reduce spending and the Obama administration’s proposed funding increases for some agencies, including the IRS.

Gregg Clark rejoins Ernst & Young LLP as Americas Consumer Products Leader for Advisory Services [PR Newswire]
“We are thrilled that Gregg has decided to re-join the firm in this new role,” says Bryan Segedi, Vice Chair of Advisory Services at Ernst & Young LLP. “His experience in the areas of M&A, business and IT strategy, e-business and supply chain management make him a vital asset to the Advisory Services Practice and allows us to expand on the services already offered to our consumer products clients.”

CPA Exam Slated for International Debut in August [JofA]
Japan, Bahrain, Kuwait, Lebanon and the UAE join the fun.

Charlie Sheen And Public Company Disclosure [Forbes]
CBS and TimeWarner don’t appear to be winning. Should they be disclosing?


Big Four domination creates dearth of expert witnesses [Accountancy Age]
A lack of non-conflicted expert accounting witnesses could impact on the ability to bring litigation against the biggest firms. The Joint Disciplinary Scheme, the accountants’ watchdog that has issued its last annual report after completing its caseload, warned that the “near monopoly” of Big Four audits of the FTSE 350 meant it was difficult to find expert accounting witnesses to help in tribunals.

HMV lenders set to appoint Deloitte over debt talks [FT]
Lenders to HMV Group, including state-backed banks Royal Bank of Scotland and Lloyds Banking Group, are about to appoint Deloitte to advise them in talks over the group’s debts, according to people familiar with the situation. The decision to appoint financial advisers came as the embattled music and entertainment retailer warned on Tuesday that it would miss analysts’ expectations for full-year pre-tax profits of £45m because of a continued “challenging” trading conditions.

Happy Tax Day (er, Sort Of) [Tax Girl]
Memo to Tax Deniers: The 16th Amendment turned 98 yesterday.

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.

Related articles

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 […]

a woman enjoying a coffee while she reads accounting news with her dog

Monday Morning Accounting News Brief: KPMG Drama; MBA Beats CPA?; ISO: Managers and Senior Managers | 9.26.22

Why is the Ontario Securities Commission examining Canadian audit firm ethics? Spurred by some critical comments, EY UK chair and managing partner Hywel Ball shares his opinion on the EY split: “Audit quality is going to be better.” KPMG and Deloitte alumni are doing some startup automation stuff. KPMG UAE is still working out some […]