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November 27, 2022

Accounting News Roundup: Lois Lerner Contempt Explainer; PwC Is Still BofA’s Auditor; IRS Employee Takes a Wrong Turn | 05.08.14

House holds Lois Lerner in contempt in IRS scandal: What does that mean? [CSM]
A nice explainer of how the contempt charge doesn't mean too much: "As a result of the contempt charge Wednesday, it will be up to a judge to decide who is right. […] If a judge finds Lerner in contempt, she could face a fine of up to $100,000 and jail time of up to 12 months. That is, if it gets that far. First, the case has to be referred to a US attorney. But the Justice Department could decide the charge is frivolous and refuse to prosecute, says Craig Holman, a government affairs lobbyist for Public Citizen, which advocates for consumers. The House could also go to court to attempt to compel Lerner to testify. If the contempt charge does get to a courtroom, Mr. Holman says, it’s likely to be thrown out because a judge will view it 'more as partisan politics.' "

CalPERS Presses Bank of America to Fire PwC [aiCIO via Francine McKenna]
It didn't go their way: "CalPERS was unsuccessful in its bid to remove PwC as auditor: the majority of shareholder votes supported ratifying the relationship. Indeed, investors passed all of the corporate board’s recommendations and nominees and voted down all shareholder proposals."

Ater Wynne law firm, Perkins & Co. accounting firm pay $14.65 million to settle lawsuit from burned Grifphon investors [Oregonian]
Grifphon Asset Managed madoff with about $43 million in investor money. Perkins & Co.'s role was not small: "Perkins & Co. worked for Grifphon for nearly a decade. Perkins accountants Fred Williams and Hoang Nguyen oversaw the issuing of K-1 tax documents for Grifphon investors. The K-1 documents, which track investment earnings, showed large annual returns upwards of 20 percent, which investors relied on to make subsequent investment decisions, the investors alleged in the suit."

Secret Service: Motorist who followed motorcade onto White House grounds made a mistake [WaPo]
An IT specialist for the IRS took a wrong turn and found himself in a bit of trouble: "Mathew Goldstein’s wrong turn near the White House started as a moment of confusion and ended as a national incident. The IT specialist for the Internal Revenue Service was driving his gray Honda Civic along 17th Street NW on Tuesday afternoon when he inadvertently followed the motorcade carrying President Obama’s daughters into the secure perimeter for the presidential compound. Goldstein, 55, who is charged with a misdemeanor and was released after a brief appearance in D.C. Superior Court on Wednesday, told law enforcement officials that he had made a mistake and was not familiar with the roads around the White House. 'He was at a function downtown with colleagues and said he was just checked out mentally and confused, said an official familiar with the incident. 'It seems to be bad luck on his part.' "

New office managing partner at Grant Thornton to focus on new talent, clients [WE]
Dan Powers succeeds Lori Davis in Wichita. Davis is the new OMP in Denver.

Deloitte names Ed Thomas its Seattle managing partner [PSBJ]
Ed's taking the reins from Pete Shimer, who, if you believe his successor, sounds like GT material: "
Under Pete’s dynamic leadership over the past seven years, the Seattle practice experienced a transformation in terms of market growth, and he inspired our Seattle colleagues to focus on developing strong relationships. I hope to build upon that success while continuing to serve our clients in the Seattle marketplace." 

EY Law Asia: We'll double in size in a year [The Lawyer]
FYI.

PCAOB asks for additional comments on standards reorganization [JofA]
You have until July 8th to make your wishes known.

Tiny Hamster Eating Tiny Pizza [HyperVocal via Gawker]
As a follow-up to Tiny Hamster Eating Tiny Burrito. You're welcome.

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