October 4, 2022

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." 

 

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