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Accounting News Roundup: KPMG’s Missing Workpapers and a Hero Goalie | 03.30.18

kpmg china medical

KPMG hit by Hong Kong High Court in $400 million China Medical fraud [Reuters]
KPMG’s Hong Kong and mainland affiliate, KPMG Huazhen, have not been cooperating with a court order to produce its audit workpapers for defunct China Medical Technologies Inc. because it says doesn’t have them. Paul Gillis is quoted, saying that the HK firm “used its letterhead on the audit report and they didn’t do the work” making it impossible to claim that they don’t have access to the workpapers.

Why Is The US Olympic Committee Tax-Exempt? [TPC]
Howard Gleckman asks a good question: “Why does the tax law grant non-profit status to an entity whose primary business model is to create content for television and other media[?]” The USOC’s 990 shows $293 million of its $336 million in revenue is from “broadcast rights and royalties” which “looks an awful lot like any other TV content provider—think the Apprentice in singlets,” he writes.

Accountant by day, beer-league goalie by night, steals show for Chicago Blackhawks [CDH]
Thirty-six-year-old Scott Foster, a Senior Financial Accountant at Golub Capital and a now-instant Chicago legend, had 7 saves in just 14 minutes in the Blackhawks’ 6-2 win over the Winnipeg Jets last night. He entered the game when Chicago’s second goalie went out with an injury in the 3rd period. Here he is in action:

Sidenote: Blackhawks POTGs get championship belts? Hockey sure has gotten weird.

Former Dawson water clerk, treasurer accused of theft [SJR]
File to Accountants Behaving Badly: What a surprisingly forgiving boss. Dennise “Shelly” Farley, a former water clerk and treasurer for the Village of Dawson, Ill. allegedly stole $100k from public accounts. Her boss, the Village President Dee Smith, seems chill:

“She helped with a lot of other stuff in the community and made a mistake,” Smith said. “It makes me mad, but a lot of people make mistakes.”

Prospective ABBs should not expect this level of understanding.

Previously, on Going Concern…

Megan Lewczyk wrote about chivalry and emotional restraint.

Greg Kyte wrote about how busy season triggers his survivor guilt from public accounting.

In Open Items, a user has a tale of a shady client. Also, someone had an Opening Day quandary yesterday.

From the archives: Not Every Accountant Appreciates an Easter Card. See also: Survey: Accountants Far Less Deserving of a Knuckle Sandwich Than Donald Trump

In other news:

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