Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: London Stock Exchange Dumps PwC for EY; IRS at SCOTUS; Workers Who Don’t Trust Their Employers | 04.23.14

London Stock Exchange switches auditing to EY [FT]
PwC's head of assurance isn't worried though: "We are in a new era, when tendering and switching of auditors is on the rise. This creates opportunities for all firms, including PwC, to work with new audit clients."

IRS gave bonuses to employees who owed back taxes. And that’s not all. [WaPo]
"The [TIGTA] report said more than 1,100 employees who failed to pay their taxes received discretionary awards of more than $1 million in cash bonuses and more than 10,000 hours in extra paid vacation." That's less than $1,000 and about 9 hours PTO per employee. Scandal! 

IRS's summons power faces test in Supreme Court [Reuters]

"The IRS is squaring off against Michael Clarke, a West Palm Beach, Florida, investor who is arguing that the U.S. tax agency in 2011 improperly issued a summons 'as retribution' against him and his business partners for resisting an audit. At issue is what legal standards taxpayers must meet to get a court hearing if they think the IRS has issued a summons for an improper purpose. Clarke maintains he should have gotten a hearing, while the IRS says such hearings are unnecessary."

Peter Resnick to lead Grant Thornton’s New England practice [GT]
They also jammed Sean Denham, new head of Northeast region audit practice and Scott Trenholm, the New England audit practice, into this press release.

Revenue Recognition Standard Now Slated for Late May [AWEB]
This sounds…exhausting: "In addition to being one of the longest standards we’ve ever issued, the new revenue recognition guidance requires updates to numerous sections of our codification," FASB spokeswoman Christine Klimek said in an e-mail to AccountingWEB on Tuesday. "The enormous amount of production time and effort required to do this has slightly delayed its issuance."

Many Workers Don't Trust Their Employers [WSJ]
According tot he American Psychological Association's David Ballard: "Only about one-half of U.S. workers feel their employers are upfront with them," and "one-quarter of Americans say they simply don't trust the companies they work for." Turns out that workers aren't feeling the love as the economy turns around: "With the recession fading in the rearview mirror, workers are angry that they're not sharing in the gains of the recovery, said Mr. Ballard. Inflation-adjusted wages have barely budged since the economy began expanding again in 2009."

David Foster Wallace's Best Productivity Tricks [Lifehacker]
On perfectionism: "[It] is very dangerous, because of course if your fidelity to perfectionism is too high, you never do anything." 

 

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.

Comments are closed.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

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 […]