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February 2, 2023

Accounting News Roundup: Koss Settles with Grant Thornton; Deloitte’s Summer Shopping; Max & Dave Start Their Road Trip | 07.08.13

Koss settles claims against former auditor Grant Thornton [MJS]
Koss Corp. collected $8.5 million from Grant Thornton, the accounting firm that audited Koss' books during a portion of the time that Sujata "Sue" Sachdeva was stealing millions from the company. […] "I don't think it is possible to look at the size of the settlement and conclude that Grant Thornton didn't see some risk if this case came to trial," said Jeremy Levinson, a Milwaukee attorney not involved in the case. "Every story that gets written on this case, including this one, is bad for Grant Thornton."

Deloitte to Acquire Quattro Integration Group [Deloitte]
Quattro is an SAP consulting firm that serves energy companies in Alberta Canada.

Max & Dave's Excellent Tax Reform Adventure Kicks Off Today in Minneapolis [TaxProf]
They're visiting 3M and Baldinger Bakery.

BDO in office renovation to make room for PKF staff [Accountancy Age]
Seems odd that they wouldn't have thought that they needed to make room for 400 new people. 

Catastrophes Strike Terror into Risk Execs [CFO]

Disclosure Framework Dysfunction [Accounting Onion]
There are plenty of gems in Tom Selling's takedown of the FASB's Disclosure Framework project, but it can be best summed up with "The Disclosure Framework project is an elaborate hoax."

Zorich has negative net worth, his lawyer says [CT]
Plus, he faces a prison sentence from the tax charges. So there's that. 

Declaration From Independence? [FEI Blog]
Here's something I wrote about auditor independence being a sham.

James Gandolfini will a tax 'disaster,' says top estate lawyer [NYDN]
Around $30 million could wind up going to the government.

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